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Reducing Bank Frauds using Location Intelligence

Location Intelligence is a technology used by financial institutions to fully utilise location and data in driving better business decisions. With features mentioned in previous articles, such as geo-relevance, real-time royalty and authentication, location intelligence enables organizations to derive meaningful insight by harnessing the power of location to solve business problems, deliver location-based services or manage assets.

Earlier this year, CyberSecurity Malaysia (CSM) reported that most of the reports they received through their help centre were on identity theft, accounting for over 40 per cent of the reports, where one’s personal data is stolen and used in fraudulent transactions or criminal activities. Recently, Malindo air faced a data breach that saw passengers’ personal details – such as passport details, home addresses and phone numbers – posted on data exchange forums last month.

Therefore, it is important to ensure customers that your company is trustworthy in terms of handling their personal information. Fortunately, location intelligence can reduce fraud through GIS intelligence, which will make it possible to quickly recognise when cardholders become separated from their card information, as well as efficiently pinpoint transaction locations. Banks can assess the time and distances between transactions and detect patterns in real-time, which will help them shut down fraudulent activity fast, and limit exposure for both the bank and its cardholders.

With location intelligence, financial institutions such as banks can benefit from building trust with their customers, especially with the dangers of the digital era. Location intelligence has already improved bank performance in so many ways, including geocoding, mapping and spatial analysis, which are features that have been at the core of bank planning for decades. Now, with protecting their customers from fraud, there is no doubt that location intelligence is the technology of the future. As it is, the proliferation of smartphone devices, mobile banking and new geo-relevant technologies will amplify the role of location intelligence in the months ahead.

Accelteam has been actively working with customers from the various technology industries driving business improvements using geocoding and location intelligence. With the aim to promote the customer-centric location application technology, Accelteam has the right solution to help customers gain an advantage over existing competition.

In fact, for the past two decades, AccelTeam has been one of the leaders in providing location intelligence in this region. If you would like to learn more about the IoM or Information on Map, please reach out to us at info@accelteam.com.