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Bank of America has been granted a patent for its Active Card Control solution…

Photo of Bank of America ATM Machine by Brian ...
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A new technology that allows it’s corporate clients to manage the available funds on corporate purchasing cards dynamically and in real time. The company says the technology helps reduce the risk of theft and enables clients to gain increased control over employee expenditures.

The Active Card Control technology is an extension of it’s commercial card product suite. Using the technology, the client can reset the available funds on each card as frequently as necessary through a Web-based tool. When initially issued, cards will have $0 in available funds until the client is ready to pay the supplier. At that time, the client submits a purchase request through the Bank of America Works application, which uses the Active Card Control technology to fund individual cards with the exact amount of the invoices to be paid. When those purchases are billed to the card, the available funds go to zero.

The bank says that benefits of Active Card Control for the client include improved administrative efficiency and lower costs from not having to raise and lower credit limits or change single transaction limits; increased control over purchasing due to a mandatory approval process; reduced paperwork; and ease of implementation as purchase requests can be used with any card program that uses the Works platform.

This effectively makes fraud among corporations a little easier to manage and possibly reduce the amount of fraud cases. This is another step in the right direction for all consumers.

Web Posts From The Security World Sites:

BANK OF AMERICA PHISHING EMAIL – Note: If you are concerned about clicking links in this e-mail, the Bank of America Online services mentioned above can be accessed by typing directly into your browser. …

Bank Of America Lets Identity Thief Withdraw $40000 In A Single Day – Bank Of American Lets Identity Thief Withdraw $40000 In A Single Day | Consumerist.

Bank of America?s New Identity: WTF? – Bank of America?s new identity stinks when i noticed them putting up the new signage at my nearby Bank of America, i thought, ?what the hell are they thinking? oh well, it?s probably just a local manager who knows …

Bank of America is a fraudster?s fantasy – I am appalled by my friend Amy Alkon?s experience of not only having her account cleaned out by an identity thief, but of how easy Bank of America made it for the fraud to take place AND the fact that THEY are firing HER as a customer …

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