ST. PETERSBURG, Fla. (2/27/14)--PSCU's CardLock multi-channel fraud prevention solution was formally patented Tuesday.
CardLock works in tandem with PSCU's fraud detection and prevention platform. Cardholders can easily block and unblock authorizations on CardLock registered cards and manage transaction authorization via phone, web and mobile.
"It provides peace of mind for consumers, who can now play a proactive role in protecting their own accounts," said Steve Ruw, chief risk office of the credit, debit/ATM and prepaid card servicer. "Credit unions also benefit since CardLock is an extremely cost-effective way to help lower the risk of fraud and the expenses associated with managing compromised accounts."
If anyone tries to use the card while it has a locked status, they will be contacted by PSCU's fraud prevention staff to notify them of the unauthorized attempt. According to PSCU, CardLock effectively renders stolen account data worthless when a cardholder proactively blocks the account.