Credit Card Risk Management, Bank Fraud Prevention, Fraud Risk Solutions
Location Data Enabling Identity Protection
Locaid can identify the location of any phone on all major carrier mobile networks.
People carry around their phones everywhere. In fact, a recent study by Experian Simmons, shows that 93% of adults under 50 own a cell phone and most of them “would sooner leave the house without their pants than their smartphones.” This makes a cell phone’s location a valuable proxy for the owner’s location. Locaid can identify the location of a phone on all major carrier mobile networks. It doesn’t matter if it’s is indoors or outdoors, GPS-enabled or not, a smart phone running apps or a feature phone that isn’t. We can find it.
How does it work?
- The customer opts-in to allow a particular institution (such as a bank or an employer) to use their location as part of a fraud determination algorithm. That’s all they have to do.
- When the customer uses a credit card or checks into a location, the institution checks to see if their cell phone is nearby.
- If so, it’s likely that the cell phone subscriber is as well.
- If the phone is in California, but the subscriber claims to be in Kalamazoo, it might be a cause for concern. That information is added to the fraud determination algorithm to see if the identity is being misrepresented.
- If it is deemed suspect, then the institution can ask for more information or deny access.
