by CIO Staff

CommBank adds lock feature for misplaced credit cards

Oct 27, 20142 mins
Risk ManagementSecurity

The Commonwealth Bank has added a new lock feature to its CommBank app and online banking service NetBank for customers who misplace their credit cards.

The feature allows customers to temporarily lock their credit card while they look for it and unlock it once found. Customers can also permanently cancel and re-order a new card through CommBank or NetBank.

The feature was borne out of research the bank conducted that showed 92 per cent of credit card holders said they would a find temporary lock function for misplaced credit cards useful. Also, 73 per cent said they would report lost or stolen cards sooner if they didn’t have to cancel their card without having the chance to find it first.

The bank’s research also found misplaced credit cards account for 61 per cent of all credit cards reported lost or stolen in Australia, resulting in seven million cancelled credit cards that later turn up.

This month, Commonwealth Bank opened an innovation lab inside its Sydney headquarters, where new product development will take place in collaboration with customers, partners, startups and industry.

The bank also launched in April Cardless Cash for CommBank app users to withdraw up to $200 once a day using a smartphone or nominate someone else to transact on their behalf.