Banks Fintech UK Latest News

Lloyds Banking Group Introduces New Credit Card Freeze Options

Lloyds Banking Group customers now have a greater range of options to control where and how they use their credit card

From today customers will be able to access ‘card freeze’ through their mobile app, allowing them to stop their credit card being used in a number of different ways.

Flexible and dynamic, Card Freeze lets customers choose which types of transactions are allowed from their mobile app. Customers who may have mislaid their card, at home or abroad, can simply “freeze card” transactions. Once they find it, they can just “unfreeze” with ease.

Customers can also exercise greater control over any additional cards, avoiding unexpected spending sprees and choosing which transactions can or can’t be made on all cards linked to their account, including online purchases.

These new options are in addition to the control services introduced for debit cards in August 2018, which allow debit card customers to freeze usage abroad, online and remote, and freeze at tills or terminals.

Customers will see information pop-up on how to make use of the new functionality when they log in to their mobile app. These features are easy to use, simply “switching” on or off the buttons in the card management area of their mobile app.

  • Freeze card: Stops all card based transactions
  • Freeze abroad: Stops all point of sale transactions and ATM withdrawals outside of the UK
  • Freeze online and remote: Stops all transactions where the card is not physically present
  • Freeze at tills and terminals: Stops transactions where the card is present
  • Freeze ATM withdrawals: Stops withdrawals at ATMs

 Stephen Noakes, Retail Transformation Director at Lloyds Banking Group, said:

“The latest features help customers make the most out of their mobile banking put more control at their fingertips when it comes to managing everyday finances. Behind the scenes in our technology labs, we are constantly testing new ideas with customers, so that they can help us from the beginning to design the look, feel and function of their mobile banking.”

Please follow and like us:
error

Related posts

Biometric Smart Cards to Place Customers at the Centre of Innovation

thefintechtimes

UK Banks Must Collaborate with Fintechs to Transform Payments Industry

The Fintech Times

Finicity and Fidelity Investments Join Forces on Customer Data Security

thefintechtimes
error

Enjoy this blog? Please spread the word :)