Q&A: charged up over mobile security

by CO-OP Financial Services

by: Samantha Paxson

Is this a good time to talk mobile security? After an eventful couple of weeks in the world of mobile payments, we caught up with Dr. Vaduvur Bharghavan, CEO of OnDot Systems, CO-OP’s partner on the soon-to-be-released CardNav app. We wondered how he was feeling about the potential market for new security-minded apps – the impact CardNav might have.

INSIGHT VAULT: As quickly as you can, how would you describe CardNav?

BHARGHAVAN: CardNav empowers cardholders to “remote control” their payment cards from a smartphone app. Your members can lock or unlock their payment cards with just a tap on the app; specify locations, merchants, purchase methods, and spend limits to control card usage; and act instantly on near real-time alerts. Credit unions are all about member satisfaction, and CardNav promotes this goal by giving cardholders the security they need with the convenience they want.

INSIGHT VAULT: Was the announcement of Apple Pay a good thing or a bad thing for a newly-minted card controls and alerts app about to hit the market?

BHARGHAVAN: Apple Pay in particular, and wallets in general, are complementary to what CardNav tries to do. The purpose of Apple Pay is to make the iPhone your payment card. The purpose of CardNav is to let you determine when and where your payment card can be used, regardless of whether it is the plastic card in your wallet or eCommerce or newer contactless payment methods. CardNav is for cards what mobile banking is for accounts.

INSIGHT VAULT: Will CardNav change users’ relationship with their payment cards?

BHARGHAVAN: We believe so. The payment card today is a lifeless piece of plastic. CardNav allows cardholders to add intelligence to their existing card usage without having to change the payment card. Your members can specify how their own cards and their dependents’ cards can be used, and interact in near real-time when they transact.

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