Last night SuperValu, a grocery chain in the Midwest,
released that hackers likely
have stolen customer payment data.
What is most interesting about this event is that no one is surprised. “Breaches
are pretty much a daily occurrence,” says Jonathan Hancock, Fraud Manager at TSYS. He adds, “While consumers blame retailers,
they expect financial institution issuers to fix the problem.”
How do you fix it?
Mr. Hancock gives the most straightforward answer that is not based on
technology, or new chips and special fraud algorithms. He offers, “Deploy solutions that give power
to cardholders.” Then cardholders can work
with issuers to control fraud and risk rather than see themselves as helpless
victims.
The PaySound® companion card is a perfect
solution to empower consumers and businesses.
A separate debit-only account linked to a customer’s main account allows
them to move funds easily with mobile banking for spending online or in-store
shopping, and move them back when finished.
If the card is compromised, no problem.
The consumer keeps no funds in that account anyway. You might see it is just like consumers using
another account like PayPal or prepaid cards for shopping security and control.
But it is much easier as the consumer can move funds back and forth in minutes
with online banking tools rather than 3 days for PayPal and the impossibility
of getting funds back off a prepaid card.
PaySound®, better than PayPal and prepaid in
empowering consumers! And no overdraft
fees ever!
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