1 min read

Location Tracking to Fight Credit Card Fraud, VISA Says

Alexandra GHEORGHE

February 17, 2015

Location Tracking to Fight Credit Card Fraud, VISA Says

Location Tracking to Fight Credit Card Fraud, VISA SaysVISA plans to release a new feature so cardholders can share their location via smartphone, according to an official press release.

Starting April 2015, customers can update their banking mobile apps with a feature named Visa Mobile Location Confirmation. This will allow customers to disclose their location to banks and, consequently, to Visa.

This new function is meant to fight credit card fraud by helping the company determine when a card is being used without its owner present.

“When a cardholder`s mobile device is in the same location as the payment transaction, the issuing financial institution can more confidently approve the transaction,” the company said. “The service uses mobile geo-location data in real time as an additional input into Visa`s predictive fraud analytic.”

The software will be an opt-in service, so it doesn`t work unless people agree to it.

Once enabled, Visa will map out the cardholder`s home range within 50 miles. If he/she leaves this territory, the tracker will send the information to Visa and the company will be less likely to flag the client`s card for fraud alerts when purchases at other locations are made.

“Through Visa`s Mobile Location Confirmation service, we`re enabling more precise fraud monitoring, which creates a better payment experience for travelers, assists merchants and reduces unnecessary operational costs for financial institutions,” Visa added.

To set up the location tracker, the company has collaborated with different card-issuing banks to add its software to their mobile banking apps.

How effectively do you think this new service will reduce the risk of identity theft and fraudulent purchases?

tags


Author



Right now

Top posts

E-mails claiming your computer was hacked and your privacy exposed - what you need to know (spoiler: you can relax - they’re bluffing)

E-mails claiming your computer was hacked and your privacy exposed - what you need to know (spoiler: you can relax - they’re bluffing)

July 29, 2021

5 min read
Watch Out for These Ongoing Bank of America Phishing Campaigns Targeting Customers in the US

Watch Out for These Ongoing Bank of America Phishing Campaigns Targeting Customers in the US

July 16, 2021

3 min read
How to protect yourself against cyberstalking

How to protect yourself against cyberstalking

July 06, 2021

2 min read
The Top Five Security Risks Smartphone Users Face Today

The Top Five Security Risks Smartphone Users Face Today

July 02, 2021

4 min read
Phishing Alert: Scammers Use Fake SharePoint and DocuSign Messages to Steal Users’ Login Credentials

Phishing Alert: Scammers Use Fake SharePoint and DocuSign Messages to Steal Users’ Login Credentials

July 02, 2021

3 min read
Your Doxxing Dossier Will Keep Growing Thicker Until You See the Danger

Your Doxxing Dossier Will Keep Growing Thicker Until You See the Danger

June 30, 2021

2 min read

FOLLOW US ON

SOCIAL MEDIA


You might also like

Supply Chain Attack Detected in PyPI Library Supply Chain Attack Detected in PyPI Library
Silviu STAHIE

August 02, 2021

1 min read
Scam baiter Jim Browning bamboozled by scammers into deleting his own YouTube channel Scam baiter Jim Browning bamboozled by scammers into deleting his own YouTube channel
Filip TRUȚĂ

August 02, 2021

3 min read
Instagram influencer Hushpuppi admits his part in scams that stole more than $24 million Instagram influencer Hushpuppi admits his part in scams that stole more than $24 million
Graham CLULEY

July 30, 2021

2 min read