Carrier Location Is Vital to the Future of Financial Fraud Prevention

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3Q 2014 | IN-1020089

Locaid and Danal Show the Way

NEWS


Locaid’s recent announcement with Danal on mobile authentication for financial services reflects a growing opportunity around the use of location information by carriers to prevent financial fraud.

How Location Is Used to Prevent Financial Fraud

IMPACT


Credit card fraud in the United States is estimated to exceed US$10 billion in 2015. A number of financial institutions have already identified cellphone location as a way of assessing post transaction, helping to greatly increase the probability (and thus reducing the risk) that the registered card owner was present. If the transaction returns with a high risk score, the card owner can be contacted and/or the card stopped. This significantly reduces fraud investigations, improves the efficiency of investigations, and limits the damage cau...

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