US Bank is tapping technology from Visa that uses the geolocation capabilities of mobile phones to determine whether payment cards are being used fraudulently.
The opt-in technology is integrated into US Bank’s mobile apps, enabling the location of a card transaction to be matched to the location of the user’s phone.
The bank says this means it can help ensure that transactions on customers’ cards are approved, minimising disruption and reducing the risk of fraud.
Clifford Cook, head, product and marketing, retail payment solutions, US Bank, says: “We’ve all experienced that embarrassing moment when your credit card is declined at dinner while on vacation because the bank thinks you should be at home in Minneapolis, but you’re eating dinner in Seattle.
“When your phone is on and you’ve opted-in for geolocation, US Bank can validate that the expense is legitimate and avoid customer frustration.”