Commonwealth Bank Launches Locking App for Stolen Credit Cards
To help reduce credit card fraud in Australia, one major bank has created a new feature for its app that will allow cardholders to lock, cancel and replace their credit cards on their smartphones. Commonwealth Bank now gives customers the option to immediately take control when their cards are lost or stolen.
When a cardholder loses his credit card, he can put a temporary lock on it through the app that will prevent someone else from using it. If he finds the card, he can unlock it and start using it as normal. If he does not find it, he can permanently cancel the card and order a new one–all from his smartphone app.
“We know security is of the utmost importance to our credit card customers, but we also know that our customers not only want, but have come to expect, increasingly convenient ways to manage and control their money,” said Angus Sullivan, a representative for Commbank.
There are several other adjustment options available through the app,such as preventing international purchases or setting spending limits. This is great for people who want to put themselves on a budget or parents who give their cards to their children for emergency situations. They can monitor the cards without having to worry about an array of transactions.
Other banks in Australia may soon be following suit if Commbank’s app proves to be a success.