The Minneapolis-based Elan Financial Services, a division of U.S. Bank, launched a mobile services suite for financial institutions that allows cardholders to control debit card use from their mobile phones.
The service aims to increase debit card usage and reduce fraud exposure by allowing cardholders to better manage their cards. Card issuers have the ability to choose which features to offer their cardholders.
The Elan Mobile Services suite allows cardholders to turn off a debit card if it is misplaced, set location controls when they go on vacation, restrict in-store and online purchases, and set spending restrictions.
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