Tuesday, November 4, 2014

Smart offers mobile-based protection against ATM, credit card fraud

MANILA – A unit of Smart Communications Inc has launched an anti-fraud security service aimed at minimizing ATM and credit card scams.

A service of Smart e-Money Inc, “LockByMobile” allows mobile subscribers to lock and unlock accounts at different levels—by account, by channel, or by transaction settings.

Using the company’s proprietary, patented and Payment Card Industry-Data Security Standard certified platform, this mobile application can be downloaded via Google Play or Apple Store. This will be made available to card issuers worldwide using smartphones provided by any mobile network operator.

Its patented features include enabling the cardholder to lock or unlock the account by transaction or by channel. Through locking by transaction, a cardholder can set an amount threshold; limit the types of merchants where the card can be used; and limit transactions to certain countries and currencies. This will come in handy when the cardholder travels overseas.

LockByMobile also has built-in fraud alert mechanisms that are preventive rather than reactive, ensuring that a transaction will not push through unless it is within the security setting set by the cardholder.

"It's an innovative mobile financial solution that we've developed to address a common pain point of any cardholder—that of having the power to protect one's card accounts in a simple but powerful and convenient way. Having that additional layer of security can give the customer peace of mind," Orlando B. Vea, Smart e-Money president, said in a statement.