Misys has launched a location-based social
media application that will require users to confirm and authorise
transactions when making purchases.
Misys said the new service, called GeoGuard,
is designed to combat and reduce the risk of fraud as the app will
require users to confirm their location.
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Misys said the GeoGuard app can be implemented
into a bank’s infrastructure without the need to purchase new
hardware.
The new offering is designed to lower costs
for banks and customers as location checking is often expensive, as
is the reimbursement of fraudulently withdrawn funds.
Customers must check-in to a location using
Misys’ GeoGuard. If the customer has not checked in to the certain
location the card transaction will not be authorised.
Customers can use the Geo-Fence feature to
identify pre-approved locations meaning there is no requirement for
them to check in.
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By GlobalDataTim Tyler,
solution manager for Misys says:
“Misys GeoGuard allows the bank to benefit
from these social networks in a highly secure way that gives the
customer total control and confidence.”
