Banks and card networks like Visa and MasterCard are working with wireless carriers to cut down on fraudulent transactions by tying purchases to the location of a shopper’s smartphone.
In the next few months, AT&T Inc. will test a service that verifies transactions by using a phone’s whereabouts – as long as it has a customer’s permission. The telecommunications provider is one of several companies, including smaller firms such as Syniverse Technologies and Ondot Systems, developing fraud-detection services based on a simple premise: People who are out shopping normally carry their phones with them.
The market is huge, said Laura Merling, a vice president at AT&T. We are using data and information out of the network to create value.
Global card fraud cost $12.4 billion last year, according to David Robertson, publisher of the Nilson Report, a payments-industry newsletter.
Philips, Salesforce join on medical software
Royal Philips NV and Salesforce.com say they are jointly developing a software platform for medical services.
In a statement Thursday the companies said the system would be used for patient relationship management; for instance, allowing doctors and nurses to collaborate on patient treatment.
Philips is a major maker of medical devices and medical information systems, while San Francisco-based Salesforce.com Inc. operates an Internet system that helps companies keep track of their customers.
The companies didn’t reveal any financial terms of the deal, or any targets.
They said a major advantage would be in making it easier to compile information coming from various sources in one system so it can be analyzed by medical professionals; another will be easing the monitoring and treatment of chronically ill patients who live at home.
Cheap coal boosts profit for India steelmakers
India’s steelmakers are set for a rebound. Falling fuel costs just as a new government promises to revive demand from the slowest pace in five years are burnishing their earnings outlook.
Contract prices of coking coal, used to fire furnaces, may drop 7 percent to about $112 a metric ton next quarter from the three months through June, according to the average of estimates compiled by Bloomberg from eight industry executives and analysts.