PSCU announced earlier this week that it has received a patent for its CardLock fraud prevention solution—introduced in 2009—that allows cardholders to block and unblock card authorizations on cards registered with the service.
“This patent validates CardLock as the first solution of its kind in the industry,” PSCU Chief Risk Officer Steve Ruwe said. “It provides peace of mind for consumers, who can now play a proactive role in protecting their own accounts. Credit unions also benefit since CardLock is an extremely cost-effective way to help lower the risk of fraud and the expenses associated with managing compromised accounts.”
The fraud detection system analyzes all incoming authorizations for a special CardLock setting to determine whether the transactions have been authorized by the cardholder. If the authorization is blocked, the transaction is declined and triggers a notification to the cardholder.
Cardholders can enroll in the service and manage their cards’ authorization statuses via telephone, web or mobile app. If the card is used while in a locked position, PSCU fraud prevention staff will contact the cardholder to notify of the unauthorized use.
PSCU was established in 1977 and serves more than 1,500 financial institutions nationwide, including 700 member credit unions and their 16 million members.