Card security outfit MobiClear has signed business travel account firm TheCard Scandinavia to technology that enables customers to use mobile handsets to authorise transactions and "switch off" credit and debit cards.
The MobiClear card security system requires customers to enter a four digit code on their mobile phone to authorise transactions on the Internet, in stores and at ATMs. If the code is not correctly entered the payment doesn't go through.
The system also features an on/off card security tool which enables customers to use their mobile phones to 'switch off' credit and debit cards. MobiClear says that by turning off their cards when not in use, customers reduce the risk of fraud.
TheCard Scandinavia says it will use the MobiStar technology from March 2008 to improve security for its business and corporate customers.
"The security solutions developed by MobiClear may revolutionise transaction security," says Bo Gustafson, CEO, TheCard. "E-commerce on the Internet is the area most rife with fraud, which may scare many companies away from using cards for their online purchases."
Recently Bank of America introduced its SafePass service where customers receive a single-use six digit code in a SMS text message to authorise online transactions.