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Visa will begin asking card holders to opt in to a new service in April 2015 which it says could help reduce credit card fraud by tracking customers' smartphones whenever they make a purchase.

Called Visa Mobile Location Confirmation, the service uses the location features of smartphones and other mobile devices to pinpoint where consumers are at the time of credit or debit card transactions.

By reducing unnecessary purchase declines and cutting out customer service calls for pre-travel requests, Visa says it can save financial institutions hundreds of millions of dollars and devote more resources to finding actual credit card fraud.

Link: Naked Security

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