High-profile card breaches have increased fraud costs and cardholder security concerns. When Southern Bank was introduced to CardValet from Fiserv, it found an innovative risk management solution that put transaction alerts and fraud protection in the palm of cardholders’ hands.
- The financial services industry as a whole continues to experience high-profile debit card breaches. Southern Bank has a comprehensive risk mitigation strategy that works well, but it was still searching for new tools it could provide to its cardholders to address their security concerns
- Southern Bank implemented CardValet, an app that helps debit cardholders protect the card in their wallet with the phone in their pocket. Users download the CardValet app to their smartphone and register their debit card – then define when, where and how their cards are used. Southern Bank also made CardValet an integral part of their onboarding process, driving their adoption rate
- Southern Bank used a combination of marketing tools and custom strategies from Fiserv to enroll over 10 percent of its cardholders for the service. Tens of thousands of alerts have been generated and CardValet users are experiencing 55 percent less fraud