Members of Bethpage Federal Credit Union were the first in the U.S. to use a new service that allows them to have greater control over when and how they use their debit and credit cards.
Launched by CO-OP Financial Services, CardNav allows users to turn their debit cards on and off, set locations where the cards can be used, set spending limits and controls use by transaction and merchant types, according to the CUSO.
Bethpage pilot tested CardNav by CO-OP for 60 days and launched its members Oct. 16, Shanta Sewnarain, assistant vice president, operations and risk at the $5.7 billion Bethpage in Bethpage, N.Y., said.
"We had a successful pilot phase with very positive feedback from our testers, which included about 30 of our credit union employees," she said. "One tester shared that his usage control was set as 'my location.' His location is New York and he received an alert for a transaction in New Jersey. CardNav immediately denied the transaction based on location."
Sewnarain added, "Another user told us, 'I know immediately when and where my card is used. I can block specific transactions and merchants, and place my spending limit on a budget. It is just awesome and I wish we had this a long time ago.'"
CO-OP said CardNav will help protect members, their credit unions from fraud losses and differentiate the cooperatives from banks.
"Fraud is on the rise and we encourage our cardholders to download and use CardNav by CO-OP to help prevent and mitigate losses," Sewnarain said. "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.
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