|By Marketwired .||
|May 14, 2014 01:01 PM EDT||
SAN JOSE, CA -- (Marketwired) -- 05/14/14 -- Ondot Systems proudly announced that it was named a Best of Show winner by Finovate Spring 2014 attendees comprising of representatives from financial institutions across the United States and overseas. Ondot showcased CardControl, a smartphone app that allows cardholders to remotely control their existing payment cards.
With card data breaches becoming increasingly prevalent, Ondot developed a solution that empowers cardholders to proactively control when, where and how their payment cards are used. With the effective use of CardControl, consumers can lock their cards when they're not using them, just like they secure their homes when they leave, and avoid becoming another statistic -- 62 million people were victims of fraud in the last year alone. CardControl also allows cardholders to set location preferences, merchant categories, transaction types as well as spend limits.
"We believe that by putting control in the hands of the cardholders, the Ondot solution will significantly reduce fraud risk for both cardholders and their bank or credit union," says Rachna Ahlawat, Founder and Executive Vice President of Ondot Systems. "With control comes security. Our customer data shows that with CardControl, cardholders feel more confident about using their cards more often and for all types of purchases."
Financial institutions that have implemented Ondot's solution have seen reduced fraud costs and generated more revenue from the increased use of cards for everyday transactions.
Finovate Spring 2014 conference was sponsored by KPMG, Visa and others. Finovate's partners are industry heavyweights including the American Bankers Association, Javelin Strategy and Research, and SME Finance Forum.
Video of Finovate demo presentation is available at www.ondotsystems.com/finovatedemo
About Ondot Systems, Inc.
Ondot Systems is the creator of CardControl, a white-label solution that gives consumers control over payment cards. Headquartered in Silicon Valley, Ondot brings together an experienced management team from mobile, security, and payment card industries who share a vision of transforming how consumers interact with their financial institutions.
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