A credit or a debit card, when stolen, may be used for illegal purchases until the cardholder notifies the bank about the card loss.
The new app devised by the Maharashtra-based company Maximus Infoware can be used to switch off cards whenever they are not in use. When in ‘switched off’ mode, the cards can’t be used for any monetary transactions.
Maximus Infoware has a wide array of clientele which includes premier banking and non-banking financial companies too.
Venkat Shankar, Managing Director of Maximus Infoware said that the BFSI App (Banking and Financial Services Institutions) formulated by the company has been provided to selective co-operative banks as of now. He said the app would be made available to public sector banks soon. However, banks are still ascertaining the technical feasibility and safety aspects of the app.
On an average, card-holders use these cards anywhere between 30 to 40 minutes a month and rest of the time it will be lying inactive. Hence, if it goes to switch-off mode during non-use, it would be considered safer, and its misuse can also be prevented.