THINKING! I recently was victim to credit card fraud identity theft. The current prevention methods aren't immediate enough and don't necessarily stop unauthorized activity.
However, the incident got me to thinking: working together, phone service providers, GPS services, etc, could create an option on our cell phones that will allow (users/account holders) to enable let's call it "identity radius tracker" that will “not allow” unauthorized transactions outside the “selected” radius of the card holders current location. EXAMPLE: if you're at Church on Broadway, and someone's attempting to make a transaction at McDonalds on Broadway, the transaction will be decline no matter the amount, and a pop-up alert will be sent to the card holders phone. At the register the card reader would show “DECLINED” while simultaneously notifying the card holder of an unauthorized attempt. However, if you gave the card to a friend to pay for lunch the pop up alert will allow you to select "AUTHORIZE", or “NOTIFY AUTHORITIES” and show you the address where the transaction occurs. Please let me know your thoughts, and please share with me any services like this already exist or is being introduced in the near future.
Thanks everyone, and Happy Holidays!