Real-time spending alerts help you keep an eye on where your kids are spending money, and they are a good start. Current also has additional safeguards in place to keep teens safe as they gain confidence managing money on their own.
The small, metallic square you see on all Current debit cards … it is a computer chip designed to make cards more secure with sophisticated encryption built in.
Banks are phasing out magnetic stripe cards in favor of more secure ways to pay, including EVM cards. Magnetic-stripe cards are outdated — they’ve been around since the 1960s and use the same technology as cassette tapes. The magnetic stripes permanently store data, so if they are stolen or cloned, thieves gain access to the sensitive card and cardholder information necessary to make purchases.
Unlike magnetic-stripe cards, every time an EMV card is used for payment, the card chip creates a unique transaction code that cannot be used again. If a hacker stole the chip information from one specific point of sale, typical card fraud techniques would not work because stolen transaction number created in that instance wouldn’t be usable again; the card would simply be denied.
Magnetic-stripe cards are outdated — they’ve been around since the 1960s and use the same technology as cassette tapes.
Because EVM chip cards use unique, encrypted codes for each transaction, they are also make you much less susceptible to large retailer data breaches.
Pausing Lost or Misplaced Cards
Teens misplace things all the time, and they are likely to misplace their debit card. Sometimes the will lose them. With a traditional card that might lead to a moment of panic. With Current, all you need to do is go into the app on your mobile device and pause the card. If you find it a day later, just go into the card and remove the pause. If it turns out the card is really lost or damaged, you can order a new one right from within the app.
Sometimes kids need a little more help. Parental controls act like bumpers in a bowling alley, keeping your kids in the right lane. Using the Current app. Parents can block specific retailers and entire categories of spending.