U.S. Bank became the first issuer in the U.S. to offer Visa Mobile Location Confirmation to their Visa cardholders1 this week. Consumers who opt in to the feature, now available on U.S. Bank’s mobile apps,2 can travel with peace of mind as it compares the location of a Visa transaction to the location of the customer’s registered mobile device. This allows issuers to more accurately predict whether the account holder or an unauthorized user is making the purchase.
Visa developed the technology to reduce the number of unnecessary transaction declines that can happen when consumers are traveling out of their area. Visa Mobile Location Confirmation can help U.S. Bank and other issuers ensure that legitimate transactions are approved quickly, minimize disruption to the payment experience and further reduce the risk of fraud. According to an estimate by Visa, the feature has been able to reduce unnecessary transaction declines by as much as 30 percent2.
Find more information about Visa Mobile Location Confirmation, read more here or watch this video.
1Customers with U.S. Bank FlexPerks® Visa® credit cards, may opt-in to the new geolocation feature via the FlexPerks mobile app. Cardholders who participate in one of U.S. Bank co-brand credit card programs may utilize the corresponding credit card management mobile app to opt-in as well. The service is also available through U.S. Bank Elan partner financial institutions via the Elan mobile app and will be made available for the U.S. Bank mobile app in the future.
2Estimates will vary based on issuer adoption of the service, cardholder adoption and approval decision
Source: Visa Inc.