Advances in banking technology have been accompanied by tremendous growth in card usage. Not only have the number of cards issued to customers increased exponentially, but also the average spend per card has also seen a dramatic rise. At present, the situation has reached such a stage that there is either a debit card or credit card, or both, in wallets of most bank customers.
While these cards are extremely convenient to use and therefore becoming increasingly popular with customers, they are also fraught with the risk of fraud. It has become imperative to protect and control card transactions in almost the same way as cash transactions are safeguarded.
MAXIMUS RAKSHA provides an ideal solution for protecting card-related risks. It is a sophisticated application running on the customer’s mobile phone allowing him/her to have total control over card transactions. Using this card control application, a customer can keep a check on multiple cards issued by the bank. The application safeguards card transactions by giving the customer the option to set limits on transactions for different channels.
- Easy installation: The customer can download RAKSHA from Android Play Store (for Android smartphones) or from Apple Play Store (for Apple phones). Thereafter, the customer can register himself/herself with customer ID and registered mobile number with the bank. The bank will send OTP to registered mobile number for the customer to login and set his/her own PIN.
- Easy connectivity: Connectivity between the mobile phone and the bank system is through GPRS or WiFi.
- Turn on/turn off cards: The customer can block and unblock his/her debit or credit cards linked to respective bank accounts with a single touch on their mobiles.
- Turn on/off transaction limits for different channels: Customer can specify limits up to which transactions should be allowed for each channel – ATM, POS or online.
- Set card limits: A customer can define the overall limit on his/her card across all channels. In case this is not done, the default limits would apply.
- Monitor card transactions: The customer would get instantaneous alerts of all transactions done on his/her card which will help in better monitoring.
- Limit set by customer to be within bank specified limit: The customer can only set a limit on his/her card which is within the default limit set by the bank.
- Purpose-specific usage: The Card Control application will not allow the customer to do any financial or non-financial transactions. Only blocking/unblocking and setting of limits are permitted.