Tag: visa mobile security

Mobile security is coming to Visa to combat credit card fraud

Customers who are traveling may soon find it easier to charge their purchases with this added layer of protection.

When Visa customers travel to another country, a new mobile security feature from the credit card issuer may make it easier for them to be able to prevent fraudulent charges or having to overcome the automatic protection barriers that the bank may implement when trying to make a purchase.

The strategy is meant to make it easier, safer, and more convenient for Visa customers to shop abroad.

Travelers currently need to call their banks to tell them that they will be traveling, and where, or they risk having their cards frozen from the first moment that they are used in a foreign country. Visa is hoping to be able to prevent both of those occurrences from being required by using mobile security to be able to track the customer’s location and know that he or she is the one who is using the credit card when it is swiped at any terminal in the world.

The mobile security service uses geolocation technology to verify the customer’s position when a card is swiped.

Mobile Security - VisaThis lets Visa check to make sure that the customer and the card are in the same place when a purchase transaction is attempted on the card. This is done by checking the location of the customer’s mobile device. Should there ever be a mismatch, additional security measures will be taken in order to help to determine whether or not it is a legitimate purchase attempt, without necessarily cutting off the card, right away. This way, if a smartphone is left in a hotel room, it doesn’t necessarily mean that the customer will be without the use of his or her cards.

This method of using the location of the mobile device makes it less likely that a bank will be required to mistakenly decline a transaction that looks suspicious but that is actually legitimate. The company is working its mobile security feature into a module. This way, banks can incorporate it into their own mobile banking apps. Then, when a customer travels and tries to use the card, a partner of Visa, Finsphere – a geospacial analytics company – pings the app in order to be able to locate the customer’s device. That finding is then reported to Visa to see if it is a match.

Mobile payments security may bring Visa and Apple together

Security is becoming a major issue for the mobile shopping spectrum

Security is currently one of the greatest challenges facing mobile payments adoption. Many payment platforms have lackluster security features that could leave a consumer’s financial information exposed for exploitation. This has made many people somewhat leery of the mobile shopping and payments space, unwilling to use their mobile devices to purchase products online. Visa is working to solve this problem, however, and has recently announced new products that could improve security in the mobile space and make people more comfortable with paying for products from their mobile devices.

Visa is taking security seriously, introducing a new suite designed to keep mobile transactions secure

Visa recently announced its Visa Digital Solutions, which is a comprehensive software suite that is designed specifically for making mobile payments secure. The suite is meant to provide a set of standards, tools, and services to those wishing to accommodate mobile spenders, enabling retailers and smartphone makers to connect with Visa’s payment infrastructure quickly and efficiently. The solution is designed with security in mind, and that may be a good thing for companies like Apple.

Apple is in need of a security solution that can solidify its place in the mobile payments field

Mobile Payments Security - Apple and VisaApple has a strong interest in mobile payments, but the company has been very slow to introduce its own payment platform. This is largely due to the security concerns that Apple has, having seen other companies launch payment platforms that have been subject to digital attacks. Apple has been looking into developing its own security systems that can protect mobile transactions, but Visa’s new solution could encourage a partnership between the two companies.

Apple and Visa have not yet announced any plans to work together in mobile transactions

Apple has teamed with other companies to address the security issue in the past. These partnerships have lead to the development of security solutions that may make mobile payments more attractive to consumers. A partnership between Apple and Visa may yield yet more protections for consumers interested in shopping online with a mobile device. Such a partnership has not been announced, however.