The UK’s biggest banking group, by customer accounts, introduces card freezing for some of its customers.
Lloyds Banking Group will allow customers freeze their credit cards if they have lost them at home or abroad.
However, the group said the new service will initially only be available for its Halifax and Bank of Scotland customers. It added the feature will be launched “soon” for its Lloyds Bank and MBNA credit card customers.
The banking group said Halifax and Bank of Scotland customers can freeze their credit card through their mobile app, allowing them to stop it being used in a number of different ways.
‘Peace of mind’
It said customers who have mislaid their cards can simply “freeze card” transactions. Once they find it, they can “unfreeze” with ease, by switching on or off buttons in the card management area of their mobile app.
The group, which serves 26 million customers, added these new options come in addition to new customer controls introduced for debit cards in August 2018, which allows debit card customers to freeze usage abroad, online and remote, and freeze at tills or terminals.
Halifax managing director consumer finance Elyn Corfield said: “Through our new mobile banking app functionality, Halifax customers can enjoy greater confidence that their cards are safe and now have more options to manage their day to day finances through freezing and unfreezing spending on their credit card, giving them extra peace of mind.”
Race to improve customer services
However, a number of challenger banks have introduced these kinds of card freezes two to three years ago.
Since the 2008 financial crisis high street banks have raced to match the improved customer services introduced by challenger banks who have added millions of customers in less than three or four years.