UBank debit card valet

Card Valet

By UBank
Monday, October 28, 2019

Card Valet: The Complete Guide

Card Valet is one of the most underrated products we offer at UBank! The technology behind Card Valet has the ability to stop debit card fraud in its tracks, which is why we highly encourage all customers to download the app at the same time they open an account.

You're a perfect candidate for Card Valet if...

You're a parent who needs to monitor your child's spending habits.
You're a business owner who is managing numerous debit cards linked to your business account.
You do a lot of online shopping, which opens you up to more debit card fraud potential.
You frequently lose your debit card.
You want to be proactive about protecting your financial well-being.

It's never too early or too late to implement debit card protection. Debit cards are the norm in today's world, and there are roughly 5.36 BILLION DEBIT CARDS in circulation in the US alone. This is fertile ground for cyber criminals and fraudsters. 

How does Card Valet work?

After downloading the app on your smart phone, Card Valet allows you to customize the alerts you want to get based on your card usage. You're in the driver's seat here - you get to customize every aspect of the Card Valet service, which ensures you're only getting the notifications you care about. You'll never get random notifications, you'll only receive the ones that align with your presets. 

The beauty of Card Valet is that it's virtually hands-free after the initial set up. Once you customize your alert settings, it'll run in the background without you having to lift a finger!

card valet screens app store

card valet settings

Ready to download the app and customize your alerts?

Apple App Store CardValet Link Google Play Store CardValet Link

  1. Download the Card Valet app on iOS or Android.
  2. Open the app and follow the prompts on the screen to link your account to Card Valet. You'll just need to enter your card number and a few other details to get started. 
  3. Start Customizing the following alerts:

on/off settings, transaction, location, merchant

How prevalent is debit card fraud, really?

Debit and credit card fraud accounts for billions of dollars in losses annually.  When a debit card is used fraudulently, the money is missing from the account instantly. According to the Washington Post, "“Card-not-present” credit, debit and prepaid card fraud has ballooned in the United States in the last few years, reaching $4.57 billion in 2016, up 34 percent from the year before, according to the most recent Federal Reserve Payments Study. These shadowy crimes hurt both small businesses and the customer shopping experience... The cost of card-not-present cybercrime goes far beyond the billions lost in merchandise. Businesses spend heavily to protect against fraud, hiring security experts, buying software and contracting with outside companies to monitor transactions. Banks have to replace stolen credit cards regularly. As the Federal Reserve noted in a report last year, payment fraud “represents a drag on economic activity.""

The saddest part about debit card fraud is that small businesses are the ones being hit the hardest. 

While large retailers like Amazon have very advanced fraud detection technology, small businesses don't have that luxury. According to the Washington Post, the burden of card fraud on small business traces back to the early days of the internet. "That risk for small business is a legacy of the early days of e-commerce when banks and credit card companies were unwilling to approve payments over the Internet — so retailers stepped up. Merchants saw the potential of online sales and accepted the liability “in exchange for being able to tap a new and powerful sales channel,” Murphy said." 

Still not convinced?

Let our customer service team walk you through the benefits of using Card Valet - call (936) 639-5566 to learn more about the service today! Protecting your debit card is all about taking proactive steps everyday to reduce the chances of fraudulent charges, and Card Valet is an easy place to start. Trust us, you won't regret it!
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