AT&T Develops New Program to Help Prevent Credit Card Fraud
AT&T will pilot a new service that could help credit card companies prevent fraud.
The program will let the credit card company know the current location of the accountholder based on the location of his or her phone. If that area doesn’t match the location where the credit card purchases are taking place, then the card company can choose to decline unusual transactions.
The new program, known as Location Information Services, is scheduled to be available in over 150 countries.
The goal is to let a credit card company know when a person is traveling overseas so it can determine if a charge on the card is legitimate. The program would also allow the phone company to track their products in the event of stolen equipment.
“Companies want to get ahead of customer expectations, offer new ways to solve challenges and differentiate from their competitors,” said Laura Merling, Vice President of Business Digital Experience at AT&T. “Our new Location Information Services API does that by allowing enterprises to provide an extra layer of credit card security, keep track of valuable assets, and enhance a traveler’s experience with timely local information.”
The pilot for the program will begin over the summer, and the actual program is set to launch later this year.