The protocols defined by SOSafe’s new API (Application Program Interface) will create a secure interface for the fast and easy transfer of important information, speeding up and simplifying the process of cancelling cards for both customers and their banks.

Founded by Hamish Ogston CBE, a serial entrepreneur and philanthropist, SOSafe recently partnered with DWC, the specialist digital consultancy and software development company founded by Daryl Wilkinson, to help develop the product offering. SOSafe is also looking to appoint its first Chief Executive and Commercial Director.

Pocket Reset will allow customers to easily report and cancel payment cards without the need to remember which cards you hold, and the details of individual providers. Currently in development with a beta launch in Q4 of this year, the service will enable users to report a loss or theft with just a few clicks on a website or taps on their smartphone. An app is expected to follow early in 2017.

The service is the first of its kind and follows the Competition and Markets Authority (CMA) announcement about new rules to let consumers access details of their entire finances through a single portal and standardised API by 2018.
With securely encrypted card details stored conveniently in one place, Pocket Reset's digitised reporting process will be able to be completed in moments, saving consumers time and unnecessary stress.

Recent statistics highlight an increase in fraudulent activity. At the end of 2015 there were 176 million UK issued cards in circulation and stolen card fraud amounted to £74.1m. This demonstrates an annual increase of 24%, with c.75% of fraud happening within the first hour of the card being stolen. Pocket Reset aims to bring the required speed and efficiency to the process and thereby ease consumer concerns and reduce card issuers’ losses from fraud.

Hamish Ogston, Chairman and founder of SOSafe, commented: “Everybody knows that reporting lost or stolen cards can be a frustrating experience. We are expected to remember which cards we were carrying and need to find out how to contact the individual providers, so the more cards, the bigger the chore. Losing a card is stressful enough on its own, so our goal is to bring convenience, security and peace of mind to our consumers, whoever their cards are with. We are excited about the potential of the Pocket Reset service, and are actively looking to strengthen the senior team at SOSafe to help deliver it."