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Mastercard to introduce geolocation protection for credit cards

March 1, 2014 12:19 pm

Mastercard and roaming infrastructure company Syniverse have developed a protection method for credit card transactions abroad with help from a phone’s location, PC World has reported. The service will enable card transactions for users only when they have their mobile device switched on in a specific geolocation abroad. The aim is to reduce fraud and decrease the number of real transactions that are declined. “Between 50 and 80% of transactions that are declined are actually legitimate transactions, but they are declined by financial institutions for security reasons,” said president of Global Strategic Alliances at MasterCard, Hany Fam.