Digital tools and connectivity are no longer just a luxury —they’re a necessity for accessing some of the most basic opportunities in today’s world. Device financing has made it possible for people to access and own digital technology without being burdened by its large upfront costs. For example, even if an individual cannot afford the full cost of a smartphone or a laptop, they can still get one through manageable monthly payments with device financing.
Device financing has the potential to increase digital inclusion worldwide. Moreover, it is also a lucrative business opportunity for organizations and individuals in the telecom, OEM, and finance industries. Remote locking technology is a crucial tool they can employ to secure financed devices against defaults, thefts, and misuse. Financiers worldwide leverage remote locking to safeguard their leased assets and ensure the profitability and security of their businesses.
What is Remote Locking?
Remote locking technology enables entities, such as financiers, to lock or disable a device completely without needing physical access to it, as part of a comprehensive device management strategy.
It allows them to protect their assets by easily locking them over the air for any necessary period of time. For instance, if a financed device or asset is lost or misplaced, the appropriate authorities can remotely block all access to the device using software solutions that offer remote locking features.
Remote Locking Providers
Financiers can remotely lock their leased devices in necessary situations using device locking or device financing risk management (DFRM) platforms. They typically need to enroll/onboard their financed devices onto these platforms before leasing them out. Device locking or DFRM software solutions offer a unified dashboard through which financiers can remotely lock and manage all their devices regardless of the devices’ locations.
In addition to remote lock, DFRM platforms offer other security features as well. They allow financiers to detect whenever unauthorized SIM swaps are made, restrict end users from factory resetting the financed devices, and monitor the performance of financed devices to identify any potential issues.
How Does Remote Locking Secure Financed Devices?
Remote locking technology plays a pivotal role in securing financed devices. It allows financiers to protect their devices from a single platform, mitigating financial risks and ensuring their security in cases of loss, fraud, or theft.
Sensitive data is stored on smartphones, tablets, and laptops, which have become prime targets for theft. The data and information accessed through stolen devices are used for damaging purposes such as identity theft, financial fraud, and unauthorized access to personal or corporate accounts. Financiers can successfully prevent such instances by immediately remote locking their devices in case they get stolen or misplaced.
Remote locking also alerts and protects against fraud attempts, such as multiple wrong password attempts. Some DFRM platforms send alert notifications to financiers when a SIM is removed or swapped from a financed device. These platforms are equipped with tools that can detect and take corrective actions to prevent fraudulent activity. If such fraud is suspected, devices can be remotely disabled from the DFRM platform’s dashboard in a few easy steps.
Additionally, the risk of payment default is a leading concern for all financing entities. Remote locking helps them manage this risk and improve repayment rates. If end users miss any or all scheduled payments, financiers can lock their devices remotely until all dues are paid. It provides lenders with a failsafe solution to protect their investments. End users are also encouraged to make timely payments when they know device functions can become inaccessible in case of defaults.
Choosing the Right Remote Locking Solution
Remote locking empowers financiers to protect their assets. They can be assured of appropriate usage and timely repayments from financed assets and devices. End-user data, information, and accounts are also secured with remote locking in unfortunate cases of theft or device loss. There are multiple remote locking providers in the market today offering this security. Selecting the right remote locking solution is paramount for financiers aiming to secure their leased devices effectively. If you want to be on the lookout for one, make sure to opt for a solution that is compatible with diverse device types, operating systems, and payment gateways. Compatibility with reliable payment gateways is especially important to enable convenient and secure repayments from end-users.
The right solution will significantly contribute to the sustainability and profitability of device financing and foster greater digital inclusion and security for all stakeholders.
