US: FinSpehere, a fraud detection company and Location Labs have developed a location-based service (LBS) called PinPoint which helps fight identity theft.
PinPoint has been launched at a time when ‘check-in applications’ are quite popular in the LBS sector as some of our stories suggest:
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PinPoint is an identity validation product which validates a user’s identity with the help of Location Labs’ Universal Location Service. It works like this – PinPoint tracks the location of a credit card transaction and matches it to the location of the end user’s cell phone. If the two are far apart, it raises an alert.
The end user is then sent a text message or email to verify whether or not the transaction was legitimate. It is like a “first responder” to the possibility of a stolen wallet, stolen credit card or any other financially-bound identity theft.
Location Labs has contract with all major US carriers and can locate over 250 million mobile phones, that is, it can locate any mobile phone in the country, whether smartphone or feature phone – and that too, without any need to download the application.
This new LBS proves the untapped potential for location services to expand far beyond mapping, navigation and check-ins.
Source: Location Labs