Privacy is a tricky thing, even with those we trust. However, when choice enters the picture and control is in the hands of the consumer the idea of opening up becomes less contentious.
There is perhaps no better case for letting your bank know where you are than fraud protection. By sharing your location with your banking app, the bank can sync where your phone is with where your card is. When an unauthorized charge is made in a location different from the one you’re sharing, the bank can automatically detect it and decline the charge.
Mercator Advisory Group recognizes the pairing of shared geo-location information combined with persistent identity verification being developed for smart mobile devices at a FI will deliver fraud protection for both parties. We anticipate FIs are moving to acting as secure repositories of identity data and other data assets beyond those that are strictly financial in nature. The sharing of your location is another step in that direction.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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