Why your bank now wants to monitor your location (2026)
If why bank now wants is on your radar, this short guide cuts through the noise. Here is what is worth knowing, and how to put it to work today.
Key Takeaways
- Advertisement In a doubled-down effort to reduce credit card fraud, banks are trying new ways to answer a very important question when it co...
- Read more: MasterCard allows users to confirm online payments by taking a selfie Banks begin to roll out location tracking to cut...
- consumers had their credit cards breached in 2014; three times that of 2013. In fact, when it came to all fraud in 2014, 32 data record...
In a doubled-down effort to reduce credit card fraud, banks are trying new ways to answer a very key question when it comes to your credit card security: Is this really you?
Read more: MasterCard allows users to confirm online payments by taking a selfie
Banks begin to roll out location tracking to cut down on fraud
Now, as reported by the Wall Street Journal, credit card companies want to use phone location tracking to make sure shoppers’ credit card use matches their location as a tool to combat fraud.
According to CreditCards.com, the number of instances of credit card fraud has skyrocketed in recent years. In 2015 the website reported about 31.8 million U.S. consumers had their credit cards breached in 2014; three times that of 2013. In fact, when it came to all fraud in 2014, 32 data records were stolen every second.
One of the first banks to use location tracking will be U.S. Bankcorp, but shoppers will need to opt-in in order to use it. Following suit, Discover Financial Services and USAA, the military bank, plan to offer comparable services in the future.
Some benefits of location verification are that banks could save money and shoppers would have their cards declined less when they travel , 30% less, according to Visa.
But, like so numerous new fraud prevention methods, this will require consumers to give banks permission to access even more of their personal data.
Would you allow your bank to use your location to cut down on fraud?
Read more: New way to opt out of mobile tracking
AdvertisementFinal Thoughts
The bottom line: a little research on why bank now wants goes a long way. Compare your options, watch for seasonal offers, and never pay full price when a better deal is one click away.
Originally published at clark.com.
SnaggyCodes Editorial Team
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