Secure Identity Systems (SIS) has launched its new mobile phone technology in the US. Dubbed mConfirm, it prevents debit and credit card frauds and potentially stops thieves in their tracks.
Basically, 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 are alerted, allowing action to be taken immediately.
According to Bryan Ansley, CEO of Secure Identity Systems, “mConfirm turns any mobile phone into a front-line defense in the war against identity fraud.”
The best part is that it does not really require the mobile phone to be GPS-enabled nor do any changes have to be made to existing card processing systems.
Basically to decide whether there is a chance of a transaction being fraudulent, the system uses two factors- location-based behavior analysis and cellular phone location analysis.
mConfirm works well with most phones available today including the Apple iPhone, BlackBerry, LG, AT&T, Nokia, Motorola, Samsung.
As of now, the mConfirm technology is being provided to US banks exclusively by SIS and offered to consumers for no cost at all.
Once a bank is set up with mConfirm, they can provide the technology to depositors and credit card holders as a value-added free service.