TO COMBAT FRAUD, VISA WANTS TO TRACK YOUR SMARTPHONE

[Omaha Steve]

http://hosted.ap.org/dynamic/stories/U/US_VISA_TRAVEL_TRACKER?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT

BY KEN SWEET

NEW YORK (AP) -- Those days of calling your bank to let them know that, yes, you really are in Thailand, and yes, you really did use your credit card to buy $200 in sarongs, may be coming to an end.

The payment processing company Visa will roll out a new feature this spring that will allow its cardholders to inform their banks where they are automatically, using the location function found in nearly every smartphone.



Having your bank and Visa know where you are at all times may sound a little like "Big Brother." But privacy experts are actually applauding the feature, saying that, if used correctly, it could protect cardholders and cut down on credit card fraud.

Credit and debit card fraud costs consumers and banks billions of dollars each year, and that figure has been growing as data breaches have become more common. The banking industry had $1.57 billion in debit card fraud in 2013 and $4 billion in credit card fraud in 2012, the latest years for which data are available, according to the Federal Reserve.

FULL story at link.

[Dont call me Shirley]

1. Ripe for the hacking.

[SheilaT]

2. And people wonder why I stick with a dumb phone.

[Taitertots]

3. It still has GPS tracking

Unless it is a 1980's style unit.

[SheilaT]

6. I suppose, since it's only about four or so years old.

But I can't download aps, and I don't even use it very much. Actually, I have to see about lowering the number of minutes on it, since I use so very few. I really prefer my land line, as the reception is vastly better. I do like having a cell phone for when I'm travelling.

[winter is coming]

8. If you don't use a lot of minutes, you might want to consider a prepaid plan. n/t

[malokvale77]

4. Just one of the reasons...

I don't have a credit card or even a bank account.

I'm not happy about having to open a bank account to receive my Social Security.

[SheilaT]

7. While I certainly understand why you don't have

a credit card or a bank account, I just want to observe that not having those things mean you can't do a lot of things, such as purchase an airline ticket or rent a car.

I am sure you will come back and tell me that you simply never need to do those things. Me, I like to travel, and so I need to be able to pay for an airline ticket or a rental car on occasion. For me, those things are worthwhile.

I do not want to seem to be saying you should live as I do, because of course you should not. We each make decisions about various things.

[malokvale77]

9. Actually...

one can still do those things with cash. It is just not as convenient.

[MiniMe]

5. "saying that, if used correctly"

That sentence is the whole problem. "If used correctly" is asking for a lot of trusts in these corporations who have screwed us before.

[Glassunion]

10. Anything if used correctly can serve a benefit.

A blender "if used correctly"...
A hair dryer "if used correctly"...
A chainsaw "if used correctly"...

Problem is there was always that instance that caused the product to have warnings. Don't use the hairdryer in the shower, keep your household cleaners away from children, bread maker is for external use only...