Over 15 million people in the United States experienced unauthorized charges to their card accounts in 2016 alone, according to a Javelin research study, with losses hitting $16 billion to the banking industry. The study also found a 40 percent increase in card-not-present unauthorized transactions, meaning that even those who keep their cards with them at all times are not necessarily immune to fraud. To combat this costly phenomenon, banks are offering a new generation of innovative solutions to help minimize the chance that someone can use your card without your permission.
Regions Bank LockIt Offerings
Regions Bank wants to give customers more control over their cards, especially when it comes to protecting their money from unauthorized access. So, Regions now makes LockIt technology available through Regions Mobile Banking for its personal checkcards, credit cards and Now prepaid cards. LockIt allows these cardholders to decide how, when and where to use their Regions cards by selecting among four different controls to block certain types of card transactions:
- In-Store Purchases: When this control is locked, the card can’t be used to buy things in stores.
- Online Purchases: When this control is locked, the card can’t be used to make purchases online or over the phone.
- ATM Transactions: When this control is locked, the card can’t be used for cash withdrawals, transfers to deposit accounts or credit card cash advances at ATMs.
- All Transactions: When this control is locked, the transactions described above are blocked, as well as Call Center transfers, non-recurring transactions and credit card cash advances at Regions Bank branches or another Visa bank.
There are a few transactions that won’t be blocked, even if you lock all transactions, which include:
- Merchant-identified recurring transactions
- Credits to the card or related account
- ATM deposits
- ATM Now card loads
- ATM payments (including transfers from deposit accounts to credit accounts)
- ATM check cashing
- ATM inquiries
- ATM account mini-statements
- Overdraft protection advances
Finally, the LockIt technology does not block transactions processed when standard authorization systems are not used.
Besides helping block the types of transactions you don’t want going through, the Regions Bank LockIt technology also keeps a list of the transactions it blocks. That way, LockIt not only blocks the transaction to protect your account, but it also allows you to see what transactions were stopped. Plus, you can sign up for mobile alerts to get real-time updates each time a transaction is blocked. This gives you a heads-up that your account might have been compromised. You can access this feature through the “Blocked Transactions” tab on Regions Mobile app.
Summary of Regions Bank LockIt Features
Regions Bank LockIt Technology At-a-Glance
Information accurate as of March 8, 2018.
How to Use Regions Bank LockIt Technology to Protect Your Cards
You can use the Regions Bank LockIt technology from the Regions Mobile app. Once you’re in the app, simply click on the account for your card, select the LockIt option, and then lock or unlock the section for the types of transactions you want blocked or unblocked with just the swipe of your finger. You choose the control you want: In-Store Purchases, Online Purchases, ATM Transactions or All Transactions.
There are a number of different reasons why you might want to take advantage of LockIt technology. Here are few common ways LockIt technology can be used:
- If your card is lost or stolen, immediately lock the All Transactions control, even before you report the missing card.
- If you’ve misplaced your card but aren’t ready to report it as lost, lock the All Transactions control. If you find it, you can unlock the card when you want to use it. If you can’t find it, be sure to report the missing card.
- If you never use your card to withdraw cash at ATMs, lock the ATM Transactions control. That way, even if you misplace your card and don’t realize it, someone can’t access your account with a quick trip to the ATM.
Your changes are effective instantaneously, so if you want to keep your card turned off whenever you aren’t using it, you could simply unlock the control whenever you’re in line at the store or about to make a purchase online. Then, once the transaction goes through, you can lock the control to help prevent unauthorized transactions. And, because you can make changes through the app, you don’t have to worry about being stuck on the phone waiting to talk to a customer service representative.
If you don’t have access to the Regions Mobile app and you want to make changes to your selections, you can call Regions Bank at 800-472-2265. When you speak to an electronic banking associate, they can help you make the specific changes you want.
How Regions Bank LockIt Technology Compares to Others
Regions Bank’s LockIt technology offers you an increased level of control. Where some card issuers allow you to freeze your card, Regions lets you choose exactly which type of transactions to block.
Which Regions Bank Cards Offer LockIt Technology
LockIt is available on the following Regions Bank cards:
- Personal credit cards
- Personal checkcards
- Now prepaid cards
Personal credit card options from Regions Bank include:
- Explore Visa
- Life Visa
- Prestige Visa Signature
- Premium Visa Signature
The Explore Visa is a secured card that uses money in your Regions Explore Visa Savings Account to help you build your credit history with responsible use. The Life Visa offers a lower interest rate, which is useful if you tend to carry a balance on your card. Both the Prestige and Premium Visa Signature Cards offer points that can be redeemed for cash, travel and merchandise.
The Regions Visa CheckCard is a Regions debit card linked to your Regions Checking Account. The Regions Now card is a Visa prepaid card that lets you access funds you’ve put on the card, making it a good option for someone who is trying to break bad credit card habits or for your teenager who might need access to a predetermined sum of money for emergencies.
LockIt is not yet available on business credit cards or checkcards.
Is Regions Bank LockIt Technology Right for You?
If you’re concerned about criminals fraudulently using your credit or debit cards or you just want more control over your transactions, Regions Bank LockIt technology is an option worth considering. You have the flexibility to select the types of transactions to block, and you get to see a list of blocked transactions. If you misplace your card and aren’t ready to report it lost, you have the peace of mind to know that it’s instantly turned off in case it falls into the wrong hands — and you can turn it right back on when you find your card again. Plus, you can do all of this at no cost using the Regions Bank mobile app.