Franklin Savings Bank (FSB) recently rolled out CardValet, a mobile card management application that helps reduce fraud by allowing debit cardholders to proactively monitor accounts using their smartphone, as well as control how, when, and where their FSB debit card is used.

CardValet is available for download in the Apple App or Google Play stores. Once the app is set up, cardholders have the ability to proactively “turn off” their card when not in use, establish transaction spending limits, plus automatically decline a transaction when an amount exceeds a predefined spending limit.

“CardValet is ideal for cardholders who want to proactively manage their FSB Debit Cards. CardValet’s inventive and thoughtful approach to card management makes the user experience as easy as possible,” said Ron Magoon, Franklin Savings Bank President and COO. “We are excited to offer this tool to our cardholders. Not only is the service user-friendly and convenient, but it will aid in our continued efforts to prevent fraud and identity theft for our cardholders.”

CardValet is an excellent fraud deterrent tool. By using CardValet’s GPS capabilities, a cardholder has the option to link their FSB debit card to their mobile phone, which would automatically decline any point-of-sale transaction occurring outside a five mile radius from the location of their mobile device, set a geographical location where their in-person transactions can be authorized, or even choose to decline any in-person transactions taking place from an international location.

In addition, real-time smartphone alerts can be customized based on the types of information each cardholder would like to receive. For example, a cardholder can set up an alert to be notified when their card is used, when a debit card transaction has been approved and exceeds any of their permitted use restrictions, or when a debit card transaction has been attempted, but declined based on the parameters established by the cardholder.

CardValet also offers cardholders the ability to link additional accounts to more effectively monitor dependent spending. For instance, by utilizing the GPS system in a cardholder’s smartphone, geographic use restrictions can be established for college students, as well as merchant-types and spending limits.

Further, CardValet is an ideal tool for small businesses looking to minimize card spending among employees. All transactions can be monitored or controlled for specific merchant categories, such as travel, restaurants, or entertainment, and can be denied or reported for types of merchants deemed not business-related.

For more information on CardValet, visit FSBnh.com.