ASB offers temporary lock on lost bank cards

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Customers no longer need to cancel lost bank cards thanks to a new temporary lock initiative introduced by ASB.

With 55,000 ASB cards reported missing each year, the bank hoped it would be a welcome move.

It launched a range of new security mobile app features today including a manual credit or debit card lock and setting restrictions on how cards were used.

ASB's head of credit cards Glen Martin says the improved security measures would be a convenient answer to the hassle of losing a card.

"We all know the frustration of realising your credit card isn't where you expect it to be. You then drop everything to frantically retrace your steps to work out what might have happened to it," Mr Martin said.

"Customers have been telling us for some time that security is of the utmost importance to them, but we also know that they not only want but have come to expect convenient ways to manage and control their money."

Enhanced levels of control would also be a benefit to customers who could now lock, block or limit their cards, Mr Martin said.

Manual payments, ATM withdrawals, online transactions and maximum spending limits could all be restricted by customers.

All functions could be instantly turned on when they are needed.