Visa Consumer Transaction Controls are bringing Visa account holders more peace of mind in the event their card gets lost or stolen or they suspect suspicious activity. Announced this week, these simple and effective spending controls will allow you to temporarily suspend your account with a simple on/off feature from your smartphone or computer. It is one way Visa has put consumers in charge of how, when, and where their Visa credit, debit and prepaid accounts can be used.
Visa card issuers can now integrate transaction controls into their mobile banking apps so that Visa consumers can view and control their accounts in real-time, with no need to call customer service. Straight from your mobile device or online Visa account, you can set parameters to block certain types of purchases —such as online or international transactions, or ATM withdrawals— with a touch of a button.
Account holders can set spending limits and receive alerts on transaction amounts that exceed those limits. It’s all customizable to meet your specific needs. Parents, for example, can monitor their childrens’ spending on shared cards by setting limits and requesting transaction alerts, which are sent directly to the parent’s mobile device via text, app or email. Businesses can do the same to track employee spending on business-owned cards. You can apply the controls to different transaction types, date ranges and overall cardspending to gain greater visibility into how your money is being used.
While actual fraud on Visa is low (about 6 cents out of $100 transacted), Visa data shows that consumers who receive Visa transaction alerts experience 40 percent less fraud than account holders who do not.
The new Visa service was announced in conjunction with President Obama’s Cybersecurity National Action Plan (CNAP), an initiative to help Americans take better control of their digital security. The President’s plan cites Visa as a key partner in the Administration’s efforts to help protect consumers’ financial security.
Visa Consumer Transaction Controls complement Visa’s robust multi-layer defense system designed to prevent, detect and resolve any unauthorized use of account information. And, as always, consumers are protected against fraudulent transactions with Visa’s Zero Liability policy.
To learn more about how you can use Visa Consumer Transaction Controls, enjoy this animated video.