This is a great idea and one that may turn out to be the simplest way to implement two-factor authentication for credit card companies. In fact, this is similar to what Only Coin plans to implement as part of its security suite.
MasterCard announced on Tuesday that it has partnered with Syniverse, a mobile technology company, in order to minimise unauthorised purchases made with stolen plastic.
The two companies are currently running an opt-in pilot scheme which allows users to make a credit card transaction only when they have their mobile device switched on and to hand in a specific location.
The service providers then cross-check the locations of both the credit card and the mobile device at the time a transaction is made. If they match, bingo. Otherwise, if the card is in Toronto, for example, and the smartphone is in London, the transaction will be denied.
Go for it!