Mobile Phone Technology Combats Credit Card Fraud

Credit card fraud is rampant in America and across the world. With the advent of the Internet age and online shopping growing it has become easy for criminals to access our credit card information. A company from Israel has a potential answer to the problem called mConfirm.

The technology uses a mobile phone to confirm that the credit card owner and the card are being used in the same location. According to the company the service is being offered to US banks, will cost the customer nothing and doesn’t require a GPS enabled cell phone.

"mConfirm turns any mobile phone into a front-line defense in the war against identity fraud," says Bryan Ansley, CEO of Secure Identity Systems. "The instant a payment card is swiped, mConfirm pinpoints the location of the card holder's mobile phone. If they're not in the same place, and the activity doesn't match the consumer's usual buying patterns, we know the transaction is fraudulent, and we stop it. There's never been a faster or more accurate way to put the brakes on credit and debit card fraudsters."

Via SIS

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