Visa is stepping up its security for cardholders by enabling new controls over how, when, and where their Visa cards can be used.
Called Visa Consumer Transaction Controls, the new functions are available to card issuers partnered with Visa, via integration into those financial institutions’ apps and online services. Banks would be able to allow users to set up spending limits or alerts about transactions, for example, and could even institute an on/off feature letting cardholders to activate or deactivate their cards at a whim.
It’s a measure aimed at mitigating new threats that are emerging with the increasing digitization of money and payments. In a statement, Visa Risk Products and Business Intelligence SVP Mark Nelsen explained, “With new digital commerce experiences emerging daily, it’s important that we provide easy and convenient ways for consumers to direct and monitor how their accounts are used and help better secure the payment system.”
The Visa Consumer Transaction Controls are available through APIs on Visa’s just-announced Visa Developer platform, which is intended to open the company’s payments processing network to developers, and offer an example of exactly how that platform is going to work. By starting with an important security measure, Visa may also be sending a signal of its priorities with respect to how it would like this platform to be used going forward.