Security Corner

Feb 28 2014   10:28PM GMT

MasterCard uses geo-location to reduce card fraud

Ken Harthun Ken Harthun Profile: Ken Harthun

This is a great idea and one that may turn out to be the simplest way to implement two-factor authentication for credit card companies. In fact, this is similar to what Only Coin plans to implement as part of its security suite.

From nakedsecurity:

MasterCard announced on Tuesday that it has partnered with Syniverse, a mobile technology company, in order to minimise unauthorised purchases made with stolen plastic.

The two companies are currently running an opt-in pilot scheme which allows users to make a credit card transaction only when they have their mobile device switched on and to hand in a specific location.

The service providers then cross-check the locations of both the credit card and the mobile device at the time a transaction is made. If they match, bingo. Otherwise, if the card is in Toronto, for example, and the smartphone is in London, the transaction will be denied.

Go for it!

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