April 17, 2015
With this new service launched by Discover Financial Services, cardmembers no longer need to worry if they have misplaced their credit cards. The new "Freeze It" feature acts like an on/off switch to stop new purchases on customer's accounts, from a mobile device, online or over the phone. Just as easily, the account can be turned back on at the cardmember’s discretion. Discover is the only major credit card issuer to provide this free feature on mobile devices and online.
We’re giving our cardmembers a fast and simple security feature that gives them more control over their accounts, and more peace of mind if a card goes missing, said Julie Loeger, senior vice president of marketing. The Freeze It feature adds another layer of protection to Discover’s continued efforts to increase cardmember security and help prevent fraud.
Some notable aspects of "Freeze It" are:
> Provides an on/off switch for new purchases, cash advances, and balance transfers on a card
> Can be easily activated from a mobile device, online, or by calling customer care
> Sends alerts to cardmembers if a transaction is declined while their accounts are frozen
> Allows some account activity to continue such as bills marked as recurring by the merchants, returns, rewards redemptions, etc.
> Does not apply to Discover business cards
"Freeze It" joins a wide arsenal of security features for Discover cardmembers, including 24/7 monitoring of every Discover card purchase for every customer, new chip technology that makes it extremely difficult for fraudsters to counterfeit a Discover card, available email and text alerts when a purchase is made over a cardmember-selected threshold, and $0 Fraud Liability Guarantee so cardmembers never have to worry about being responsible for unauthorized purchases on their Discover cards.
Here is a video illustration of an ad to promote the new service:
Discover Financial Services has been known as a direct banking and payment services company, being one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home loans, checking and savings accounts, certificates of deposit, and money market accounts through its direct banking business. It operates the Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks, and Diners Club International, a global payments network with acceptance in more than 185 countries and territories.