US Bank to use Visa geolocation technology to reduce false declines

Friday 7 October 2016 10:50 CET | News

US Bank has announced plans to use Visa location-based technology to reduce card-present false declines on some of its Visa cards.

US Bank is launching a new opt-in technology on some of its mobile applications in conjunction with the Visa-developed geolocation service. The app enables the location of a card transaction to be matched with the location of the user’s phone using GPS, and by reconciling the location of both transaction and mobile device, will sanction transactions, minimize consumer disruptions and further reduce the risk of fraud.

Customers with the U.S. Bank FlexPerks service can opt-in to the geolocation feature through the FlexPerks mobile app, and cardholders who participate in one of US Bank’s co-brand programs can opt-in through their corresponding card’s app.

Clifford Cook, senior vice president of product and marketing for retail payment solutions at U.S. Bank, said that geo-location works by matching the location of the phone and the card being used. He added that if one or the other is stolen and reported by the consumer, it will cause the geolocation services to trigger that there is a mismatch in the data and an authorization decision will be made appropriately.

The partnership with Visa is a continuation of a longer excursion into geolocation-based mobile technology for US Bank. In 2015, it piloted the Your Community app, developed in conjunction with BlueSoho, which used geolocation to bring community members relevant information and resources, such as local events, promotions, noteworthy news and financial education advice.

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Keywords: geolocation, fraud prevention, banking, mobile payments, card transactions, US Bank, Visa
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions