Smart unveils service to fight ATM, credit card fraud in Philippines

A unit of Smart Communications Inc., Smart e-Money, has unveiled a mobile service to prevent ATM and credit card fraud.

The new service, LockByMobile, provides security to card users by allowing them to “lock” and “unlock” their ATM and credit cards using their mobile phones.

It also allows users to customize what payment functionalities must be locked or unlocked such as ATM withdrawal, over-the-counter or point-of-sale purchase or online transactions.

The service also includes the use of location-based or geo-locking features.

“The new service provides an additional layer of security by enabling a prepaid, debit or credit card holder to block and unblock the use of the funds in their cards through a few clicks on their mobile phones,” said Smart e-Money President and CEO Orlando Vea.

Vea said the service is available to payment cards issued by banks worldwide through mobile phones provided by any operator.

The service, based on the Smart Money mobile payments platform, can be used via smartphones or feature phones.

Several companies raised the issue of payment card fraud through security breaches of customer information systems.

In the Philippines, authorities said incidents of ATM theft rose in 2013, with banks losing as much as $4.9 million.