In order to reduce credit fraud, our three patent-pending technologies are employed at the point of sale. Each component helps ensure that the people making purchases are who they profess to be:

Location Based Authentication
Cellular Based Authentication
Behavioral Based Authentication

Criminals shouldn't be the only ones making use of the latest technology in regard to identity theft. Secure Identity Systems, the industry leader in identity theft prevention and recovery, has recently introduced the mConfirm system, a cutting-edge development that combines wireless technology with location/geographic analysis and identity authentication.

Consider this: 95% of Americans use mobile phones, and most often, where those mobile phones are, their owners are, as well. In addition to the convenience of anytime, anywhere communication, however, those phones now offer added protection against credit and debit card fraud. Click below to view a demonstration.

Each time a customer uses his or card to make a purchase, the mConfirm system cross-analyzes the location of the sale with the location of the cellular phone. If the system determines the cell phone is away from the location of the sale, the system can flag the transaction. An alert is then sent to the merchant, requesting further identification prior to transaction approval. Without additional identification, the card can be rejected, stopping a thief before he or she can walk away with the purchase.

Click below to view demonstration.

 

How It Works

This happens through a three-tiered analysis process, including location-based analysis, cellular-based authentication and cross-card analysis.

Location-based analysis includes the study of the following:
  • Card locations and movements, with merchants grouped into “zones”
  • A profile of the locations, including merchant types, date and time, amount of transactions, etc.
  • Behavior of the cardholder based on locations and profiles
Cellular-based authentication helps verify the cardholder’s identity by the presence of the mobile phone.
Cross-card analysis includes:
  • Identification of counterfeit cards
  • Identification of “points of compromise” at which the cards were counterfeited
  • Locations where counterfeited cards were used

A key component of the mConfirm system is that it is completely transparent and non-invasive for the person using the card. By preventing fraud at the point of sale and reducing the costs associated with false alerts, the system can save financial institutions millions of dollars. Identity theft and card fraud may continue to plague the marketplace, but the mConfirm system does its part by putting an end to 90% of false alerts and card fraud cases.

The MConfirm system:

  • Increases the detection rate of previously hidden fraud
  • Increase alert accuracy
  • Reduces administration costs
  • Increases total ROI

 

For more information on mConfirm. Fill out a questionnaire and you will be contacted by a representative.