Welcome to the MyLock™ App – a tool to prevent fraud with your accounts. We have been fighting the electronic fraud for long and it has only grown to $7.5 billion in the USA ($15 billion globally) in 2015! Today, we have several tools to monitor the fraud, get an insurance cover etc. but, NOT to prevent them. The sophistication on fraud keeps widening with hacking, phishing, lost or stolen cards, skimming (employees of a business steal customer information), counterfeit cards etc. Monitoring leads to legal fights in the court consuming time & money. As always, prevention is better than cure!
The objective of MyLock™ App is to prevent fraudulent transactions. It enables you to register all your accounts (credit card, debit card, insurance account, trading account, etc.) and lock/unlock them individually as needed. An account in a locked state will NOT allow any transactions (other than the pre-authorized/auto-pay) to go through. Even when someone has access to your account password!
MyLock™ App keeps a log of all activities with your accounts including the GPS coordinates from where you locked/unlocked the account, the IP address of the device that was used and of course the timestamp. This log will help you and the account issuer to resolve any potential conflicts. You can lock and de-activate an account for any length of period. The account is inaccessible for transactions until you re-activate and unlock it.
All you need to do is acquire a lock and register your accounts for locking/unlocking. This is a free App for those who don’t mind advertisement banners at the bottom (our source of income). Alternately, you can buy the locker for a $10 one-time registration fee and $1 in annual maintenance charge per account per year to avoid the advertisements. The Apps offering the monitoring services charge $10 per month!
The popularity of MyLock™ App will bring in more account issuers to participate and eliminate fraud. MyLock™ App benefits you and the account issuer from potential frauds. The current version is a demo version with 60 sample accounts for you to play with. You can acquire a free locker and register any of the 60 accounts. The locker comes with a password security. The MyLock™ App can be operated from desktop, tablets, and mobile devices.
How is the security implemented in MyLock™ App? I am sure that everyone would be keen to know including the potential fraudsters! A dynamic key is generated and exchanged by the MyLock™ App and the account issuer with every lock/unlock transaction. The account information is never shared on the net except during the registration. However, even during the registration, the account issuer will generate a security key and pass back and NOT account details. During the registration, the account issuer verifies the account details and establishes a link with the locker. The MyLock™ App will NOT STORE any of your account details including the Name, Expiry Month/Year, CVV/password details.
Please try the demo and provide feedback for incorporation.
Thanking You,
MyLock™ - Preventing Fraud
[email protected]