BETHPAGE, N.Y.—Bethpage FCU is the first credit union to launch CardNav by CO-OP to its members, a new mobile card controls and alerts application that lets members play a greater role in the fraud fight.
“Bethpage pilot tested CardNav by CO-OP for 60 days and we launched it to our members on Oct. 16,” said Shanta Sewnarain, AVP of operations and risk at Bethpage. “Fraud is on the rise and we encourage our cardholders to download and use CardNav to help prevent and mitigate losses. We can empower our cardholders by giving them this easy tool at their fingertips to protect their debit card, which can also build loyalty and increase card usage.
The $5.8-billion CU piloted the application with 30 CU staff.
“One tester shared that his usage control was set as ‘my location,’” explained Sewnarain. “His location is New York and he received an alert for a transaction in New Jersey. CardNav immediately denied the transaction based on location.”
Operated via smartphone or tablet, CardNav gives members greater control of their card features and permits changes in real time. Not only does this provide members with greater convenience and card security, said the Rancho-Cucamonga, Calif.-based CO-OP, it increases member engagement in the mobile, digital wallet channel.
CardNav offers user-specified controls for card use that include on/off, location, spending limits, and transaction and merchant types, with the same parameters governing real-time alerts.
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