Fiserv Inc. launched CardValet, a mobile card management application that helps financial institutions improve cardholder engagement and reduce fraud losses by allowing cardholders to monitor and control how, when and where their cards are used. These apps are also reducing payment card call center volume by enabling consumers to turn on or off card authorization rather than calling into their financial institution for assistance. CardValet from Fiserv is a turnkey mobile application that can be downloaded from the Apple App Store or Google Play Store.

Using CardValet, cardholders can turn their card off when their card is not in use, establish spending limits to allow transactions up to a certain dollar value and decline transactions when amounts exceed predefined thresholds. In addition, transactions can be monitored or controlled for specific merchant categories, such as travel, restaurants, or entertainment, and can be denied or reported for specific types of merchants. Alerts can also be established to inform cardholders of specific types of transactions.

CardValet can send an alert when a card is used, when a transaction is approved and exceeds any of the permitted use policies, or when a card transaction has been attempted but has been declined based on the parameters established. Cardholders will also be able to monitor accounts with linked access such as dependent or small business accounts. Active planning is underway for launching CardValet capabilities through other Fiserv digital and mobile channels in order to provide enhanced and differentiated services to cardholders.

CardValet layers on top of existing fraud rules set by the financial institution. Financial institutions that offer CardValet will be more responsive and progressive by providing their cardholders a self-service channel and enabling them to spot fraudulent charges more quickly.