Connecting to LinkedIn...

W1siziisijiwmtuvmdqvmtuvmdgvntqvmzgvnzi1l01ptlrbu0hfqkxpr19vtljftkrfukvex0lnqudfx3jlc2l6zwrfyw5kx3jlbmrlcmvklmpwzyjdlfsiccisinrodw1iiiwimtkymhgxmjuwiyjdxq

Blog

MasterCard to boost credit card security with smartphones

27/02/2014 by

W1siziisijiwmtqvmtavmjgvmtuvndkvndcvote3l2zpbguixsxbinailcj0ahvtyiisijywmhg0mdbcdtawm2uixv0

Using geolocation data, the credit card company proposes a plan that will only allow card transactions when a users’ smartphone is within close proximity.

With hacks, stolen credit card data, and identify fraud constantly on the rise, some credit card companies are looking into how to better beef up security.

MasterCard announced Tuesday that it has partnered with mobile technology company Syniverse to make it more difficult for unauthorized users to buy goods with nabbed credit cards. While working to heighten credit card security is nothing new, MasterCard’s most recent plan is a bit different because it involves users’ smartphone geolocation while they’re traveling abroad.

The idea is that a users’ credit card cannot be used unless it is within close range of their cell phone. For instance, if someone is traveling in Mexico, but their card is supposedly swiped in Canada, the transaction will be declined.

Lots of times credit cards are declined when people use them in foreign countries without notifying their banks they are traveling. MasterCard’s smartphone geolocation feature would also avoid this issue.

Along with the amped up security, MasterCard will also offer travelers prepaid data packages in order to ensure their smartphone’s GPS is turned on without incurring expensive roaming fees.

“This collaboration of two global technology leaders opens up a whole new range of possibilities for end users, ensuring a seamless payment and mobile experience,” MasterCard president of Global Strategic Alliances Hany Fam said in a statement. “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.”

It seems MasterCard and Syniverse’s new plan is a half step toward digital wallets, which have been on the rise the past couple of years. It appears many major credit card companies are on the path to one day offer users a way to pay for items with only a smartphone.

This article has been extracted from http://news.cnet.com/, please click on this link to read the article in full http://news.cnet.com/8301-1009_3-57619532-83/mastercard-to-boost-credit-card-security-with-smartphones/

Montash is a multi-award winning , global IT recruitment firm. Specialising in permanent and contract positions across mid-senior appointments across a wide range of industry sectors and IT functions including:

ERP, BI & Data, Information Security, IT Architecture & Strategy, Scientific Technologies, Demand IT and Business Engagement, Digital and E-commerce, Infrastructure and Service Delivery, Project and Programme Delivery.

For more information please contact us on +44 (0) 20 7014 0230 or alternatively send us an email on info@montash.com.

comments powered by Disqus

Social Stream

Latest News

W1siziisijiwmtcvmdgvmtqvmtmvmjcvmjgvnja2l2nsb3rozxmuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

In Her Shoes... From Market Stall to Recruitment

2017-08-14 14:00:00 +0100

From the melee of the market stall to placing candidates in high-flying IT roles, life's always on the up from market-trader-turned-recruiter, Lois Hinken (22). She took the time to talk to us about how her experience in the cut throat world of the market has helped her in the world of global talent acquisition. As a 360 recruitment consultant for Montash, her negotiation skills and "go get it" attitude have helped her thrive. "I started working on the ...

W1siziisijiwmtcvmdgvmdcvmtmvmtcvntqvnze3l1vudgl0bgvkigrlc2lnbiaomikuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

Will AI Cost Us Our Humanity?

2017-08-07 15:00:00 +0100

As technology evolves, artificial intelligence is becoming increasingly mainstream, and it will inevitably start to impact the way we interact. On the one hand, AI has the potential to solve a variety of problems and streamline our lives and our work. But will this come at the cost of the all-important human touch? A foreshadowing statistic claims that by 2020, 85% of client interactions will be managed without a human[1]. But can there really be an alg...