MasterCard program to verify credit card purchases using your smartphone’s location

MasterCard is testing a new program to protect purchases made on credit cards by using smartphone geolocation. A new partnership with Syniverse lets shoppers limit foreign purchases made on those cards unless their smartphone is also in that location.

That measure is designed to keep fraud at bay, while minimizing calls to banks to alert them to travel, something that can make a card useless unless the bank or credit card company knew you were traveling. With this system, the credit card company will simply check the location on your smartphone to see if you’re in the same place as your card.

So far, Mastercard says the program is still in testing, and requires that cardholders opt-in. It’s also combining that with what is essentially a marketing program to push prepaid mobile data packages from foreign carriers, as well as coupons and offers, both of which pop up when you’re in certain locations.

Source: Mastercard

Source: The Verge - Read the original article here

Author: Daily Tech Whip

This article is part of our 'News Tiles' service. The site is currently in Beta. When it is fully operational you will be able to search through and arrange the 'Tiles' to display a keyword, product or technology over your chosen time period. For example you would be able to display all of the leading tech articles on the new Kindle Fire, in one spot in real time. You will also have access to our own original reporting and analysis as well as a polished place to post your own thoughts & reviews here, amongst the Daily Tech Whip Community. Please let us know if you have any feedback via the contact form or via Twitter. Don't forget to come back next week and see our full site and claim your name and your own free tech blog.

Share This Post On