Tuesday, June 18, 2024

LockByMobile working with Visa APIs to enhance transaction controls

PLDT-owned financial technology firm Voyager Innovations is utilizing application programming interface (APIs) from global payments technology company Visa, via its recently launched Visa Developer platform, to make enhancements to its anti-fraud card control solution “LockByMobile”.


Voyager is now in the process of using the Visa Consumer Transaction Control (VCTC) APIs to develop a solution that will provide Visa cardholders from participating banks in the Philippines and key markets worldwide with spend control functionality.

This could include greater visibility of their money, the ability to receive transaction alerts, or even temporarily suspend their accounts using a simple lock and unlock feature.

?The more card users derive comfort from the security of their cards in whatever form they may be, the greater their usage and money velocity. Security is definitely intrinsic to our digital life,? said Manuel V. Pangilinan, PLDT, Smart and Voyager Innovations chairman.

?By using Visa Consumer Transaction Controls, Visa card issuers can provide their consumers peace of mind through innovative spending controls, and more effective fraud prevention,? said Joe Cunningham, head of risk for Asia Pacific at Visa.

?With new digital commerce experiences emerging daily, it?s important that we provide easy and convenient ways for consumers to direct and monitor how their accounts are used and help better secure the payment system.?

LockByMobile is regarded as the world?s first mobile-based anti-fraud solution, which allows a cardholder to lock/unlock his prepaid, debit, and credit cards in real-time with a simple swipe of his finger.

The patented lock/unlock feature, which started in Smart Money in 2008 was internationally recognized in 2009 by winning the ?Best mobile-based security feature for online purchases? award at the GSMA Global Mobile Awards in Barcelona.

LockByMobile is Payment Card Industry-Data Security Standard (PCI-DSS) certified, a global security standard for organizations that handle branded credit cards from major card schemes including Visa, MasterCard, American Express, and JCB.

?Security is a top concern for consumers, merchants and card issuers alike. Strengthening of transaction security without compromising the consumer?s seamless shopping experience is a major opportunity for banks to empower their customers,? said Lito Villanueva, head of FinTech, Digital Inclusion and Alliances at Voyager Innovations, and managing director of LockByMobile.

From the simple and intuitive user interface, cardholders are empowered to limit which transaction channels can be used (ATM, In-store purchases,eCommerce or online); define a daily transaction amount threshold; limit international transactions; take control of their supplementary cards by limiting their usage (children, dependents, employees, etc.); and by receiving real-time notifications through the mobile app, cardholders can monitor every detail of their transactions and if they have been approved or rejected based on their lock settings.


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