You may soon be able to switch-off and switch-on your debit and credit cards on your own as an additional facility to protect you from fraudulent transactions.
A new mobile app recently launched by Maximus Infoware which provides payment transaction solutions for BFSI (Banking and Financial Services Institutions) allows cardholders to activate their cards on their own so that it will be active only when a transaction is to be done. For the remaining period, the card can be put on ‘switch off’ mode.
“The facility will be available to our cooperative bank clients whose customers will have the added protection. We expect to soon have some large public sector banks on board where our proposal has got through technical evaluation,” Venkat Shankar, Managing Director & CEO, Maxiumus Infoware told FeMoney. However, he did not want to divulge names of banks.
Venkat Shankar said the app, called Maximus Raksha, provide personal control over one’s debit & credit cards, including multiple payment cards of same bank.
Other than being able to turn on and turn off your card through your mobile, the app would allow setting your own daily transaction limits for ATM, Point of Sale (POS) and e-commerce (internet transaction) including setting a combined limit. You can also enable/disable your card for specific payment channels such as ATM, POS and e-commerce and view the last 5 transactions of your card on your mobile screen.
Venkat Shankar said that a person’s card is not in use most of the time and could be open to frauds. “Carholders normally use a card for 30-60 minuts in a month. Rest of the time the card is inactive. It is safe to keep it in ‘switch-off’ mode to remain protected,” he said.
He said that the facility will be available to customers of banks with whom Maximus has entered into an agreement. Once downloaded from Android PlayStore or Apple’s App Store, the customer can register with a customer ID and registered mobile number with the bank. The bank will send a one-time password (OTP) to registered mobile number for the customer to login and set own PIN number.