BROOKFIELD, Wis. (1/21/15)--Financial services technology firm Fiserv announced last week the release of CardValet, a card management mobile application that allows consumers to monitor and control how, when and where their payment cards are used.
With CardValet, which can be downloaded from both the Apple App and Google Play stores, consumers can switch off cards when not in use. They can also set spending limits on the cards to prohibit transactions that exceed certain amounts.
Cardholders can track purchases by merchant category, such as travel, restaurants, or entertainment, and can deny use of the cards for certain types of merchants.
"Mobile cardholder account controls, a new best practice in card management, empowers consumers to help protect their payment card from fraudulent or unapproved use through a simple mobile phone app," said Rob Mazursky, director of the Debit Advisory Service at Mercator Advisory Group. "These apps are also reducing payment-card call-center volume by enabling consumers to turn on or off card authorization rather than calling into their financial institution for assistance."
Consumers can also set CardValet to notify them when cards are used to make specific types of transactions. For example, if a transaction is approved but exceeds any of the permitted use policies set for the card, an alert can be sent to the cardholder.
The app also can be used to notify cardholders when a transaction has been attempted, but was declined because of the limits set on the card.