Discovery Bank Launches Panic Code To Combat Banking App Kidnappings

As so-called banking app kidnappings increasingly strike fear into the hearts of many South Africans - stoking worries that they'll be held at gunpoint and forced to unlock their phones and have their money transferred and stolen - Discovery Bank CEO Hylton Kallner said on Thursday that the new tools give its customers the ability to defend themselves and even seek help in dangerous situations.

Not only will bank customers be able to hide large-value accounts in the app - a feature offered by other South African banks - but by setting up a "panic code" in the app, they will be able to alert the bank remotely that they may be under duress, Kallner said.

When they use their panic code, Discovery will receive a notification of a potential situation and will immediately place restrictions on the clients accounts and will even determine their location using their phones GPS to send law enforcement or armed response directly to the scene.

"Once you enter your chosen panic code, transactions will continue to be processed as normal, but it will alert our fraud management team. They will start monitoring transactions and, when necessary, activate an emergency response," said Kallner.

He said the Discovery Bank app will also link clients to emergency services through the Discovery 911 service for emergency help, whether it's related to health, home or roadside emergencies.