BRIDGETOWN, Barbados, Thursday December 21, 2017 – CIBC FirstCaribbean has introduced client-controlled, anti-fraud tools to its mobile banking app – including a geo-location service, transaction controls and real-time alerts – to give customers the ability to monitor their debit and credit card accounts for fraud.
The new services are built on Visa technology called Mobile Location Confirmation and Freeze My Card service. They are the first features of their kind to be offered by a bank in the English-speaking Caribbean region.
The Freeze My Card feature allows clients to place a temporary freeze on their debit and credit cards if they misplace or lose them, and then reactivate them once located – all through their mobile phone.
The Mobile Location Confirmation feature notifies CIBC FirstCaribbean of a client’s location and compares the location of the client to their card’s location. This feature is available on credit cards only.
The enhanced mobile banking app allows clients to receive real time alerts as soon as any transaction is processed on their debit or credit card.
“The bank is committed to putting industry leading mobile banking capabilities in our clients’ hands,” says Trevor Torzsas, managing director cards and customer relationship management.
“We listened to our clients and added these enhancements to meet their needs and demands. We added a two-step verification process (fingerprint/touch ID sign in) as well as the capability for card users to transfer funds and track and monitor their transactions from their smartphones. We are proud to now offer new capabilities that add an extra layer of protection.”
The features were made available to clients throughout the region last week. Users can opt in or out through their CIBC FirstCaribbean Mobile banking app. The enhancements are available on both Android and Apple devices.
“So far, within days of being available in the app stores, a significant number of CIBC FirstCaribbean clients have opted for the new upgrades. The successful uptake of the features is a result of the bank’s client centric app development. Clients have asked for better fraud protection and we gave it to them,” Torzsas said.
He added that more digital channel enhancements are in motion to be rolled out in the coming year.