The service from the digital financial services subsidiary of Philippine mobile operator Smart Communications enables card users to “lock” and “unlock” their ATM, prepaid, debit and credit cards directly from their smartphones.
The service is designed to fight the rising number of fraud cases involving automated teller machines (ATMs) and credit card transactions. Through locking by transaction, a cardholder can set an amount threshold and limit the types of merchants where the card can be used, as well as only allowing certain countries and currencies. Selecting channel lock allows the user to specifically lock access to an ATM withdrawal, point-of sale terminal, online purchase, mobile banking, or money transfer.
Customers can also specify which particular card account enrolled in the mobile application should be locked or unlocked. The LockByMobile service also features built-in fraud alert mechanisms which are preventive rather than reactive, ensuring that a transaction will not push through unless within the security setting set by the cardholder.
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