My Phone Stole My Credit Card
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My Phone Stole My Bank Card.(But my carrier saved me.)
Location in Mobile Payment Fraud
Rip Gerber ● CEO, LocaidMobile Payments Conference 2012March 9, 2012 ● San Jose, CA
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My phone and my bank card used to be friends
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My bank got on my phone
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My phone would let me bank
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They travelled everywhere together
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Then my phone got a new chip.
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My phone got greedy.
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NFC is coming to a handset on you
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Across the world
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Death of the bank card
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It was never about the plastic
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R.I.P.
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But what’s not going away?
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610M3.5
12%#1
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$4,607$10B
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Source: High Spenders defined the top 10% of accounts, ranked by dollar spend from September – October 2010Source: Visa White Paper - Effects of Declines on Cardholder Behavior 2010 and Visa Decision Sciences & Analytics
3x Cardholders declined in a cross-border POS transaction were three times more likely to stop using their cards
6x Premium (high-limit) cardholders are six times more likely to abandon their cards
Expect greater card abandonment as a result of a decline
Declines hurt
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$25-$40
Cost of a False Positivewithout Mobile Location
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Cost of a False Positivewith Mobile Location
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no location location
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Location and payment fraudLocation Based Services allow issuers to utilize the location of a cardholder’s wireless device as an added layer of authentication.
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BENEFITS
• Optimize approve/ decline decisions
• Reduce unnecessary customer contact and intervention
• Increase issuer operational efficiency
• Improve the customer experience
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This doesn’t authenticate presence
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This does.
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Compare Merchant Location & Phone Provide a Fraud Indication Score Significantly Reduce Fraud Costs
vs =
Location matching results in close proximity
• Reduce false positive Cases• Reduce case management load • Reduce customer service interventions• Work further down the score range• Improve algorithms of other fraud
detections/metrics• Enhances bank brand (security, trust)• Reduces cardholder interventions• Improves cardholder experience
Bank Benefits
How location works in payments.
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Compare ATM Location & Phone Provide a Fraud Indication Score Identifies Fraudulent Activity
vs =
Location matching results not close proximity
Bank Benefits Qualifies transactions as fraudulent Justifies fraud investigation investment Focuses resources on problem areas Improves ROI of fraud pursuits Run away Fraud is mitigated
How location stops ATM skims.
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How do you get location?
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Does location do more than fraud prevention?
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Locaid is Location-as-a-Service
Locaid runs the largest LaaS gateway
and carrier reach
Locaid reach covers 350M devices.
No app to download.No user action needed.
Any device.Anywhere.
Locaid finds every device on the network.
For any mobile
application.
Locaid delivers ubiquitous location.
Indoors and out.Geofencing, location-
based SMS, Global coverage, location
analytics. Any location need.
The world’s first and largest LaaS company
The world’s first and largest LaaS company
Locaid LocatesLocaid Locates Every DeviceEvery Device On Every NetworkOn Every Network
For Any Location Need
For Any Location Need
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DeviceAPIs
NavBuilderInside
Shipment Tracking Locating packages in over 160 countries reduces logistics costs.
Mobile Gaming Only network location permits wagers on consumer mobile phones.
Family Safety Able to find loved ones without app download, on any device.
Mobile Marketing Proximity marketing without battery drain, anywhere.
The world’s largest LaaS company
The world’s largest LaaS company
Credit Card Fraud Authenticating phone location reduces false positives of $400M/yr.
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Locaid Technologies
Thank you.
Rip GerberPresident & CEO
This is not me.(But we can locate her phone.)