Empower Your Customers To Avoid Fraud Risk

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!