February 15, 2011

Both MasterCard and Visa base their authorization communications on the ISO 8583 standard as do most automated teller machines. By supporting the widely used ISO standard, PhoneFactor can authenticate card transactions in any channel, including point-of-sale, ATM, and online transactions, through a single technology implementation.

By adding PhoneFactor to the transaction path using the ISO 8583 protocol, card issuers can authenticate transactions with a phone call or text message. When a protected transaction is initiated, PhoneFactor instantly places an automated phone call or sends a text message to the cardholder’s mobile phone asking them to verify the transaction details. The user answers the call and presses # (or a PIN) or replies to the text message to approve the transaction.

Read more at http://www.phonefactor.com/news/solution-to-credit-card-fraud.php.