ID Global Solutions, a fraud management and global payment solutions provider, has introduced a new pin-based verification solution to eliminate credit card fraud.
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Dubbed IDComplete, the new solution has been designed to improve the security of existing non-chip and new chip cards at the issuer level by enabling consumers to authorise card present and card not present transactions in real time through their registered smartphones.
The solution makes use of a token vault technology as well as out of band three factor authentication to allow secure real-time cardholder verification.
On a registered smartphone, the cardholder is presented in real-time via a push notification, the merchant’s name, transaction amount, and is provided the choice to approve or reject the transaction.
The new solution, operating within the guidelines of current Cardholder Association rules, does not need software modifications within the acquiring network or merchant point of sale terminals.
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By GlobalDataID Global Solutions CEO Thomas Szoke said: "The goal of IDComplete is to eliminate card fraud, which has benefits for all players in the transaction process including issuers, merchants, consumers, acquiring banks, as well as payment gateways and mobile payment platform providers."
