Jump to content

Visa wants to track your travels abroad to prevent declined payments


Prodjex
 Share

Recommended Posts

Yes, banks sometimes decline credit card transactions abroad for your own protection, but it sure can be annoying, especially when you’re not carrying money in the local currency. Visa has a new service for card holders in the US that could prevent that from happening again: one that instantly cross-references your phone’s location with the transaction. If the location data matches, the bank automatically approves your payment, so you can use your cards even in places with high CC fraud rates. The feature will come bundled with banks’ mobile apps starting in April this year, but Visa says it’s completely optional, and you can leave it deactivated in case of privacy concerns.

While it’s unclear if internet connection is needed while a merchant is swiping your card, you have to at least “periodically [connect] to a mobile or WiFi network” while abroad, in order for the app to detect and confirm your location. MasterCard, on the other hand, is investing $20 million into new “cybersecurity-related technology enhancements.” The payment company will start by introducing its SafetyNet tool, which uses an algorithm that can identify fraudulent transactions in real time, in the US this spring. Then later this year, it will begin a pilot program that will allow testers to authenticate payments using fingerprints, facial and/or voice recognition.

Source



View the full article
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...