Geekzone: technology news, blogs, forums
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
Visa wants your location to protect your card
Posted on 13-Feb-2015 10:19. | Tags Filed under: News.

New mobile location confirmation service from Visa uses real-time, geo-location technology to prevent unnecessary purchase declines by as much as 30%.

The service, available to US cardholders only from April 2015 is designed to reduce unnecessary purchase declines often triggered when consumers travel outside of their home area.

Visa Mobile Location Confirmation uses mobile geo-location information to more reliably predict whether it is the account holder or an unauthorized user making a payment with a Visa account.

“Wherever you are in the world, we want Visa transactions to be the most secure, convenient and seamless payment choice,” said Mark Nelsen, senior vice president of risk products and business intelligence, Visa Inc. “By matching the location of the cardholder through a cell phone or other mobile device, to the location of the purchase, Visa’s new service will enable banks to feel more confident about authorizing a transaction that might otherwise have been declined due to suspicion of fraud.”

Mobile Location Confirmation is an optional service for consumers that will be offered through participating financial institutions’ mobile banking applications. The service uses mobile geo-location data in real time as an additional input into Visa’s predictive fraud analytics. Finsphere Corporation, a leader in the use of mobile data and geo-spatial analysis, provides Visa an analysis of the account holder’s device location data, which is then matched with the transaction location, right at the point of sale. 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.

To enroll in the service, cardholders download their card-issuing financial institution’s mobile banking app and agree to the use of their mobile location information for fraud prevention purposes. Consumers receive the benefit of the service when traveling by ensuring their phone is periodically connected to a mobile or Wi-fi network, and can deactivate the service at any time.

Last year Visa started using other data as part of their travel services, including the Visa Travel Authorization Tag. The services allows issuers to identify when a cardholder is traveling based on airline, rail, cruise or hotel purchases made with their Visa account. By using this information as an indication of cardholder travel plans, Visa is able to provide issuing financial institutions important insights that could protect the cardholder from fraud even if he/she did not call to provide travel information before a trip.

comments powered by Disqus

Trending now »

Hot discussions in our forums right now:

Rise of the machines
Created by Rikkitic, last reply by MikeB4 on 24-Oct-2016 20:07 (37 replies)
Pages... 2 3

Sony XZ Owners discussion
Created by networkn, last reply by scottjpalmer on 25-Oct-2016 01:23 (109 replies)
Pages... 6 7 8

Labour weekend plans?
Created by DarthKermit, last reply by joker97 on 22-Oct-2016 09:51 (27 replies)
Pages... 2

Gigabit cable now available
Created by sub, last reply by SteveC on 24-Oct-2016 22:51 (61 replies)
Pages... 3 4 5

Windows 10: HDMI or DP to connect to 4K monitor?
Created by joker97, last reply by joker97 on 23-Oct-2016 19:04 (12 replies)

How to Repel Cats
Created by JimmyH, last reply by hio77 on 24-Oct-2016 21:44 (11 replies)

Kiwibank Platinum by fees not by service?
Created by joker97, last reply by openmedia on 22-Oct-2016 11:23 (22 replies)
Pages... 2

Are the Fritzbox Actually Any Good?
Created by Kopkiwi, last reply by sidefx on 23-Oct-2016 10:20 (10 replies)