Wells Fargo, a US-based banking and financial services firm, has launched a new functionality for its debit cards that allows cardholders to switch on/off their debit cards using online and mobile banking channels.
The new feature, Wells Fargo’s digital ‘on/off’ switch, helps users to block and unlock their lost, misplaced, or stolen debit cards. It also helps them to avoid identity theft and other frauds.
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Wells Fargo debit/prepaid card business head of product management and development Kathy Yee said that the feature puts customers in control, gives them the ability to block anyone from using their misplaced card, and allows them to unblock it after they find the card.
Yee further said that Wells Fargo has now taken the next step for this technology, allowing customers to activate their new debit cards through online or mobile. It was first tested with a select group of Wells Fargo team members, and was just rolled out to customers earlier this week.
A similar feature is currently being developed for credit card customers, with a launch tentatively scheduled for next year.
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By GlobalData
