Canada-Based Everlink Payment Services has launched a new a mobile card block service that enables cardholders to lock their interac debit card to block unauthorized use.
Dubbed as Lock’N’Block, the fraud management solution can be used on iPhones and Samsung Android phones to Lock and Block unauthorized, or unwanted, use of debit cards as well as Everlink’s DebitWear contactless debit wristband.
The company has created a Lock’N’Block mobile application for credit union and bank clients to integrate with their mobile banking application.
In order to use the new solution, cardholders should log into their mobile banking application and add their Interac debit card to the application.
Then, the financial institution will verify the card number and send a confirmation to Everlink that the card number and cell phone number are legitimate after which the company will link the debit card to the cardholder’s cell phone using a secure tokenization process.
Everlink said that it will lock the card at the processor / switch level so that it cannot be used until the cardholder wants it be available for use.
Everlink president and CEO Mark Ripplinger said: "Everlink has brought to market a very straight-forward and convenient solution that allows the cardholder to protect themselves from fraud by "Locking" their Interac debit card from their mobile phone.
"And, depending on the capabilities of the financial institution’s mobile banking application, an SMS alert could be sent to their cardholder any time a transaction is "Blocked" while the card is in a "Locked" state!"