Fraud-Fighting Credit Card “Final” Receives $1 Million in Funding
As the fight against credit card fraud continues in America, credit card startup Final has received a huge boost from investors—$1 million.
Final is a credit card that enables users to generate multiple card numbers. Rather than a single, static 16-digit card number, Final generates multiple card numbers the consumer can restrict, and manages them automatically.
After its launch, the program will offer credit cards with improved fraud prevention services that help consumers control their spending habits and keep track of their accounts both online and offline.
Final was founded about a year ago by three men who were affected by the Target breach of 2013. The group wanted to create a credit card that would change the way consumers interacted with their banks—giving them more control over their payments and their relationships with merchants.
“After we were all affected by the breach and all had our credit cards turned off suddenly, we thought there has to be a better system to improve this problem,” Aaron Frank, one of the founders, said in a statement.
With Final, consumers can set up unique credit card numbers to work with individual retailers. This will allow users to keep track of any issues that may arise with merchants they encounter, and it will provide one-time credit card numbers for risky purchases. For instance, consumers who are still hesitant to shop at Target can create a one-time credit card number for each purchase they make.
Final has not been released yet, but they already have 37,000 people waiting for the pilot card. The Final credit card works with EMV technology, so it will be compliant with changes in the card industry scheduled to be implemented later this year.