Commonwealth Bank of Australia (CommBank) has launched a new mobile and online app that allows customers to temporarily lockdown a credit card which may have been lost or stolen.
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The new feature allows CommBank credit card customers to lock a misplaced credit card while they look for it using the CommBank app or NetBank and unlock it again when they find it.
In addition, if a card is permanently lost it can also be cancelled and reordered via the CommBank app or NetBank.
According to a new research from CommBank reveals that misplaced credit cards account for 61% of all credit cards reported lost or stolen in Australia, resulting in seven million cancelled credit cards that are recoverable or later turn up.
Angus Sullivan, executive general manager cards, payments, analytics and retail strategy, Commonwealth Bank, said: "We’ve all been there before – the moment of frustration as we realise our credit card is missing.
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By GlobalData"Instead of going through the process of cancelling a card, only to find it again, our credit card customers can now use their mobile, tablet or laptop to put a temporary lock on their card while they look for it."
Apart from the temporary lock, CommBank credit card customers can already use the app on their smartphone or NetBank to lock, block and limit their card for a host of transactional features, including international and online payments and ATM withdrawals.
