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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. 

future of online banking

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.

online security

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.

customized security

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. 

You earn it, you save it, you spend it wisely – now protect it!

– Chad Butler, President

Shedding credit card utilization and any associated accumulating high-interest debt balance is a truly noble accomplishment. However, some people question how they can protect their debit card information if they are not using credit cards, particularly online.  Although debit cards maintain fraud protection available through banks and networks, it is important to stay extra vigilant as fraudulent transactions can take money right out of your account leaving you vulnerable.

Monitor Your Account

The first and most important rule of thumb for all debit cardholders is to monitor your account regularly! Modern apps like Marygold & Co. provide immediate visibility to all your transactions along with customizable notification of transactions. You should not have to wait for a statement to be alerted of a red flag or fraudulent transaction on your account.

Look for a Secure Connection

The second most important rule of thumb is to make sure you never make a financial transaction on an e-commerce site that is not a secure connection.  Make sure you see an “s” in the address like “https://” rather than just “http://.”  You can also look for an unbroken key or padlock in front of the URL depending on your browser.  These indicate your information will be encrypted and is therefore safer.

Avoid Public Wi-Fi

Lastly, do not use public WI-FI connections to make any financial transactions.  Hackers can use public WI-FI to attempt to capture your account information and passwords because it is often unencrypted and insecure leaving you vulnerable to man-in-the-middle (MITM) attacks.  MITM attacks exploit security flaws in networks to potentially intercept data opening you to identity theft.  If you must use a public WI-FI, be sure to use a VPN connection which encrypts the data going to and from your device.

Controlling Your Accounts with Marygold & Co.

You know your spending habits better than anyone and certainly better than your bank.  You should be able to control and protect your account fitting your own personal needs and spending behavior. Not only should you be able to easily freeze and unfreeze your accounts, but you should also be able to freeze and unfreeze e-commerce transactions to only work when you click “submit”.

You should be able to freeze and unfreeze international transactions when you are traveling or buying something abroad.  Heck, if you’re not leaving your neighborhood or ever using your card at night, you should be able to set geographic boundaries where your account can be used or schedule the time of day your account can be used. Marygold & Co. will let you do all of this and more, right from your phone.

The Future of Banking

Additionally, Marygold & Co. will provide you with access to secure tokenized contactless payment options with your debit card, phone, and even associated wearable items like a bracelet or key fob.  All these options will include customizable security controls that help you protect your hard-earned money backed by FDIC insured accounts and advanced mobile banking security technology.

We are not just building another fintech buzzword app for the masses – we are building a customizable super app that enables our discerning customers to protect and control their money the way they prefer.