TD Visa consumer credit cardholders now have the ability to lock and unlock their credit cards, internationally and at home, straight from their TD mobile banking app. The app allows users to:
- Access the feature from anywhere on mobile devices
- Independently lock and unlock their account
- Block new purchases without disrupting pre-authorized payments and charges
The new technology allows Canadians to temporarily block in-person international charges as well as lock their account. Consumers can easily access this feature if they have misplaced their wallet, adding a sense of security and taking away the inconvenience of reporting their misplaced card in the event it is found. Prior to this, once a card was reported as lost or stolen it would typically be suspended until a new one arrived in the mail and was activated, leaving consumers without a significant payment option.
“Card controls can help our customers feel confident that their credit cards won’t be misused, while also minimizing the inconvenience of cancelling or replacing a card if it’s temporarily misplaced,” says Katy Boshart, SVP, Canadian Credit Cards, TD. “In addition, our new international block feature provides even greater security – giving TD credit card holders the ability to prevent unauthorized access to their card at international, in-person points of sale, providing additional peace of mind.”
When cardholders lock their account, new purchases using the card or a digital wallet cannot be made, however pre-authorized payments or charges will still go through. When the card is found, the temporary lock can be removed just as easily.
“As technology continues to evolve and our customers look for digitally enabled experiences, we continually think about how we can help customers live their lives in a more convenient and meaningful way,” said Rizwan Khalfan, Chief Digital and Payments Officer, TD Bank Group. “Card controls are part of our multi-layered approach to security that puts customers’ trust at the centre, helping them feel more confident and in control of their banking.”
This capability is great for anyone looking to mitigate the risk of their card being compromised but it can have added benefit for those who habitually misplace their wallet. The convenient lock feature can help stop unusual transactions quickly and minimize the impact of a misplaced card — making it a great addition to the fraud prevention tools already offered by TD. Customers can receive TD Fraud Alerts if the bank detects suspicious account activity and manage their transactions in real time via the TD MySpend App.
With TD introducing this feature and CIBC announcing the new CIBC Pace It installment plan, credit cards are offering more unique benefits than ever. Compare credit cards to see which cards offer the best rewards and features.