MasterCard, Syniverse Protect Against Card Fraud With Phone Geolocation
MasterCard and Syniverse are jointly piloting a service supporting card transactions that cannot be enabled unless users have their mobile device turned on in a specific geolocation abroad. “Between 50 and 80 percent of transactions that are declined are actually legitimate transactions, but they are declined by financial institutions for security reasons,” reports MasterCard’s Hany Fam. The service involves a check being initiated from a payment terminal to Syniverse’s platform within 300 milliseconds. The platform keeps tabs on the whereabouts of roaming phones, and then data is returned about whether a payment should be cleared or blocked. The partner companies note that the platform’s capabilities extend beyond securing transactions and include deploying targeted offers, which will be made more pertinent by knowing the location of a mobile device. In addition, there are privacy issues to resolve, while acceptance by banks and mobile operators also is critical to the service’s success.
From “MasterCard, Syniverse Protect Against Card Fraud With Phone Geolocation”
IDG News Service (02/25/14) Ricknäs, Mikael