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February 28, 2014

Smart’s LockByMobile avoids ATM, credit card fraud

In addition to the shift to EMV-based ATM cards, Smart e-Money has just announced LockByMobile that aims to protect ATM and credit card holders from being tricked into paying bills they shouldn’t pay.

credit card

LockByMobile is a new mobile service that lets users block and unblock the use of funds in their cards just from the convenience of their mobile devices. For example, one can block ATM withdrawals, over-the-counter or point-of-sale purchase, or online transactions to prevent other people from using their card without the owner’s knowledge. The whole idea is so that you only unblock it only if you’re going to use it.

“Based on the Smart Money mobile payments platform, the solution can be made available to payment cards issued by banks worldwide through mobile phones provided by any operator,” explained Orlando Vea, Smart e-Money president and CEO. “It can be applied using smartphones or feature phones,” he added.

If the card has been used without consent, the owner will be notified through the mobile device and the unauthorized transaction would not push through.

Banks and mobile operators can now implement this service to provide a better peace of mind to their payment card users.

{Source}

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8 Responses to “Smart’s LockByMobile avoids ATM, credit card fraud”

  1. Sla says:

    WEll kung P2.50 kada transact, parang nakaw din.

    • Chicken says:

      2.50 doesn’t sound bad. Local PH banks usually charge 10, 12 or so when you withdraw.

      In the UK, I get charged 1-3GBP per ATM withdrawal.

    • dags says:

      Well, as a Smart Money user, P2.50 sounds fine to me given how secure making transactions in Smart Money is. It’s definitely the most secure card-based service I’ve ever used thanks to the SMS notification and the feature to Unlock and Lock transactions at will just by the use of your phone.

  2. dod says:

    wise ang smart, sasali pa sa kita ng mga banko. ang kawawa mga depositors, hindi kumikita binabawasan pa.

  3. viperkid says:

    wow, sang timely. great job smart money team (y)

  4. viperkid says:

    any timely

  5. viperkid says:

    ang timely. aaargh, stock android aosp auto correct keyboard is getting into my NERVES!

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Kevin Francisco is the Senior Editor and Video Producer for YugaTech. He's a Digital Filmmaking graduate, a music junkie, and a superhero by night. Follow him on Twitter for more tech updates @kevincofrancis.

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