5th Dec 2018
Lloyds Banking Group has introduced an innovative new feature that will allow its online banking customers to track where and when they’ve spent their money.
The group’s customers, including those who bank with Halifax and Bank of Scotland, will be able to see the precise locations of debit card purchases via a Google Maps feature, and will also be able to see the details of their transaction at the respective location.
The scheme is designed to help customers manage their money better, and also to protect them against fraud. App-based banking platforms Starling and Monzo already have similar features, but this is the first time a mainstream bank has followed in their footsteps.
Customers using desktop computers and Android phones will be the first to be able to use the service, before it becomes available to iOS customers early on in 2019.
Paul Davis, Retail Fraud Director at Lloyds Banking Group, said: “Helping keep our customers’ money safe is our priority, and our new Google Maps feature is another way that we can work together to help protect our customers from fraudsters.
“We already look at a number of measures behind the scenes to spot changes in customers' online banking behaviour or unusual activity.
“’Card not present’ is still the most common type of fraud, and by enabling customers to see exactly where they have made card payments, this new feature will help spot suspicious activity, as well as cutting down on the inconvenience of blocking card transactions.”