Providing enhanced security to credit card and debit card holders, ICICI Bank has launched a new security feature on its mobile app iMobile which allows customers to block their card or transactions. The feature called ‘Manage Cards’, has 4 options — temporarily block/unblock the card, block/unblock online transactions, block/unblock international transactions and block/unblock ATM withdrawals.
Effectively, you cam temporarily block or unblock your cards with a simple toggle switch and even block or unblock specific types of transactions on your credit card.
ICICI Bank said using this feature on its mobile app, customers can also request for an extension or reduction in their credit limit and take a look at the visual analysis of their spends across different categories like food, entertainment and shopping, etc. “The minimalistic and easy to use interface on the iMobile app makes it even more convenient for customers to select the security control of their choice," ICICI Bank said.
The bank had recently conducted a study to understand the various barriers involved in using credit cards and debit cards and found some key bottlenecks hindering people from using the cards. The barriers included fears pertaining to card security like loss of card, internet frauds and international frauds, etc. The study further revealed that the apprehension pertaining to security also exists in the case of regular card users.
Based on the feedback received from its customers and those from other banks, ICICI Bank launched the new feature.