Veritec system lets users turn cards on and off via their mobiles
22 June 2009 | 5141 views | 3
US vendor Veritec has unveiled security technology that enables users to turn their debit card on and off with their mobile phones.
Security First Bank of Fresno has already signed up for the Mobile Toggle Card (MTC) programme, which has been added to Veritec's m-banking software platform.
Under the programme, card issuers and sponsors can provide Veritec's MTC branded debit or gift cards which users can toggle on and off with their mobile phones to prevent fraudulent use.
In addition, cardholders can also elect to receive various alerts on their mobile phones about activity on their card.
Jeff Hattara, president and CEO, Veritec, says: "People no longer have to completely rely on their card issuers to monitor possible fraudulent activity on their accounts. Cardholders can now de-activate their cards themselves, in real time, any time they choose to do so."
Security outfit MobiClear also offers a security tool which enables customers to use their mobile phones to 'switch off' credit and debit cards.