Finsphere Corporation, a leader in mobile identity-authentication services, said today it was pleased that Dubai-based Emirates NBD, one of the Middle East's leading financial institutions, has entered into the first commercial agreement to offer Visa's fraud-fighting Mobile Location Confirmation (MLC) service to its cardholders.
Emirates NBD's announcement of its agreement is significant for Finsphere because Visa's Mobile Location Confirmation service is powered by Finsphere's patented geo-location analysis engine and mobile-banking-application toolkit.
Visa unveiled its Mobile Location Confirmation identity-authentication service earlier this year and launched it commercially to banks and other card-issuing financial institutions in May.
"We have worked very closely with Visa as it takes our safe and secure geo-location infrastructure solution to card issuers to help them better protect cardholders and merchants from fraudulent transactions and to relieve cardholders' frustration of having to deal with unnecessary declines of legitimate transactions," said Finsphere CEO Mike Buhrmann. "This marks yet another momentous milestone for Finsphere."
Founded in 2007, Finsphere has developed a geo-location precision-analytics engine that enables global financial services companies and enterprises to help protect their customers by securing access to sensitive information, preventing accounts from being compromised and reducing financial loss due to fraud.
Finsphere's non-intrusive, privacy enhancing services do not require users to remember passwords or PINs, respond to transaction-verification calls, reply to text messages, receive one-time passwords, carry physical tokens or perform any additional action that interferes with typical financial transactions or access events.