Halifax launches freeze feature for gambling transactions
The banking giant joins HSBC in unveiling new features to protect its customers from gambling-related harm
Halifax has launched card freeze software for gambling transactions to protect its users from gambling-related harm.
The gambling card freeze, a feature of the bank’s mobile app, allows users to freeze debit and credit card transactions on gambling sites.
If a user enables the freeze, it triggers an automatic cooling off period where they are unable to reverse their decision until at least 48 hours have passed.
Halifax will also provide additional training to customer-facing colleagues and is working alongside Warwick University to analyse the impact of gambling-related harm.
The measure is similar to the one announced this week by HSBC.
Elyn Corfield, MD of consumer finance at Lloyds Banking Group, said: “We know that people who gamble a higher proportion of their income are more likely to face financial pressure – so we’ve introduced the freeze tool to help them manage that.
“Importantly, by also introducing a defrost period we’re helping to protect those who might otherwise make an impulsive return to gambling,” he added.