Smartphone App Attacks Card Fraud by Pre-Approving Transactions
April 21, 2014
Eagle Point Network, a Dallas-based technology provider for the financial services industry, recently unveiled a new app for consumers that aims to eliminate card fraud. The app—developed by Harry Williams, president of merchant services provider JetPayi5, for resale by Eagle—requires cardholders to pre-approve card transactions right before they make them. Without the pre-approval, the transaction will be denied.
Williams and Eagle are positioning the technology as a less costly alternative to EMV migration for card issuers and merchants. They also said it addresses an area EMV ignores: card-not-present transactions.
“The strength of our technology is that it puts the consumer in charge of their own security by using a simple app on their phone,” said Williams, the original architect of the technology. “The Secure Card technology also works using their physical card or in an e-commerce transaction.”