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Business News/ Money / Calculators/  Product crack: Lost My Wallet app
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Product crack: Lost My Wallet app

Using this mobile app, you can store your credit/debit card and bank details and contact the bank

SeongJoon Cho/BloombergPremium
SeongJoon Cho/Bloomberg

Monocept, a Hyderabad-based software development company, has launched Lost My Wallet app. It is a mobile app that provides you the service to report the loss of your credit or debit card to your bank.

How to use it?

Using this mobile app, you can store your credit/debit card and bank details and contact the bank if you lose your wallet or it is stolen. All you have to do is go to your play store and download the app. The company has come up with two versions. The free version has 10 bank details listed on it and you can store details of only two cards. The paid version has a one-time charge of 55 and has 36 banks listed on it. You can store multiple card details on the app.

The app is designed to work on Android, iOS and Windows phones. Hence, you can download it on an iPhone, a Samsung or a Nokia mobile phone. Once downloaded, you don’t have to pay anything more for upgrades. After you download the app, you have to save your card details. The details will be protected by password, which you can create.

In the event of loss of a card, you will have to click on the card number that you have lost on this app and it will take you to the bank call centre where you can inform the bank about the loss of card and then block it. Besides this, you can also store the reference number that the bank gives you regarding your lost card intimation in the app.

Built-in data

Monocept has built the app with the help of data available on the Reserve Bank of India’s website. It includes details of 36 banks that offer both debit and credit cards. The app has the contact details of all these banks. Since the app is built in such a way that it can be updated on a routine basis, in case your bank changes its contact details, the new information will automatically reflect on the app; you won’t have to update the information yourself.

How safe is it?

The app allows you to store only the credit or debit card numbers; it doesn’t ask for details such as the password or CVV numbers of the cards. The only thing that you can do with this app is block the card. You can’t use it for any financial transactions. Since it doesn’t store other details such as CVV number and passwords of your card, even if the personal identification number (PIN) of the app is compromised, your card can’t be used for any transaction.

Should you use it?

The app has been built with the intention to avoid panic and take speedy action if you lose your credit or debit card. Essentially, the only help that the app provides is the contact details of your bank. If you have stored your bank contact details on your phone or elsewhere that is equally handy, and don’t need an app to do it, you shouldn’t bother to download it. But if you prefer to have bank details available to you at multiple locations—diary, phone, desktop, laptop, tablet, and more—Lost My Wallet app is for you.

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Published: 14 Feb 2014, 08:03 PM IST
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