Waldorf, Maryland, June 27, 2016 — Community Bank of the Chesapeake adds an additional layer of security to their customer’s accounts with the option of CardValet, a mobile app service that gives cardholders the power to protect their cards from fraud. By downloading CardValet, customers are able to manage their finances, turn their cards on/off, receive notifications of transactions and control their spending in real-time.
“With the increase of fraudulent activity, it is important to empower our customers with different management tools to protect themselves and manage their cards at the same time. Our cardholders can simply download the app from the Apple app store or Google Marketplace and customize it to their needs,” said Nancy Hayden, Senior Vice President, Director of Operations at Community Bank of the Chesapeake.
Card fraud is a form of identity theft that involves an unsanctioned taking of another’s card information for the purpose of stealing funds from the account or charging purchases to it. According to Creditcards.com, the majority of card fraud (47%) occurs in the United States. Out of this, 14% of card fraud happens because of accidental loss and 45% from online channels, where the card is not even present. With this knowledge, it is important to take action through new and innovative services.
CardValet, the winner of the 2016 Best Debit Innovation award was developed by Fiserv, created to give consumers control over their debit and credit cards anytime and anywhere. CardValet helps prevent fraud by providing an on/off feature. If the card is lost, stolen or simply not in use, the card can be turned off. This will prevent any transactions from occurring and ensure cardholder finances are secure. When the card is needed, it can simply be turned on for purchases in a matter of seconds.
The on/off feature is only one of the safeguards available with CardValet. The mobile app also allows for real-time alerts. Alert settings can be customized by each cardholder to send messages when specific types of transactions occur, serving as an early warning system.
Headquartered in Waldorf, Maryland, Community Bank of the Chesapeake is a full-service commercial bank, with assets over $1 billion. Through its 12 banking centers and five dedicated commercial lending centers, Community Bank of the Chesapeake offers a broad range of financial products and services to individuals and businesses. Community Bank of the Chesapeake is a wholly owned subsidiary of The Community Financial Corporation (NASDAQ: TCFC). More information about Community Bank of the Chesapeake can be found at www.cbtc.com.