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Risk Management Patent Assigned to MasterCard International

A patent originally filed in October 2010 was assigned to MasterCard International, Purchase, NY, according to Insurance News Net. The patent was developed by a team of five members, and offers “methods for risk management” in mobile devices like smart phones that can be used for making contactless payments.


According to the abstract, features of the patent that are configurable by the card issuer or cardholder may be used to decide when cardholder identity verification is necessary “for consummation of the current transaction.”


For more on this newly assigned patent, click here.


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