The Appeal of Online Finance
Simplifying your financial life on an app offers unique opportunities that a physical branch can not match.
At any time, any day, any device, and anywhere in the world, you can access your account balances, transaction history, transfer funds, pay bills, receive customized notifications and set up automatic savings and security tools.
As technology advances, the convenience of online banking helps clients save both time and money.
In fact, many of us celebrate not having to drive to a physical location to retrieve money or deal with transactions. According to a 2019 American Bankers Association survey, 73% of Americans access their bank accounts online or through a mobile app. The future of online banking will continue to evolve and it’s important to know what that means for security and usability for banking customers, including features like turning your debit card on and off.
Why Security is Critical to Online Banking
The future of online banking relies tremendously on the security measures implemented. First and most importantly, financial institutions must manifest and maintain trust for their clients to ensure their finances and assets are secure. Secondly, online banking must be a user-friendly experience with everyday accessibility from anywhere.
As technology grows, fraud and data breaches are becoming more commonplace, and thus advanced security for online banking is imperative. The number of new malware variants posed for mobile increased 54 percent in 2017, according to Symantec’s Internet Security Threat Report 2018. In order to protect our most valuable assets, reliable security is of vital importance.
Lost, Stolen, and Compromised Cards
It is easy to believe you’ll never be a casualty of identity theft or credit card fraud as the prevalence of this type of crime seems to be a rare occurrence. In actuality, fraud is a growing worldwide problem, especially within the United States. With losses to credit card fraud topping $24 billion dollars in 2018 alone. Almost 40% of that reported card fraud occurred in America. And between 2017 and 2018, card fraud increased by nearly 20%.
According to credit reporting firm Experian, between 2017-2018, identity theft made up 15% of card fraud, new account fraud increased by 35%, and takeover of existing account fraud increased nearly 25%.
Because of the open nature of the Internet, online banking is inherently subject to virus attacks, unauthorized access, identity theft, and fraudulent transactions.
Cardholders need security measures that will thwart fraudulent actions.
Locking Debit Cards with On and Off Switch
Not long ago, cardholders whose card was either lost, stolen, or compromised, had to spend a great deal of time contacting the bank in order to have their card frozen for future transactions. Now having the ability to lock and unlock your card immediately on your mobile phone provides peace of mind and convenient security when you want it.
Instead of dealing with the hassle of going into the bank to cancel a card, order a new one, and then wait for the teller to issue you a temporary card or make a cash withdrawal, Marygold & Co. introduces the convenient option to simply control transactions from your debit card with a lock/unlock switch. Essentially, this feature grants you the ability to “freeze” your card until you’re able to straighten your debit card mishap or when you don’t plan to use it. Nothing is worse than canceling your card and then finding it on the car floor.
Know Your Customer
Traditional brick-and-mortar banks require you to apply for an account in person, checking your identification and confirming you are you when opening an account.
Online banking solutions typically leverage basic Know Your Customer (KYC) required information including name, address, social security number, date of birth, email, phone, and other specific data to confirm a new customer’s identity when opening an account. Unfortunately, more and more of that information has become compromised and for sale on the Dark Web.
To protect potential victims from having an account fraudulently opened in their name, additional authentication methods are highly recommended for opening online banking accounts.
Marygold & Co. introduces advanced technology that verifies your government-issued identification and the picture matches your selfie taken in the onboarding process. This technology uses liveness checks and a biometric comparison to make sure you are you before opening an account.
Assuming All Is Well and Not Setting Up Security Measures
You’d be surprised how many people let days, weeks, even months pass by without seeing the activity on their traditional savings and/or checking accounts. App-led financial accounts can keep nefarious activity at bay by sending you a text about all activity instantaneously. When your finances are top of mind without thinking twice, you are able to monitor your accounts more closely, be aware of suspect transactions occurring and immediately inform your financial institution of suspect transactions. If you don’t have security alerts set up on your phone or email, identity thieves are able to use your information 75% longer.
Having Predictable and/or Unchanging Passwords
It’s easy to use the same password forever and for everything. It’s comfortable to use that password for several cards or services. But, it won’t seem like such a good idea when identity thieves can easily access all your cards and accounts after discovering the password used unlocks access to all of the accounts. Don’t use the same password. Change your passwords often. Write down the new ones and store them in a safe place.
Marygold & Co.’s Customized Security
Marygold & Co. is offering an innovative online banking experience with customized security at the forefront of their services – the future of online banking.
What is ‘Customized Security’?
As the name suggests, this provides security uniquely tailored to the needs and preferences of the individual clients.
The Marygold & Co. Mastercard® Debit Card and mobile app offer clients a safer, more user-responsive alternative to traditional banking. The FDIC-insured card allows users to take complete command of their finances.
In response to cardholder’s mounting concerns about fraudulent activity and identity theft, Marygold & Co. gives users more control over how their card is being used than ever before. With an easy-to-use toggle in the mobile app, users can easily switch their card on or off, set restrictions on where exactly the card will be used and spending limits.
Customized Security Features
- Debit card on/off capability
- Sleep mode
- States/merchants/merchant categories/countries on/off switch
- Spending limits tied to time and/or places
- Text notifications when the card is used
- Two-factor and biometric fingerprint login protection
The Future of Online Banking
These scenarios demonstrate the ease of Marygold & Co’s customized security.
No plans in the near future to leave your typical surroundings? From the Marygold & Co. banking app, you can simply restrict card usage to a specific geographic area in order to prevent fraud.
Planning to take that trip to Europe now? Open up the limits, or even bound usage to only the location of your intended travel within the Marygold & Co. app. No phone call needed!
Lost track of your card and are not sure whether it is lost or misplaced? Thanks to Marygold & Co’s customized security, you can easily disable your card with the debit card on/off switch in the app while you search for your card.
The different scenarios the Marygold & Co. Mastercard® Debit Card offers are almost unlimited, which is why security is now customized to a client’s specific need. We want to give you as much power and control over your financial life as you want, including what types of things you allow and how strong your security should be. That’s why Marygold & Co. offers customized security right in the app!
Marygold & Co. is paving the way for a more user-friendly and customizable security experience than any other online banking app. We invite you to join the waitlist for Marygold & Co. today to take control of your financial security.