BRENTWOOD, Tenn.--(BUSINESS WIRE)--A new Israeli technology brought to the U.S. by Secure Identity Systems (SIS) thwarts credit and debit card fraud, and potentially stops ID thieves in the act. This in turn helps banks better protect customers, stem losses due to fraud, and attract new depositors with free identity protection services.The technology, dubbed mConfirm, uses any mobile phone to match the location of a consumer and their payment card. If the locations don’t match, the transaction is flagged and risk systems alerted, so that action can be taken immediately. Already proven highly successful at Visa CAL, a major Israeli credit card issuer and processor, mConfirm significantly improves fraud detection and reduces false alert rates without slowing down the transaction process.
“mConfirm turns any mobile phone into a front-line defense in the war against identity fraud,” says Bryan Ansley, CEO of Secure Identity Systems. “The instant a payment card is swiped, mConfirm pinpoints the location of the card holder’s mobile phone. If they’re not in the same place, and the activity doesn’t match the consumer’s usual buying patterns, we know the transaction is fraudulent, and we stop it. There’s never been a faster or more accurate way to put the brakes on credit and debit card fraudsters.”
The mConfirm technology, which is being provided to U.S. banks exclusively by SIS and offered to consumers free of charge, does not require GPS-enabled phones or changes to existing card processing systems. The system uses two factors—location-based behavior analysis and cellular phone location analysis—to develop a fraud risk score, which is the chance a transaction is fraudulent. The system works with some of the most popular commercially available cell phones and domestic wireless networks, including Apple iPhone, RIM Blackberry, LG, AT&T, Nokia, Motorola, Samsung, and even prepaid services.
The mConfirm technology, which is being provided to U.S. banks exclusively by SIS and offered to consumers free of charge, does not require GPS-enabled phones or changes to existing card processing systems. The system uses two factors—location-based behavior analysis and cellular phone location analysis—to develop a fraud risk score, which is the chance a transaction is fraudulent. The system works with some of the most popular commercially available cell phones and domestic wireless networks, including Apple iPhone, RIM Blackberry, LG, AT&T, Nokia, Motorola, Samsung, and even prepaid services.
