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How iPhones could end credit-card fraud

How iPhones could end credit-card fraud | Business Transformation |

If someone steals your credit card, they’d probably have little trouble racking up a hefty bar tab or buying a new TV with the plastic. But MasterCard is experimenting with a new technology to change that by using your smartphone’s geolocation to verify that you are in the same location as your credit card at the time of sale.

Karl Wabst's insight:

Not fool proof.

If this takes off, expect attacks on smartphones to increase. This will generate additional commercial opportunities. It will cause behavioral changes in both phone users and criminals.

Mobile network coverage will have to get a lot better as well. No phone service, no purchase authorization. Phones can be cloned just like credit cards. The iPhone fingerprint reader proved easy to hack.

There is also potential for exposure of sensitive user data since your phone company will also have data about each place you use a credit card.

Pin and chip solutions seem more viable.


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