System and method to monitor credit card transactions

A transaction verification system and method includes a central station coupled to receive transaction data from a plurality of transaction locations at which a person having an account identification document and a mobile communication device that is associated with the account identification document transacts business. If the central station receives a request for a transaction from a location that is consistent with normal usage of the account identification document, the central station approves the transaction. If the central station receives a request for a transaction from a location that is not consistent with normal usage of the account identification document the central station contacts the person through the mobile communication device and approves the transaction only if the person is authenticated using the mobile communication device. In one embodiment the mobile communication device is a cellular telephone that includes a GPS receiver and transmits location information to the central station and usage is considered normal if the location of the cellular telephone at the time of the transaction is within a determined area.