4 tips for safe debit card reissue
In my last post, I shared tips on when to reissue a compromised or stolen debit card. There are a few things to keep in mind, however, when doing so.
What follows are a few ideas on how to make the process as low-risk, inexpensive, and easy as possible – for both the issuer and the cardholder.
- When track data has been compromised, use the comp card hotlist as a backup and not a remedy while in the reissue process. Using a hotlist allows you to put compromised cards in a special state that allows SHAZAM fraud operations to write rules and implement risk management parameters specifically geared toward cards on the list.
- In many cases you can keep the same primary account number (PAN) and personal identification number (PIN) as long as you add new security values and a new expiration date.
- Don’t send a PIN mailer upon reissue. The cardholder already has it and sending it again risks exposure.
- Evaluate daily limits. Make sure when you reissue cards you analyze the daily limit of the card. Many times cards are issued with a limit that may not be appropriate for the cardholder. Make sure your financial institution is comfortable with the limit for the cardholder.