Reduce Fraud with Carrier-Grade Location Data
The mobile device is the single best proxy for a cardholder’s physical presence at the time of a financial transaction. What if you knew the location of your cardholder’s device when your card is swiped or presented for payment? You could dramatically reduce identity theft, fraudulent use, false positives and chargebacks. Locaid®, the world’s largest LaaS (Location-as-a-Service) company, delivers network location data for over 350 million devices for banks and card companies.
Stop Identity Theft
Identity theft is the #1 fear of the American Consumer. Every year over 8% of all cardholders lose their identity to fraudsters. That’s surpassing over 11 million cardholder each year. And fraud incidents are increasing 12% year over year. How to battle this theft? Use the mobile device. Locaid enables you to locate your customers anywhere, day or night, providing the industry’s best proxy for your customers physical location and presence near a transaction event.
Industry analysts estimate that up to 65% of committed fraud goes undetected by banks and card issuers1. Despite the massive investments in hardware, software, network security and sophisticated analytics, fraud happens. With Locaid, fraud departments can access one of the most coveted pieces of data about your customers: where they are likely to be at the time of a transaction. Whether it be a Card Present or Not Present purchase, a chargeback dispute, merchant processing, money transfer, passive analytics, now banks and card issuers can utilize carrier-grade network location for all cardholders. Privacy protected, permission-based and carrier certified, mobile location from Locaid is helping fraud executives tackle one of the industry’s biggest problems: fraud. All with mobile location.
Reduce False Positives
It takes on average 21 hours to solve a fraud claim in the United States1. Some banks estimate that a false positive costs up to $30, inclusive of processing costs, analytical reporting, call center costs, customer inconvenience and merchant dissatisfaction. Imagine eliminating a $30 cost.