CBA working on credit card kill switch
Commonwealth Bank is eyeing a kill switch that will allow customers to disable the use of credit cards. The feature will work like a mobile phone roaming switch, allowing users to deactivate the ability to use cards from overseas Automatic Teller Machines (ATMs).
Commonwealth Bank electronic crime executive manager Matthew Keaney said that the bank was considering the technology for deployment "in the near future. It means you won't be able to use the card in ATMs offshore," Keany said.
Australia is known as a hotbed for the harvesting of credit card information which is sent overseas where criminals use the data in fraudulent transactions. The roaming feature could render credit cards useless for offshore fraud, and result in a drop in demand for stolen information, according to NSW fraud squad detective superintendent Colin Dyson.