MasterCard to Allow Card Purchases Based on Location
26 Jun 2014 • phonescoop.comMasterCard today announced a new program that will use customers' cell phone location data to help determine if it should or shouldn't approve purchases. The opt-in program is meant for travelers who often visit other countries. Customers register their cell phone number with the program and allow MasterCard to track the location of their phone. If the customer travels to another country and activates their registered phone in that country, MasterCard will approve transactions made there.
This is a good idea if we can insure location data isn't collected and abused. Though for some reason I'd feel safer with my credit card company knowing where I am all the time than Facebook or Google. Though it seems like you'd really only need something like a "ping" to the phone whenever you make a transaction - not a 24/7 location stream.
I'd also like to see this used domestically instead of dumb algorithms that can never accurately figure out what "suspicious" transactions are. My old MasterCard used to be terrible about this. Suspicious purchase at the mall? Am I currently standing inside said mall? Bingo.