News

Execs unveil patented debit, credit, ATM security service

August 27, 2008

MIAMI — Ivan Ochoa and Daniel Davila, executive members of newly created Charge Notification Services Corp., are launching a proprietary and patented credit, debit and ATM-transaction security service in the United States.

According to a news release, the CNSC service aims to put cardholders in control of their own identity security by advising them via text/SMS each time a charge or withdrawal from a CNSC-covered card is made.

Credit card fraud in the United States has increased in terms of total losses and is expected to continue growing, according to The Nilson Report. And a Cybersource report indicates the same escalating trend in e-commerce transactions, which surpassed the $2 billion mark in 2007.

"We know that merchants have been slow to advise cardholders of fraudulent activity and that despite the existing firewalls and algorithms developed to detect abnormal usage patterns, the technology exists that allows criminals to access card numbers, as well as Social Security and driver's license information," said Ivan Ochoa, CNSC's chief executive.