LockByMobile

Project by SMART E-MOBILE INC.,

PROJECT BRIEF:

LOCKBYMOBILE is the world's first mobile-based , anti-fraud security service that empowers card users to "lock " and "unlock" their automated teller machine (ATM) , prepaid, debit, and credit cards with the use of their smartphones.

This latest innovation developed by SMART e-Money, Inc., (SMI), the digital financial services arm of Smart Communications , Inc. ( Smart), is in response to the rising number of fraud cases involving ATM and credit card transactions.

The Bangko Sentral ng Pilipinas has earlier reported that over a thousand incidents of ATM fraud and scams took place last year involving approximately P220 million , 13 percent higher than the 175 million that was recorded in 2012. Fraudulent practices that have victimized cardholders over the years include cash and card trapping, shoulder surfing,use of information from carelessly discarded ATM receipts, card skimming , and cloned cards.

LockByMobile is an innovative mobile financial solution that was developed to address a common pain point of any cardholder-that of having the power to protect one's card accounts in a simple yet powerful an convenient way.

It provides an additional layer of security by enabling any card holder to block and un-block the use of the funds in his cards with a few taps on his smartphone. This can be quickly implemented by banks, and provide greater peace of mind to payment card users amid the increasing incidence of identity theft.

Using SMI's proprietary, patented and Payment Card Industry-Data Security Standard certified platform, this mobile application can be downloaded via Google Play or Apple Store. This will be made available to card issuers worldwide using smartphones provided by any mobile network operator.

LockByMobile allows you to "lock" and "unlock" your accounts at different levels- by account, by channel , or by transaction settings.

Through locking by transaction, a cardholder can set an amount threshold ; limit the types of merchants where the card can be used; and limit transactions to certain countries and currencies . This is very relevant protection when the user is not using the card like when traveling overseas.

Meanwhile , selecting channel lock allows the user to specifically lock access to an ATM withdrawal , point of sale terminal , online purchase , mobile banking, or money transfer.

Under the settings , the account can also choose to specify ,which particular card account enrolled in the mobile app should be locked or unlocked.

LockByMobile also has built in fraud alert mechanism which are preventive rather than reactive ,ensuring that a transaction will not push through unless it is within the security setting set by the cardholder.

If the card has been skimmed or used by an unauthorized individual , the cardholder will be alerted immediately through his mobile phone and the attempted transaction will not be completed . This will save the card owner from filing complaints with the banks for unauthorized transactions.

The latest innovation from SMI is seen to further push the adoption of electronic payments in a country where majority of purchases and transactions are still done in cash.