Visa will track cardholder movements for their own benefit.

Charles Krupa / Associated Press

Visa is developing a system for tracking the location of bank card users via smartphones. This is done to prevent credit card fraud. The transaction will be considered suspicious if the cardholder is far from the place of purchase at the time of its execution. To do this, Visa negotiates with issuing banks to include this feature in their online banking applications.

Also, this feature will help reduce the burden on inspection bodies that occurs when the cardholder goes to travel. Now checks on card purchases made in other countries cost millions of dollars annually. It is expected that the measure will reduce the percentage of incorrectly rejected transactions.

Although another level of surveillance of the user causes some anxiety, it is possible that this system will play into the hands of users and reduce the incidence of theft of money from bank cards . In addition, the fact of shopping in retail stores by itself gives your location to the bank.
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Of course, the system raises some questions. It turns out that if you steal a card from a person with a phone, the transaction from the point of view of the system will not be suspicious. And if the owner forgets the phone at home, then it will be impossible to get through the suspicious transaction. It is hoped that system developers will be able to provide for these and other inconvenient cases.