Payment processing and credit card giant Visa has released a new location-based feature that will help cardholders to update their location via smartphone. The app will use cardholders smartphone’s ability to locate itself and verify that they’re near where the card is being used. The idea behind this new move is to reduce the rising incidents of credit card fraud and fraudulent transaction that are a lot higher if the transaction takes place in a different location from the phone’s actual location. The software is supplied by a company called Finsphere – a leader in the use of mobile data and geospatial analysis.
Source: https://thehackernews.com/2015/02/visa-credit-card-fraud.html