MasterCard has teamed up with Syniversa in order to release a service that uses the geolocating feature on smartphones to determine whether payment cards are being used fraudulently abroad.
Customers can opt-in and have transactions enabled only when their mobile devices are on in a specific geolocation abroad. It is hoped the technology will prevent genuine transactions from being declined as well as preventing criminal activity.
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"By leveraging the speed and intelligence of our global network and combining it with geolocation solutions, we are enabling your MasterCard to uniquely work where you and your phone are, anywhere in the world," said MasterCard global strategic alliances president Hany Fam at the launch event at Mobile World Congress in Barcelona.
The majority of credit card fraud occurs in countries other than where the card originated, according to MasterCard. Letting the card provider know the general position of the customer is enough to prevent fraud.
MasterCard will offer the location-based anti-fraud system in the near future but Fam did not specify a role out date.
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