SecurLOCK™ Equip – What’s on your phone?
Written by Alicia Buttchen, Assistant Vice President - Treasury Management
As the number of connected devices continues to rise, the sophistication of cybersecurity threats is increasing and has turned payment-related fraud into a global issue. From phishing emails and keylogging viruses to ZeuS malware, the threat of cybersecurity attacks spans across all industries.
Fraudsters advance more each day, working hard to break through even the most secure systems to steal your data. EMV chip cards were introduced to help improve security over magnetic stripe cards. EMV stands for Europay, MasterCard, and Visa, the three companies that originally created the standard. The implementation of EMV technology has led businesses and consumers to believe that “Chip and PIN” or “Chip and Signature” will deter – and in some cases – eliminate card fraud, but this is not always the case. EMV technology cuts down on counterfeit of physical cards, however, fraudsters continue to focus their attention on progressive attempts and areas of vulnerability. One example includes fraudulent online purchases (also known as card-not-present fraud), with the stolen card information.
Our clients need a simple and secure way to help mitigate against these fraudulent transactions, so First Business is proud to be an early adopter of SecurLOCK™ Equip, a tool that provides cardholders with the ability to control how, when, and where their debit cards are used.
SecurLOCK™ Equip provides several benefits for mitigating and managing risk, whenever or wherever you like via your smartphone. First Business clients now have the ability to:
- Set transaction spend limits
- Select geographic locations where the card can be used
- Set merchant locations including card-not-present controls
- View recent transactions
- Receive real-time alerts
- Turn on and off your card with a single touch