ORLANDO, Fla. – You lock your front door, your car, even your smartphone. Now you can lock your credit and debit cards.
[WEB EXTRA: App developers, apps offering Card Locking technology | What to do if you're a fraud victim]
We've all had that panic moment. We can't find our wallet or worse yet we find out it's been stolen.
Now thanks to technology there's one more way to protect your money.
"We're all familiar with the bank systems that identify suspicious activity, but this is one that actually stops the fraud before the transaction occurs," says Nessa Feddis of American Bankers Association.
All you do is open the app, toggle to "activation" and the debit card is "on" transactions are approved, but if it's switched the other way-- any purchase made on the card will be declined.
Right now, more than 80 smaller banks and credit unions nationwide are offering the app.
And Robb Gaynor of Malauzai Software predicts this technology is be the next big thing in banking-- with the functions going well beyond turning a card on or off.
"You can also do things such as: asking for ATM limit increases, point of sale increases, or letting the bank know if you're going to be outside of the country," said Gaynor.
Keep in mind though in order to change any card settings with an app, you've got to be digitally connected.
If you lose your phone or the battery dies when your card is locked you could be looking for Plan B to get money or make a purchase.
But Feddis warns nothing is foolproof.
"Any system can be compromised it's a matter of staying one step ahead of the fraudsters," Feddis said.
But Gaynor says his company is ready for that mobile banking is secured in multiple layers. From things such as embedding certificates in the device and on the phone, and verifying those certificates as a consumer logs in, to checking if a device has been jailbroken, if malware's been installed on the Android phone.
Scott Killmer says he trusts the app he uses and hopes it will help keep crooks locked out" of his account.
"I have the peace of mind that no one can get to this account but me. I know exactly where my money is being spent and better- where's is not being spent," said Killmer.
The American Bankers Association recommends you still keep a good eye on your account even if your card is "locked" most of the time.