August 24, 2016
Visa Gives Card Holders ‘Transaction Control’
Feb. 11, 2016
This week Visa introduced a way for card holders to dictate how their Visa cards are used giving them more control in a digital commerce world and, the company said, helping protect them from fraud in card-not-present and physical environments. Card holders who sign up for Visa Consumer Transaction Controls through their issuing bank can use the service to temporarily turn off a lost or stolen card, block specific types of transactions (e.g., all online transactions, all in store transactions, international transactions, specific retailers, etc.), set overall or per-transaction spending limits and manage multiple cards (e.g., a card for a teen that has restrictions on spending or transaction type).
“By putting the account holder in charge, Visa card issuers can provide their consumers peace of mind through innovative spending controls, and more effective fraud prevention,” said Mark Nelsen, senior vice president of Risk Products and Business Intelligence for Visa “With new digital commerce experiences emerging daily, it’s important that we provide easy and convenient ways for consumers to direct and monitor how their accounts are used and help better secure the payment system.”
Cardholders who enroll in the service will have access to the controls through the mobile banking app of their issuer.