Our real-time service compares the location of cardholder mobile phones to known merchant address to stop fraudulent payments.
Location Based Services for Banking
Card fraud and dealing with False Positives – transactions that are incorrectly blocked as suspected fraud – together cost card issuing banks over $20 Billion per annum. Payment card fraud – and its associated costs – will persist and evolve. At its heart is the notion of identity misrepresentation. Knowledge of location of cardholder will always have a role to play in mitigating this
LocationWise provides a trusted, cloud-based service to payment card issuing banks: one that solves two universal, related problems:
- Reducing the number of fraudulent payment card transactions.
- Reducing the number of “False Positives”.
It does this by matching cardholder mobile phone location to the location of each transaction.
High volume transactions and sub-second response times are at the heart of the carrier grade software – developed by CS over 10 years to satisfy the demands of mobile networks and intelligence agencies.
A recent commercial trial with a leading European bank demonstrated:
- 508 millisecond transaction speed – comfortably within the risk engine parameters
- 87% coverage of all transactions, worldwide
- 350% increase in fraud detection rates
- Simultaneous 275% reduction in number of False Positives
- Leading to annualised savings of approximately $18 million