Visa says new app will cut credit-card travel troubles
Fraud detection systems can lock accounts when people travel, but location-sensing smartphone software now can help approve a legitimate transaction.
It’s a common problem for people who travel: you’re try to buy something far from home, but the credit card company won’t approve the transaction because it fears your card was stolen.
New software running on your smartphone, though, should curtail the problem, according to payments processing giant Visa. Software called Visa Mobile Location Confirmation uses your mobile phone’s ability to locate itself and verify that you’re near where the card is being used. The idea is that the chances of a fraudulent transaction are a lot higher if the transaction takes place in a different location from the phone.