MasterCard Will Use GPS Location To Prevent Credit Card Fraud

Credit Card Fraud is very common nowadays, Some times people drop their credit cards on the road or sometimes it is stolen which becomes a golden ticket for the one who picks that up. As you all know about the recent data breach at Target, where millions of credit card info was stolen, that was the biggest data hack ever in history. These are all the forms of credit card fraud. MasterCard company is working on to prevent this fraud and has decided to use GPS location feature in smartphones to prevent Credit Card Fraud. Sometimes when you are out of the country trying to buy something with your credit card and your MasterCard is US based, the sale is rejected. This is the safety measure which the banks do in order to secure their customers info and prevent other sources to use their customers info in some other country using thousand of dollars.

MaterCard is taking the technology to next level by the use GPS location feature to track their customers transactions. Customers can now use a new program which will tie their credit card and smartphone together. The phenomenon will be simple, MasterCard will use your smartphone GPS locator to track if you and your credit card are in the same location. This will ensure MasterCard company that your transactions are done wisely. Well , you will be unlucky if your smartphone and credit card are stolen at the same time.

The benefit to this is no rude sales rejections, no credit cards being blocked, no expensive overseas calls to your bank explaining your situation, and also there will be no need to call your bank beforehand to inform them of your travels.

The program launched by MasterCard is currently in its pilot phase but hopefully we will see widespread adoption of this soon. In the meantime what do you guys think? Is this a good way to prevent credit card fraud?