Banks to use mobile phones to protect customers

New customer protection technology was introduced in the US by Secure Identity Systems (SIS). This innovation is aimed at credit and debit card fraud by catching ID thieves in action.   

This new technology is coupled with mConfirm, a program that resembles GPS (but does not require GPS-enabled phones) and uses individual cellular phones to confirm the customer's location and the location of the credit card charge. When both locations don't match, the system will immediately alert the bank and the transaction will be blocked. This new system is compatible with some of the most popular cell phones and US wireless networks like Apple iPhone, RIM Blackberry, LG, AT&T, Nokia, Motorola, Samsung, and even some prepaid services.

Once banks take this system on board, they can offer its benefits to their customers free of charge. For those customers who did not sign up for mConfirm cellular phone benefit, the automatic behavior analysis feature will come in play. It will analyze the customer's transaction history, amounts spent, locations of the purchases, dates and times, etc. All these factors will be rated and automatically assigned a score. If the risk factor is too high, the bank will be notified and the transaction stopped. According to mConfirm, the chances that the legitimate transaction can be stopped are zero.

                                          Marianna, reporter of Ecommerce Journal