Security systems developer Monkeetech has announced a new, patent-pending system to protect consumers against credit card fraud. Calling it the Security Swipe System, Monkeetech is aiming for an all-around snapshot of credit card transactions using a combination of video capture, biometric scanning, and automatic SMS messaging at the time of the transaction.
In other words, with the technology installed in the POS terminal itself, a potential fraudster would be recorded on camera and subject to biometric identification, and then a text notification would be sent to the potential victim. The result produces a pretty comprehensive record of the attempted act of fraud, and the would-be victim who has signed up for the messaging system would be alerted immediately.
Some questions remain, however. For one thing, Monkeetech hasn’t yet provided any details about exactly what kind of biometric identification system would be used in its Security Swipe System. Additionally, a press release noted that the whole process at the POS “happens in minutes”, which – depending on how liberally that’s interpreted – might be a bit slow for the modern pace of seconds-long commercial transactions.