RANCHO-CUCAMONGA, Calif.—Later this month CO-OP Financial Services plans to launch CardNav, a new mobile card controls and alerts application for credit unions. The app allows members, via their smartphone, to set card controls based on their preferences, such as transaction type, merchant, location and payment thresholds. And while the app is expected to engage members more closely with the CU’s card, CO-OP also sees the app as bringing members into the fraud fight.
“The Target breach brought the issue of fraud to the forefront of people’s awareness,” said Michelle Thornton, manager, core products, adding that credit unions are expressing high interest in the release. “Now The Home Depot breach may be the final straw. Financial institutions and consumers are getting fed up. CardNav is another option in the fraud-fighting toolkit.”
CO-OP has tested CardNav with good success at two CUs, said Thornton.