A BRITISH firm has developed a wristband which can deliver a 255-volt shock to the wearer when they go over their bank limit.
The Interact IoT (Internet of Things) app was developed by UK firm Intelligent Environments.
They have launched a platform which can link the Pavlok wristband to a bank account - and this can provide a shock when people go over budget.
If the funds in the account go below an agreed limit, the band kicks in.
It can also be linked with smart devices such as Nest Thermostat to help you save money on your energy bills.
The device works by giving an alert on your phone if a user’s account balance drops below their self-imposed spending limit.
The bank will then automatically turn the thermostat down to a user-defined temperature.
No bank has yet announced that it will be offering the Interact IoT platform to customers.
However, Intelligent Environments lists several British banks as clients for its existing online banking platforms.
Chief executive David Webber told the BBC: “This is about reacting to changes in your financial well-being.
“Willpower is great if you’ve got it - not everybody has.”
He added: “If you get home and decide you can afford for it to be warmer you can turn it back up again,” he said of the smart meter’s automated “economy mode” for home heating.”
The Pavlok wristband “shock” function can also be deactivated.
Mr Webber said he believes the Internet of Things - the idea of connected devices communicating with each other as well as with their owners - will be a landScape-changing industry.
He added: “I think the Internet of Things will be as transformational as tablets and smartphones were a number of years ago.
“I think the interconnectedness of devices is going to transform the way we think and manage whether it’s our cars or the things in our home.
“Perhaps you could use this sort of platform where, if you’re running short of money your car slips into economy mode, rather than sport mode.”
He insisted that the platform was secure.
However Prof Alan Woodward, a cybersecurity expert from Surrey University, told the BBC there was a greater risk of a security weakness.
He said: “Having a convoluted interaction between systems is almost inevitably going to lead to unintended security flaws.”