Protecting Your Banking Cards Through Mobile Apps

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  1. Banking cards provide a lot of multiple uses apart from providing a direct access to funds stored in your account. However, if by chance any of these cards are stolen or lost, there is a high possibility that your funds will be misused or you may not have any access to the account. In this article we give you information on how to protect your financial cards through mobile apps.

    Constant Alerts
    One way to ensure that you bank cards like the ATM and debit card are protected is by alerts. Anytime you swipe the card and funds are being withdrawn, you get an automatic alert on your application with details of the transaction. These details will include the time, location and the amount withdrawn. This ideally helps the card owner identify where and when is the card being used, especially if there is a secondary authorized card holder. You can register your mobile details with the bank when you first apply for the financial cards.

    Locking the Card
    Technology of the mobile apps has advanced so far ahead that it allows you to remotely control the functionality of the bank cards. With certain financial applications, you can now lock your atm or debit card when it is not in use. When the user would like to use the funds, he simply activated the unlock function on the application and the card functions are available. This application also allows the card to be used in certain locations like selected department stores or local ATM machines. If the card is used when it is locked, an immediate alert will be sent to the application where the user can access it.

    Limiting Transactions
    The application can be used to restrict the functionality of the bank cards when it used over a certain limit. For example, in an ATM or debit card if you withdraw over a certain amount in a day, the application will immediately lock the card. With this there’s a high possibility that even a stolen or lost card cannot be used to withdraw too much funds. Through the app, you can select certain features like restricting the number of withdrawals in a day or the amount that can be withdrawn at one time.

    Now a day, a large fraction of the population uses several banking cards for any financial transactions as it most convenient and beneficial to carry it everywhere. With the progress in technology and infrastructure, bank cards can now be protected by something that is as simple as a mobile phone application. A large population uses smart phones on a daily basis and most of them having financial cards, making such apps as ideal way to protect the bank cards against theft, misuse and loss.
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