Tracking your location by your cell phone to prevent fraud does seem a bit too intrusive. It will be interesting to see how fraud protection evolves, it is such a huge issue.
Location-tracking as a means of ranking risk exposure for fraud has been considered as an additional layer of security for sometime. At least for now, customers are given the choice to opt in or stay out. The feature is optional and can be deactivated at any time. We are already being tracked much more than we have been told anyway.
To me this is just another bandaid over a gapping hole. It helps but far from being a viable solution to a serious structural problem. Our bank and financial system, as well as the credit and debit card network payment systems are costly and outdated, but above all, cannot conduct business without our personal data. They must know and be able to verify who we are. Multiple intermediaries are involved in the storage, transmission and verification of our information. Personal data has been stolen by the tens of millions. Criminals can take stolen credit card information and code it onto a new card using equipment that can be readily purchased online. Counterfeit cards look like any other credit card, but have someone else's information on the magnetic stripe.
Digital currency like DNotes, on the other hand does not require any personal data. It can be as simple as having two cellular phones, or computer systems with an internet link to send or receive funds. It does not require, transfer, or keep any personal data and the two parties do not need to know or trust each other to successfully complete the transaction, at little to no cost.
There is no doubt that DNotes will one day be superior to fiat currency. Taking our time to build a solid structure is the only way to accomplish a vital mission.