Telefónica has teamed up with fraud management and mobile identity firm company TeleSign to launch a real time alerts service for verifying card payments abroad.
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The service delivers a travel alert to the participating credit card provider or bank after a customer switches their phone on in a new country.
The card firm or bank then makes use of the alert to verify any card transactions made by the customer in that country.
The service enables customers to have control of their data and offers them the option to terminate their participation in the service at any point through their bank.
The shared mobile location data is only used to verify a customer’s country-location and is processed in secure systems.
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By GlobalDataA customer needs to opt-in to the service by offering their mobile number to their participating bank or credit card provider.
The service has been designed to work with the most basic phones, and does not require any app or data roaming.
The two parties are currently working to bring as many mobile network operators and banks into the fold to expand the service across the globe.
The new service is also expected to lower operational and fraud management costs to financial services organisations.
Telefónica director B.I and big data monetisation Phil Douty said: “As a leading Digital Telco, Telefónica is always looking at new ways to provide innovative and valued digital services for our customers, including leveraging the expertise of strategic partners where it makes sense.
“TeleSign proved the right partner to help us take Travel Alerts to market as a cross-carrier service. Given all the strong fraud prevention benefits and customer experience improvements seen in the trial with MBNA, we now want to help create a standard that is used by multiple mobile carriers and banks across the world.”
