A Credit Card Approval Solution
The Problem: In 2014, 31.8 million U.S. consumers lost $16 billion by having their credit cards breached. This resulted in a total of $16 billion in losses which is more than three times the number affected in 2013. In fact, the U.S. is responsible for 47% of the world’s credit card fraud which totals $5.55 billion. In 2014, about 90% of card breach victims required replacement cards, which totaled as much as $12.75 per card. The infographic below explains the consumers and e-wallet companies’ opinions of the mobile payment business.
The solution to combat credit card fraud? ApproveIT
ApproveIT will protect consumer’s virtual wallets through an integrated security platform designed for ease of use and convenience. The app will allow card holders to become an active member in the fight against credit card theft by allowing them to better control their financial health. By utilizing a simple mobile application, card holders will:
- Allow consumers to pre-approve large purchases
- Alert financial institutions when consumers are making purchases outside their usual location
- Offer consumers a one-click freeze option on all of their credit cards
ApproveIT will result lower the amount of time and money both consumers and businesses spend to halt transactions and investigate purchases.
By navigating through the site, you will be able to learn more about ApproveIT and our project team as well as being able to view our project deliverables. We hope you enjoy learning more about ApproveIT!