New features set to be rolled out will allow consumers to introduce controls including remotely lowering their withdrawal limits at ATMs. In addition, customers will be able to instantly turn on and off their card’s capacity to make online and remote purchases. Furthermore, the bank is also investing GBP 10m into a national advertising campaign to raise awareness among customers on banking fraud and encourage them to take precautions against it.
The initiatives come in the light of the costs associated with fraud and cyber offenses, which account for GBP 11bn, according to National Statistics Office figures.
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