Credit card fraud is nothing new, never mind the fact that better and more efficient security measures have been implemented over the years. Still, there is always room for improvement, and here we are with word that Visa intends to track one’s travels abroad so that they can prevent declined payments which can be a downer on your holiday should you be in the midst of shopping, and your card is declined despite you having a top notch credit rating.
Visa has introduced a brand new service for its card holders over in the US which could possibly prevent declined payments when you are overseas. How does it achieve that? For starters, it will cross-reference your handset’s location with the transaction, and it everything is in line, then the bank would approve of your payment – which means your cards are good to go, never mind that you happen to be in an area where there are high credit card fraud rates. Just in case you would like to maintain your privacy, Visa claims that this is entirely optional, allowing you to leave it deactivated instead.
Well, whatever the case is, it is always better to carry around some bit of cash wherever you go, especially in a foreign country as you can never quite tell just when disaster might strike and you need to pony up emergency cash. Do expect this particular feature to arrive bundled alongside the bank’s mobile apps that are set to roll out some time in April later this year. While the idea in principle is excellent, there is a downside to it – just like many other things in life that have two sides to a coin. You will need to connect to a mobile or WiFi network in order to update your position. What do you think of this development?