Visa has a great idea that will help you fight fraud by using your smartphone.
The credit card company will roll out a new feature in April that allows cardholders to automatically let Visa know where they are using the location services built into nearly every smartphone. The optional service will match up the coordinates of the smartphone with the location of the sale to more accurately predict instances of credit card fraud.
To set up the location tracker, Visa has made deals with card-issuing banks to add the option to their mobile banking apps. Over time, the location service will plot out a home range with a radius of about 50 miles. If the customer leaves that territory, the tracker will send that information to Visa, and the company will be less likely to flag that card for fraud when purchases are made.
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