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a way to lock lost debit cards, from a big bank
by：DIgao
2020-05-28
Almost everyone with a bank account has encountered such a situation: you go home after shopping, or go out to eat, and find that your debit card is missing.
Next, you will call the shops and restaurants frantically as you will mentally trace back your steps to determine where you may have left your small plastic card.
More banks now offer a simple tool to quickly protect bank accounts, while customers know where the card might be and retrieve it --
Or decide it\'s lost and ask for a new one.
It\'s called a debit card lock or an \"on/off\" switch, with just a few taps or a few swipes on the phone.
This week, Bank of America became one of the first large national banks to offer this feature to debit card customers using online or mobile banking.
\"This addresses the concerns of customers,\" said Michelle Moore, head of digital banking at the bank.
She notes that debit cards are directly related to accounts holding cash from customers compared to credit cards.
Lock technology has been around for several years.
Malauzai Software, which makes apps for financial institutions, says about half of its 350 community banks and credit union customers provide this feature to customers.
Other card issuers offering this feature version include USAA and Capital One that have provided the feature since 2012.
Al Pascual, director of fraud and security at Javelin Strategy and Research, said that banks offer this feature not only to reassure customers, but also to reduce the cost of issuing new cards.
In 2014, many retail data breaches made consumers nervous about the security of credit and debit cards, and 9 of the 10 people affected by the data breaches received at least one new card.
\"The cost is huge for banks . \"Pascual said. Ms.
Less than 20% of Bank of America\'s debit card holders call to ask for a replacement because the card was left somewhere, Moore said.
But it is still a big number, she said, because the bank has more than 30 million debit card holders.
The following is the working principle of the Bank of America debit card lock (
Other banks have similar functions)
: Users log in to their account on a phone or other device (
Mobile app must have been downloaded)
, And under the Help menu, select manage debit card settings \".
An image of the debit card appears and the user slides the on/off switch to lock the card.
The app asks, \"Are you sure?
\"The customer clicks on the confirmation screen to lock the card.
Once the card is locked, it cannot be used to purchase or withdraw money from the ATM before the user unlocks it.
Other types of transactions, such as automatic deposit and bill payment, will not be affected. Moore said.
Other big banks, such as Chase, Citibank and Wells Fargo, have yet to offer debit card locking.
A Citi spokesman said that customers can lock their debit cards at any time by calling a bank phone (
They can call again to unlock).
A Wells Fargo spokesman said that when banks find suspicious transactions, customers of banks can choose to receive text messages.
While the original idea was that consumers would occasionally use debit cards if the card was misplaced, Robb Gaynor
Founder and chief product officer of Malauzai Software says many users choose to turn off their cards as default settings and unlock them when they use them.
\"They use it to prevent fraud,\" he said . \".
\"They turned it off.
Then they open it when they check out at pigly Wiggly.
\"Initially, there was concern that consumers who turned off a card and forgot to reopen it might feel frustrated.
But the card can be turned on quickly through the phone, so this is not a problem, sirGaynor said.
Here are some questions and answers about the card\'s full features: ■ What if I had a common account with another family member?
The lock is a card-specific.
If a card is locked, other cards linked to that account are still valid-
Unless the user also closes these.
■ How long does it take to lock and unlock cards?
The feature is designed to work in seconds.
In an informal test, the reporter locked a Bank of America debit card with his mobile phone;
The card was rejected by. T. M. (
The machine spit out the card and displays a message stating \"This card is invalid. ”)
Then, after A while, in. T. M.
The user uses the mobile phone to unlock the card.
The machine immediately accepted the card and issued cash.
■ Is there a lock switch on the credit card?
Some credit cards, including USAA\'s Discover card and credit card, offer similar locking features.
Next, you will call the shops and restaurants frantically as you will mentally trace back your steps to determine where you may have left your small plastic card.
More banks now offer a simple tool to quickly protect bank accounts, while customers know where the card might be and retrieve it --
Or decide it\'s lost and ask for a new one.
It\'s called a debit card lock or an \"on/off\" switch, with just a few taps or a few swipes on the phone.
This week, Bank of America became one of the first large national banks to offer this feature to debit card customers using online or mobile banking.
\"This addresses the concerns of customers,\" said Michelle Moore, head of digital banking at the bank.
She notes that debit cards are directly related to accounts holding cash from customers compared to credit cards.
Lock technology has been around for several years.
Malauzai Software, which makes apps for financial institutions, says about half of its 350 community banks and credit union customers provide this feature to customers.
Other card issuers offering this feature version include USAA and Capital One that have provided the feature since 2012.
Al Pascual, director of fraud and security at Javelin Strategy and Research, said that banks offer this feature not only to reassure customers, but also to reduce the cost of issuing new cards.
In 2014, many retail data breaches made consumers nervous about the security of credit and debit cards, and 9 of the 10 people affected by the data breaches received at least one new card.
\"The cost is huge for banks . \"Pascual said. Ms.
Less than 20% of Bank of America\'s debit card holders call to ask for a replacement because the card was left somewhere, Moore said.
But it is still a big number, she said, because the bank has more than 30 million debit card holders.
The following is the working principle of the Bank of America debit card lock (
Other banks have similar functions)
: Users log in to their account on a phone or other device (
Mobile app must have been downloaded)
, And under the Help menu, select manage debit card settings \".
An image of the debit card appears and the user slides the on/off switch to lock the card.
The app asks, \"Are you sure?
\"The customer clicks on the confirmation screen to lock the card.
Once the card is locked, it cannot be used to purchase or withdraw money from the ATM before the user unlocks it.
Other types of transactions, such as automatic deposit and bill payment, will not be affected. Moore said.
Other big banks, such as Chase, Citibank and Wells Fargo, have yet to offer debit card locking.
A Citi spokesman said that customers can lock their debit cards at any time by calling a bank phone (
They can call again to unlock).
A Wells Fargo spokesman said that when banks find suspicious transactions, customers of banks can choose to receive text messages.
While the original idea was that consumers would occasionally use debit cards if the card was misplaced, Robb Gaynor
Founder and chief product officer of Malauzai Software says many users choose to turn off their cards as default settings and unlock them when they use them.
\"They use it to prevent fraud,\" he said . \".
\"They turned it off.
Then they open it when they check out at pigly Wiggly.
\"Initially, there was concern that consumers who turned off a card and forgot to reopen it might feel frustrated.
But the card can be turned on quickly through the phone, so this is not a problem, sirGaynor said.
Here are some questions and answers about the card\'s full features: ■ What if I had a common account with another family member?
The lock is a card-specific.
If a card is locked, other cards linked to that account are still valid-
Unless the user also closes these.
■ How long does it take to lock and unlock cards?
The feature is designed to work in seconds.
In an informal test, the reporter locked a Bank of America debit card with his mobile phone;
The card was rejected by. T. M. (
The machine spit out the card and displays a message stating \"This card is invalid. ”)
Then, after A while, in. T. M.
The user uses the mobile phone to unlock the card.
The machine immediately accepted the card and issued cash.
■ Is there a lock switch on the credit card?
Some credit cards, including USAA\'s Discover card and credit card, offer similar locking features.
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