Aussie anti-bank fraud system launched

An interesting system just launched in Australia looks like being a low-tech answer to the problem of card fraud.

MoneyGuard, from Spectrum Message Services, sends a text message to the cardholder every time their card is used. The system doesn't seek to stop the transaction, merely inform the cardholder that a transaction has taken place and where it has taken place.

It's then down to the cardholder what they want to do, but I'd guess it's fairly easy to spot that a fraud is taking place and contact your bank or card issuer as and when required.

Ken Gaunt, Spectrum's director, said at the press launch of the service in Sydney ladt week that he expects banks will offer these types of services to their customers as they start to embrace new technologies.

If such a system were to be launched in the UK, punters could pay-as-they-go, charging each message to their mobile phone. Would I pay for such a service? - I certainly would...

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