The Card Scandinavia Improves It's Transaction Security

TheCard Scandinavia has signed an agreement with MobiClear regarding two new security solutions that will lead to a substantial improvement of the security level for TheCard's business and corporate customers.

The two patented solutions are based on a technology that uses the mobile phone to authorize transactions on the internet, in stores, and at ATMs. The user can also switch on and off the account and card via the user's mobile phone.

MobiClear estimates that card-related fraud on the internet and in stores will soon reach $20bn annually. Many banks and credit companies are looking for a simple, easy-to-use solution that fulfils very high security and reliability demands.

Card Security provides an additional layer of security to card transactions by having customers enter a four-digit PIN via mobile phone. If the user cannot enter the correct code, the transaction will not go through. The service can be used for all types of transactions within the travel industry, shops, restaurants, and on the internet.

“The security solutions developed by MobiClear may revolutionize transaction security,” says Bo Gustafson, CEO of TheCard. “E-commerce on the internet is the area most rife with fraud, which may scare many companies away from using cards for their online purchases.”