The payment card experience of a user is undergoing a digital transformation. Services like digital PIN delivery and fast card issuance at a bank branch are at the center of this procedure, designed for the cardholder’s comfort and security.
Certainly, rapid issuance improves the efficiency of financial institutions, but it also provides a fantastic customer experience that is backed up by security.
Obtaining a new bank card used to take, on average, 5-10 days from the time the first card application was made until the card was activated. Thanks to quick card issuing services that may be handled in their own branch, financial institutions may now transform days into minutes. As consumers increasingly use digital services, such as ordering food online, it is critical for banks to capitalize on and meet these demands.
However, implementing rapid card issuance in the branch is more than just optimizing logistics; providing this helpful service in the branch necessitates the deployment of extra security measures to avoid fraud, waste, and extra time committed to the service.
Here are three steps banks should take to guarantee that quick issuance services provided by branches are as safe as possible.
Card issuers frequently acquire pre-personalized cards so that the final distribution to their holders may be completed quickly and on the spot at the branch. This is a major issue if cards are lost or stolen on the route to the branch and are subsequently used fraudulently. In 2017-2018, fraud charges climbed by 9.8 percent for financial institutions with assets of $5-10 billion and 7.8 percent for organizations with assets of less than $1 billion.
Another crucial consideration is the pre-printing of validity (i.e. the data “valid from” and “expires to”)-the longer the card is unused at the branch, the shorter the validity of the card when it is issued to the card user.
Banks may now solve these security and convenience concerns with pre-personalized cards. There are services that may ensure that all personalization procedures are completed when the cardholder arrives at the branch in the same simple manner as if they had taken a pre-personalized card, guaranteeing a great user experience.
Due to the fact that millions of people spend more time at home than ever before and do online transactions, the incidence of “web skimming” has already climbed by 26 percent by March 2020.
Criminals will use every means imaginable to steal or clone the given cards. Obtaining the print ribbon used on the card printer to try cloning the cards is a common and very simple approach. As a result, providers may now use an innovative ribbon masking technique to prevent fraudsters from using this possible strategy. Using a printer with ribbon masking technology stops a fraudster not only from taking the cards, but also from studying the tape-an excellent example of an immediate broadcast solution.
Last but not least, real-time activity monitoring and identification of suspect issuance increases is a critical security safeguard for financial institutions intending to execute immediate card issuing at their branches. Fraudsters may employ a variety of techniques. The historical log of cards issued in time and on the site is a valuable tool for identifying and stopping suspicious tendencies. Security, as always, is a collection of defense systems aimed at preventing or detecting attempted backroom fraud without interfering with the user experience.
Banks that wish to benefit from the inherent ease of issuing immediate cards in the branch must set security to satisfy these three issues.
Each of these security issues may be managed by installing a system that includes printers, cards, a cloud environment, and monitoring software at all branches for fast card issuance. This enables banks to deliver a highly convenient and secure customer experience.