MasterCard harnesses mobile geolocation to fight overseas card fraud
25 February 2014 | 6869 views | 1
MasterCard has joined forces with Syniverse to pilot a service that taps the geolocation capabilities of mobile phones to determine whether payment cards are being used fraudulently overseas.
The opt-in service enables card transactions for users only when they have their mobile device switched on in a specific geolocation abroad. The technology is designed to prevent stolen and counterfeit cards being used overseas and to stop genuine transactions from being declined when customers are travelling.
Hany Fam, president, global strategic alliances, MasterCard and Joe DiFonzo, CTO of Syniverse discuss the partnership at Mobile World Congress here:
MasterCard says that mobile users could also have a choice of pre-paid data packages that they can purchase directly from their phones when they arrive in their destination country. Approximately 75 million mobile phone users travel outside their home country each month, yet today 70% of people switch their data function off when they arrive.
In the future, the partners also plan to push geolocation-based targeted offers to firms, enabling them to ping customers with relevant information depending on where they are.
Hany Fam, president, global strategic alliances, MasterCard, says: "By leveraging the speed and intelligence of our global network and combining it with geolocation solutions, we are enabling your MasterCard to uniquely work where you and your phone are, anywhere in the world."
Fam and DiFonzo look at the impact this partnership will have on banks, retailers and MNOs here: