New payment card tech promises to fight online fraud
11 May 2017 - 11:43 by Mike Price
Fraud is a growing problem in the e-commerce age, with millions of consumers falling victim to scammers around the world each year. One of the most common ways for people to suffer is by having their payment card details stolen and then used by a malicious third party to make unauthorised purchases.
Now Barclays is setting out to quash this practice with a new feature for its customers which will let them take more control over how their debit and credit cards operate, according to BBC News.
People will be able to put time and location-specific blocks on their payment cards, preventing them from being used for shopping online during particular periods if necessary.
Furthermore, there is the option to alter the amount of cash which can be withdrawn from an ATM within a 24 hour period, which it is hoped will counteract the number of thefts which are carried out in this way.
Almost £770 million was lost to card fraud last year alone, so any steps taken which lessen the risks facing consumers when they shop online are to be welcomed. Unfortunately, it will take time to tell whether these measures are effective.
Barclays customers will be able to change card settings via the bank’s mobile app, with an ad campaign kicking off this month to raise awareness about the features that are available.
Spokesperson, Ashok Vaswani, said that increasing the levels of security which are available to consumers in the UK was essential and something of which everyone should be aware.
Observers have pointed out that banks have long been called on to take action to offer improved protection to customers so that safe shopping online is a reality for everyone, not just for digital savvy consumers.