Toronto-based start-up SafePay Solutions has released an iPhone app that has a vision to catch credit card fraud before it happens. The app sends real-time request directly to the cardholder via a smartphone app (currently iPhone, but future plans for Android, Windows Phone and BlackBerry 10) asking them to verify the online purchase that is about to be charged to their credit/debit card. Before a transaction is processed the cardholder simply confirms their pending online purchase, via the SafePay app, and they safely proceeds to the end of the shopping cart. However, if your account info has been stolen, because of the verification process, you can deny a transaction from happening and immediately terminate the online shopping cart.
The app is currently at version 1.2 and future plans will offer default “accept” or “decline” options, should a phone be unavailable for verification purposes. The SafePay service and app are free to all consumers, but businesses accounts start at $240/yr for unlimited transactions.
There’s a video below of how it works, or you can check it out here at iTunes