O2 aims to reduce card fraud
Network giant O2 has teamed up with credit card provider MBNA, to introduce ‘World first’ technology that aims to reduce fraud and simplify using your debit and credit cards abroad.
The World first technology means you will no longer have to notify your bank when you travel abroad but can opt in to O2’s ‘Travel Alerts’ service instead. Once activated, the service will detect when your device is roaming in a foreign country. This will then link up to any transaction carried out with the designated credit card of your choice and if the service detects the two are in separate countries, your card carrier and issuer will immediately be notified.
Fraud committed abroad on UK-issued cards increased by 23% to £150 million during 2015, with the average amount stolen from each account nearing £2,000 – O2
O2 has reported success in improving both convenience and reducing the risk of fraud after trailing the Travel Alerts with thousands of MBNA customers – many of which have chosen to opt into the new service.
It’s hoped that Travel Alerts will be available to the wider public, regardless of their bank or mobile provider, before the summer holidays begin in 2016. Allowing you to save time updating your bank on your travel plans and reducing the risk of fraud, so you can enjoy your time away.