Australia's Commonwealth bank has introduced a new mobile and online app that customers can use to temporarily lockdown a credit card which may have been lost or stolen.
The new feature allows CommBank credit card customers to lock a misplaced credit card while they look for it using the CommBank app or NetBank and unlock it again when they find it. Additionally, if a card is permanently lost it can also be cancelled and reordered via the mobile and online channels.
CommBank reckons that as many 61% of credit cards reported as lost or stolen have usually just been misplaced by forgetful consumers, a figure that equates to up to seven million cards per year.
Angus Sullivan, executive general manager cards, payments, analytics & retail strategy, Commonwealth Bank, says: “We’ve all been there before - the moment of frustration as we realise our credit card is missing. Instead of going through the process of cancelling a card, only to find it again, our credit card customers can now use their mobile, tablet or laptop to put a temporary lock on their card while they look for it."
In addition to temporary lock, CommBank credit card customers can already use the app on their smartphone or NetBank to lock, block and limit their card for a host of transactional features, including international and online payments and ATM withdrawals.