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Smart E-Switch Platform
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“Control is shifting from financial provider to cardholder.”
Smart E-Switch enables cardholders to put an electronic lock and key to their card accounts, making
it useless for fraudsters to skim cards that are protected by this technology. When a cardholder decides
that his card will not be used for any ATM transaction abroad, he can lock his card account, making
it impossible for fraudulent out of country ATM transactions. The same control can be applied to card-not-present
transactions, out of country card payments and local ATM transactions. Local card payments with transactions
over the ‘floor limit’ that require authorization may also be controlled by cardholders.
Cardholders can then unlock their card accounts for these types of transactions before using their card
and can specify particular limits, such as which countries the card will be used in, period of time
(start date/time: stop date/time) and amount of money. These parameters, called 'cardholder user limits'
can be set by sending an SMS command with a mobile phone, calling an automated system with a landline
phone, via the Internet by logging onto a web application, or by using a one-click user application
interface. Cardholders can lock or unlock their card accounts 24 hours a day, seven days a week. These
cardholder user limits will take effect immediately, allowing cardholders to unlock or lock their cards
without delay.
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How It Works
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A cardholder has a teenage child who needs to buy something on the internet but he does not have a card.
The cardholder can unlock his card account for IMOTO (internet or telephone mail orders) for a given
amount and for a given time period. Once the cardholder’s son or daughter is done using the card account
for that particular purchase, the cardholder can lock it again. This is why Smart E-Switch is very popular
with prepaid accounts, especially for cardholders who request dual cards (one for them and one for a
family member). The main cardholder can control the spending of the additional cards that he gives to
his family. Smart E-Switch is an ideal security system for debit cards, prepaid cards, payroll cards,
charge cards, corporate cards and even credit cards.
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