ABU DUBAI, UAE–Emirates NBD has become the first financial institution in the world to sign on with a new solution that uses a consumer’s phone to confirm a credit card purchase when made outside the consumer’s home area.
The Visa Mobile Location Confirmation service (MLC) uses mobile geo-location data to match the location of transactions with the location of the customer’s mobile device.
In addition to improving security, the solution is also expected to significantly improve authorization rates of cross-border transactions.
Emirates NBD’s Visa cardholders will have the choice to opt-in to the service by downloading the Emirates NBD mobile app onto their smartphone. Cardholders who opt-in to the service will receive the benefit of the service when travelling by ensuring their phone is periodically connected to a cellular or Wi-Fi network. Cardholders can deactivate the service at any time. The geo-location data provided through the mobile banking app will be used for the intended purpose of fraud risk management only, according to the bank.