The Target breach and others have sharply ramped up interest in card on-off switches on mobile apps, according to at least two vendors in the credit union space.
Malauzai said last week it has seen an 850% increase in the use of that debit card management feature on its platform now offered by 80 of its 250 credit union and bank customers between November and April. The number of active mobile banking users employing the switch increased by 40% at the same time.
Target revealed on Dec. 19 that a data breach compromised 40 million debit and credit card accounts between Nov. 27 and Dec. 15. Then on Jan. 10, the company said hackers also stole names, phone numbers as well as email and mailing addresses from as many as 70 million customers. Neiman Marcus followed with a similar announcement of its own.
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