Mastercard Consumer Control Monitors Where Card Info Is Stored
Mastercard launched a new program to help consumers monitor where their card information is digitally stored. With Mastercard Consumer Control, users can see which stores and devices currently have their card information, and can set limits on how that data is used.
The Consumer Control panel can be accessed through your mobile banking app, as long as the bank has partnered with Mastercard to use this service. Once the dashboard is opened, you can see a list of merchants and devices that have your card information. If you have multiple cards through the same bank, you can see which card is stored with which merchant or device.
Consumers can set monthly spending limits for each card and each device or merchant. For example, if you only want to spend $100 a month with a certain merchant, you can set the limit within the app so you do not go over budget. You can also set up spending alerts when you are approaching your limit or when your card is used to complete a transaction.
Cards can be turned on and off for each device or merchant to prevent the card from being used somewhere you no longer spend money. You can also add your card to a new device through Mastercard Consumer Control.
Banks and credit unions interested in using this service can download it through Mastercard Developers, along with a number of other APIs that leverage Mastercard’s intelligence and security features.