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Melvin Haskins
Melvin Haskins - Haston International Limited - 20 October, 2014, 19:28Be the first to give this comment the thumbs up 0 likes

I love the idea of a proximity correlation check so that my credit or debit card is tied to my mobile telephone. However, mobile telephone theft is rife. Would this mean that if my mobile telephone is stolen all of my debit / credit cards will not work?

Pat Carroll
Pat Carroll - ValidSoft - London 20 October, 2014, 21:26Be the first to give this comment the thumbs up 0 likes

Hi Melvin, in general today, payment card transactions aren't subject to a proximity check. So when an exception occurs, which happens frequently (in particular when traveling abroad), the transaction is declined and either the customer contacts the issuing bank, or in some cases the issuing bank pre-empts the situation and contacts the customer. Applying a proximity check can "second guess" the issuing bank's risk management engine decision to dramatically lower these false positives. On the assumption that the customer has lost the phone but not contacted the bank, the "second guess" will in all probability fail and the bank will decline the transaction (which will in any event cause the customer to contact the bank). If the customer has already contacted the issuing bank, the "second guess" can be taken off for that customer which would mean that their payment cards operate as they do today.

Pat Carroll

Pat Carroll

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ValidSoft

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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