Lose it, lock it: CBA introduce credit card freeze feature
How many times have you lost your credit card, only to find it moments after you cancel it?
Research commissioned by the Commonwealth Bank shows that 11.5 million credit cards were reported lost or stolen in Australia, while seven million of those later turned up after being cancelled.
They say Australians are wasting 4.6 million hours a year updating direct debts and other regular payments.
This has led to Commbank developing a feature which allows their 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.
The card can also be cancelled and reordered online if it's not recovered.
BY THE NUMBERS: most common places to misplace credit cards
At home or work - 61 %
While shopping - 49 %
Bars and restaurants - 37%
Travelling for business or leisure - 32 %
On a night out - 26 %
Public transport - 26%
At a party - 21 %
Commonwealth Bank's Executive General Manager of Cards, Payments, Analytics and Retail Strategy Angus Sullivan says the new lock feature will not compromise customer security.
"The new temporary lock feature gives our customers extra peace of mind over their credit card security by empowering them to lock a misplaced credit card while they look for it, with the convenience of being able to unlock their card again when it turns up," he said.
"Our customers can now access Cardless Cash, Tap and Pay, transfer funds, control spending limits as well as put a temporary hold on their credit cards and if necessary order a new one all through CommBank app on their smartphone or Netbank."
The CommBank app is available in Google Play and the App Store for existing users, and also Windows Phone store for new users.
*The study was done by Lonergan Research among 1,244 Australians aged 18 and older. After interviewing, the data was weighted to the latest population estimates from the Australian Bureau of Statistics.