Credit card fraud – Visa finds a potential solution
Has this ever happened to you? You are on vacation in another state and you use your credit card to pay for something. Declined.Call their fraud department immediately. All because you being in another place and legitimately using your credit card doesn't match your typical profile of where you normally use that card. They put a freeze on your account. Unpleasant in the middle of a trip.
Is this the solution? Visa will soon offer a service where you sign up for your cell phone being tracked by them. You swipe your Visa card, and in a millisecond they tell if your phone's location and your credit card usage location are in the same place. They say it could cut down on declined transactions by 30 percent. Right now it's something you'd have to agree to and sign up for. Would you do it or does it creep you out? I suspect we're all so used to being tracked that we now take for granted our every move is being monitored and that many will think this is a great idea.