by Hamish Ogston
Reporting the loss or theft of a credit card is a pain. Typically, it can take up 20 minutes per card – that’s if you’re lucky. Sometimes it’s longer.
And while you’re hanging on the phone being asked to remember the answers to a bewildering range of security questions and PIN numbers, precious time is being lost.
And time is of the essence: the rate of fraud involving lost and stolen cards runs at 75% in the first hour.
You don’t need me to tell you cards are big business. In April this year, the UK Card Association reported that more than 100 million debit cards were in circulation in the UK, enabling spending of £37.8billion.
Rapid advances in mobile technology touch almost every aspect of our daily lives thanks to the advent of apps – so why do customers still have to endure horribly clunky reporting procedures, when everything else is getting so much more convenient?
I asked myself this question when my son lost his wallet recently. It took two hours to get everything cancelled, and we shudder to think what would have been involved if he’d lost it overseas.
The experience set us both thinking. We felt sure the technology must already exist that could give people a convenient and completely secure way of electronically reporting the loss or theft of their cards. And guess what. It does.
One thing led to another, and after a great deal of research and development we came up with SOSafe, a suite of services that brings considerable convenience and piece of mind to individuals when it comes to payment and identity protection, and mobile phone insurance.
SOSafe launches very soon, and one of its most exciting features is Pocket Reset, the SOSafe card loss management service. This allows people to do all their reporting via a mobile app, website and widget. The full details can be found here [INSERT LINK TO WEBSITE] but in essence it means just a few clicks and the job is done – a world away from those long, frustrating – and expensive – calls to the bank.
The intelligent software uses finance industry feeds to keep your cardholding profile bang up to date, adding new cards and deleting old ones as it goes along – another chore you don’t have to worry about.
And, needless to say, everything is fully encrypted, which means complete peace of mind.
More and more people are managing their lives via their mobile devices, and we are determined to be at the forefront of this new fintech revolution.
Consumer confidence takes a while to build, but you only have to look at that figure of 100 million debit cards in circulation to see the direction of travel. It took very little time for people to get used to contactless cards, and that technology now accounts for 61.8 million of those cards. Managing them with services like SOSafe is the logical next step.
So it just goes to show: necessity may be the mother of invention, but painful experience is often the father of good business ideas.