CIBC FirstCaribbean has launched client-controlled anti-fraud tools, such as a geo-location service, transaction controls (including the ability to freeze their cards) and real-time alerts.
These additions to its mobile banking app, just before Christmas, are designed to boost customer security when handling debit and credit cards.
"The bank is committed to putting industry-leading mobile banking capabilities in our clients' hands", said Trevor Torzsas, CIBC FirstCaribbean's managing director for 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 new services are built on Visa technology called mobile location confirmation, and freeze client card services. The 'Freeze My Card' feature allows clients to place a temporary freeze on their debit and credit cards if they misplace or lose their card. Clients will be able to reactivate their card when they have located their lost card - all through their mobile phone. Clients can also use the 'Mobile Location Confirmation' feature. This notifies CIBC FirstCaribbean of the client's location, and compares the location of the client to their card's location. It is available on credit cards only. The mobile banking app also allows clients to receive real time alerts as soon as any transaction is processed on their debit or credit card.
The features were made available to clients throughout the Caribbean before Christmas, and are available on all 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", Mr Torzsas said.