CardNav by CO-OP a Solid Base for Card Control

CardNav by CO-OP a Solid Base for Card Control

CardNav by CO-OP a Solid Base for Card Control

woman viewing mobile phoneThis post originally ran on Insight Vault on September 16, 2015.

Introduced in Q4 2014, CardNav by CO-OP is more than just a unique smartphone-based payment card control and alert application for credit unions. It represents the foundation of a powerful, evolutionary security platform guarding credit union members against fraudulent card use or abuse.

Now in Q3 2015, CO-OP Financial Services is launching CardNav 3.0, adding a new level of convenience and power to CardNav. Among many new features, CardNav 3.0 enriches the functionality and intuitive ease-of-use for cardholders and provides the ability for users to directly control card transactions while also benefiting from real time security against fraud.

Credit Unions Roll Out CardNav

CardNav is being rolled out to members by a growing number of CO-OP credit unions nationwide as the need for increased security against fraud becomes a top priority for all consumers. On the leading edge of promoting CardNav is Bethpage Federal Credit Union based in Long Island, New York, with 252,000 members, which also served as the primary beta test last year for CardNav’s pre-launch.

“With fraud on the rise, we encourage our cardholders to download and use CardNav by CO-OP to help prevent and mitigate losses,” says Shanta Sewnarain, Assistant Vice President, Operations and Risk. “With CardNav, we know from experience that we can reduce fraud and empower our cardholders by giving them this easy, intuitive tool to protect their payment card, which can also build card loyalty and increase usage.”

Other CO-OP credit unions are joining Bethpage to make their mark with CardNav. Tarrant County Credit Union in Fort Worth, Texas, launched CardNav earlier this year and is the first credit union in Texas to offer the new product. Karen Knight, Vice President/IT, reports that TCCU is promoting CardNav to its 10,300 members through online announcements and special events.

One of the events was to treat members to a CardNav “test drive” in the lobbies of the credit union’s branches during member appreciation day so they could see first-hand how it works. “We hear only positives,” says Knight. “The members who are signed up for CardNav love it.”

Sharonview Federal Credit Union in Fort Mill, South Carolina, with 68,000 members, is using a highly targeted campaign to initially promote CardNav to 2,000 of its members who are frequent users of debit cards and/or mobile banking. Stuart Graham, Assistant Vice President of Loan Servicing and Card Services, says that instead of trying to explain all of CardNav’s features at one time, the marketing campaign is measured and messages are designed to be clear and simple with two or three features promoted. However, he states that fraud alert is without question one of the key features for the credit union’s 27,000 debit card holders.

“Looking ahead, we are very excited about CardNav as we continue to roll it out,” says Graham. “It fills gaps in our payment card products that aren’t currently filled.”

“Card control and alert features such as those provided by CardNav are more important than ever because they can overcome some of these concerns by enabling cardholders to see fraudulent card transactions in real time and prevent the fraud before it happens,” says Michelle Thornton, Director, Product Development, for CO-OP Financial Services. “This greatly enhances their sense of control and comfort level, which means they will most likely use their card more frequently and for more expensive purchases.”

To learn more about tools that empower your members to fight fraud, read the CardNav by CO-OP white paper.