Visa Allows Users to Block Unauthorized Card Transactions
Visa is giving consumers better control over their credit, debit, and prepaid card accounts by allowing cardholders to temporarily block unauthorized transactions with their smartphones. The feature, known as Visa Consumer Transaction Controls, is available to financial institutions that issue Visa cards, and it can be incorporated into the bank’s mobile app, mobile wallet or website.
In addition to blocking transactions, the new consumer controls allow users to put a block on their accounts if their cards have been lost or stolen. This feature is designed to minimize issues that may arise from identity theft, and makes the process of cancelling a card number much more convenient for consumers.
Consumers can also use the new feature to set spending limits on their accounts. This can be helpful for budgeting purposes, or can be set to prevent a stolen card from getting used excessively. Parents who allow their children to use prepaid cards for their allowances can set daily limits or ATM withdrawal limits so children learn to better manage their finances. This option is available for companion cards that pull from a primary card account, and can be set up so that parents and business owners receive text or email alerts every time their companion card is used.
This video from Visa Vimeo showcases the new consumer transaction controls: