New Credit Card Security Software Relies on Your Location
- September 22, 2017
- Posted by: Andrew Rombach
- Category: Credit Card News
With all the recent buzz generated by the Equifax hack, more people are starting to take note of credit card security. After all, it was alleged that nearly a quarter of a million credit card numbers were compromised with the hack alongside other information such as social security and personal information.
On that note, Ondot Systems, a new startup company, recently introduced a new mobile device software designed to add a layer of security to your credit card. The software is known as CardControl, and it utilizes location and geographical data through your cell phone to establish a geographical safe zone where your credit card may be accepted for transactions.
There are two ways to set up a safe zone. You can establish a radius around known geographical locations; for instance, you could set a ten-mile radius around New York City, allowing only transactions to occur in that area. If you’re going to be moving around, then you can establish a radius around you cell phone using its location.
If a credit card transaction occurs outside of the safe zone diameter, then the transaction will be declined, protecting your personal information and spending power. Any transaction occurring within the safe zone will go through perfectly fine.
This type of security is sure to gain a bit of notice after the recent hack of Equifax. If a third-party has any intention to use a consumer’s credit card information, then they would be barred from any sort of transaction. However, keep in mind that they are barred from doing so only if they are outside of the safety net.