18 January 2018
visit www.ebaday.com

MasterCard harnesses mobile geolocation to fight overseas card fraud

25 February 2014  |  7286 views  |  1 Man holding smartphone

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:

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 26 February, 2014, 16:35

Why not provide a choice between Geoloc and GPS? While GPS is less likely to work indoors than Geoloc, it doesn't require data connectivity to be switched on. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Internet drives growth in European card fraud - ECB

Internet drives growth in European card fraud - ECB

25 February 2014  |  6125 views  |  1 comments | 5 tweets | 10 linkedin
MasterCard and German telcos promise mass-market mobile payments

MasterCard and German telcos promise mass-market mobile payments

25 February 2014  |  5753 views  |  2 comments | 8 tweets | 13 linkedin
MasterCard adds in-app payments to MasterPass; buys m-wallet firm C-Sam

MasterCard adds in-app payments to MasterPass; buys m-wallet firm C-Sam

24 February 2014  |  9365 views  |  0 comments | 15 tweets | 18 linkedin
Visa and MasterCard to cut ties binding banks and telcos via Host Card Emulation

Visa and MasterCard to cut ties binding banks and telcos via Host Card Emulation

19 February 2014  |  19798 views  |  12 comments | 45 tweets | 52 linkedin
Fico correlates locations of mobile phones and card transactions to tackle fraud

Fico correlates locations of mobile phones and card transactions to tackle fraud

05 November 2013  |  9943 views  |  9 comments | 14 tweets | 15 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.niceactimize.comvisit www.vasco.com

Top topics

Most viewed Most shared
Buffett rubbishes cryptocurrencies; South Korea preps exchange crackdownBuffett rubbishes cryptocurrencies; South...
11848 views comments | 16 tweets | 17 linkedin
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
10125 views comments | 32 tweets | 35 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
9830 views comments | 17 tweets | 18 linkedin
Exchanges call for global fintech standardsExchanges call for global fintech standard...
9527 views comments | 17 tweets | 14 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9450 views comments | 14 tweets | 16 linkedin

Featured job

Competitive base + commission (double OTE)
London, UK

Find your next job