A single swipe of a stolen credit card can create an avalanche of problems for the card's real owner. Charges mount up without the owner knowing about them, and cardholders are left to clean up their credit history—and their lives.
A system called Credit Wall is designed to prevent ID theft.
Credit Wall notifies cardholders on their cell phone, computer or PDA when a charge is made to their account. If the cardholder doesn't punch in a personal identification number, the transaction doesn't go through.
The idea came from former Dallas inventor A.Z. Ramos. "You are in control—nobody else," he said. "Every time somebody swipes the card, you're going to be able to say 'yes' or 'no.' You're going to be able to say 'approve' or 'disapprove.'"
Credit Wall can be set to contact the cardholder if any number of rules are broken. For example:
• If the card is used outside of Texas
• If charges above a few hundred dollars are attempted
• If certain types of merchandise are purchased
"The transaction is only completed when the correct PIN is entered," Ramos explained.
The system also will have a "lost wallet" function. Here's how it works: If you report that your your wallet and its contents have been misplaced, Credit Wall will contact you every time a transaction is attempted using any of your cards.
An advanced version of the stystem will let you know whenever someone tries to establish an account in your name.
Banks will probably sell the service, or they may give it away to their best customers.
Early versions of Credit Wall will be ready for use next month.
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Credit Wall sends a message to your cell phone when your card is being used.
