Wednesday, February 09, 2005

SMS alerts for credit card fraud

Ever have a credit card company contact you after you made a large purchase? Were they alerting you to potential fraud? Worse yet: did they NOT tip you off you on potential fraud that turned out to be a real issue? Thanks to mobile technology, this may be an issue of the past. InfoWorld is reporting that MasterCard has a new SMS, or Short Messaging Service, to alert consumers to potential credit card fraud:

"MasterCard has joined with mBlox, a service provider of mobile messaging infrastructure, to add an SMS option to its Aristion fraud detection system and is making Aristion Communicator available to banks beginning Wednesday.

MasterCard is advising that banks offer the SMS service to its customers on an opt-in basis. Customers who want to take part in the service, and who have and use a mobile phone, must then go through a registration process. Once registered, customers will be contacted by SMS should a high-risk transaction be detected, and can then either approve the transaction or block it."

What a great feature and use of mobile tech! My only concern is: what messages did MasterCard program into the system? Will they be in "mobile chat"? I can see it now: "Did U spend $1k @ Mall 2nite?"

Click the post title for the full story.

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