Smart e-Money, a wholly-owned mobile financial services subsidiary of Smart Communications, has launched a new service to allow customers to lock and unlock their credit cards through mobile phones.
The new LockByMobile service will combat the growing ATM and credit card fraud amounting to over $11.3bn per annum worldwide.
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According to Smart e-Money president and CEO, Orlando Vea, the new service will offer an additional layer of security by enabling a prepaid, debit or credit card holder to block and un-block the use of the funds in their cards through a few clicks on their mobile phones.
"Given recent developments, LockByMobile is a timely solution that can be quickly implemented by banks and mobile operators and provide greater peace of mind to payment card users."
Smart e-Money emerging payments head, Lito Villanueva, added: "LockByMobile provides a very flexible solution that allows the user the ability to customise what payment functionalities must be locked or unlocked such as ATM withdrawal, over-the-counter or point-of-sale purchase or online transactions."
The company said that the patented features of the service will include Transaction Date and Time Stamp Lock, Merchant Category Code Lock, Merchant Name Lock, Transaction Amount Lock, and Country Code Lock and Currency Code Lock.
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