Smart-lock your card when not in use with FIS SecurLOCK

Reported by: |Updated: October 25, 2016

S. Muralidharan, GM, Payments at FIS India
S. Muralidharan, GM, Payments at FIS India

Your  personal  assets  such  as  car, phone, house and even valuables are locked when not in use. What about your credit or debit card? Wouldn’t it have been wonderful if there was a feature to lock the cards access when not required? This extra  layer  of  security  puts  an  additional shield to the CHIP and PIN based security feature today. With  the  recent  surge  in  criminal activity  targeting  payment  cards,  banks across the globe are beginning to recognize the need for a solution which can protect their  customers  from  any  unexpected fraud losses. Early fraud identification and prevention is the most important aspect in such situations.As  per  a  recent  study,  nearly  88%  of fraud victims across the global markets do not receive real time fraud alerts, despite around  85%  of  the  card  users  owning  a mobile  device.  Very  smartly,  scammers clone the SIM card first and then change the mobile number on the bank’s database, routing away all the notifications that the user would receive otherwise. Every  day,  we  read  about  the  rising number  of  card  frauds  that  happen  in India. Once a card is compromised, a user blocks his card – which becomes a reactive method  to  prevent  further  transactions. But what if there was a proactive method to temporarily block the card when not in use.

SecurLOCK,  a  newly launched  product  from  FIS, addresses  this  need  of  the market by allowing cardholders to  set  rules  on  their  cards  on how they wish to use their cards. The app adds many features on the  card  as  part  of  customer self-service. The most important security feature is if the user does not wish to use his card, the card can be locked through the smart phone app linked to the card. Before resuming  transactions,  the  card  can  be unlocked, enabling card transactions. With  its  ability  to  provide  real  time transaction  alert  and  controls,  this product protects its user from fraudulent transactions. It is a secure way to provide the  cardholders  with  the  flexibility  to determine where, when and how they want to use their payment cards.

The solution can be embedded as part of any bank’s mobile application. This puts the control of the card with the customer who can control the complete card activities. Other  functionalities  that  can  be managed are setting merchant categories such  as  online  shopping  only  or  setting transactions type such as ATM transactions or setting transaction limits such as a few thousand rupees. These limits can be set on a loved one’s card to manage finances as well  and  reduce  risk.  All this  is  done  without  any need to call and speak to a support representative.

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The  user  can  also  set features such as the location that he wants to transact. Without  this  feature,  If the user is in a particular location  and  the  fraud happens  in  a  completely different  location,  he  first needs  to  convince  the authorities  that  he  had not really travelled to that particular place. In  case  the  transaction happens  when  the  security feature  is  enabled,  the transaction  may  get  declined. The  user  will  have  to  remove the  lock  and  then  do  the transaction again. Other  features  such  as checking  balances,  viewing transaction  history,  ATM locator  and  low  balance  alerts  are  also available as fully loaded features within the SecurLOCK APP. Real  time  transaction  alerts  are  tied to  the  app  rather  than  the  phone  –  so  in case the phone number is changed by the scammers, the alerts will still be sent to the app. In the worst case scenario, when the user loses the card, rather than struggling to reach across to the call center, the user simply  changes  the  status  to  card  lost, which disables the card permanently.

SecurLOCK  Equip  mConsole  used in  conjunction  with  SecurLOCK  Equip mobile  card  control  app  allows  financial institutions  to  provide  the  cardholders with  the  required  support,  analytics  and usage information of the cards transactions. mConsole helps in tracking or monitoring of  suspicious  activity,  card  track  usage, identifying  trends  by  date,  location  and merchant  type.  It  has  a  simplified  view and real time transaction alerts with self service functions that provides cardholders with  far  superior  experience  which  is  an important component in ensuring overall customer satisfaction.
Customer  surveys  show  that  as  a result  of  proactive  control  and  instant engagement provided by SecurLOCK, they have made those cards top-of-wallet. For financial  institutions,  higher  card  usage increases direct interchange revenue and also indirect interest revenue from funding the incremental card spend. This becomes a  differentiating  factor  and  becomes  a winning value proposition to customers in this vastly crowded market space.