Locaid to Work with Danal to Use Location to Fight Financial Fraud

Mobile identity service vendor Danal has partnered with location service provider Locaid, to launch a set of mobile authentication products targeted towards financial institutions and enterprises.

This Mobile Identity platform allows banks and other financial institutions to confidently perform risk analysis on transaction attempts at retail Points-of-Sale (POS) locations and at foreign or infrequent bank ATMs. With the dual verification of phone location coupled with mobile identification, financial institutions can significantly reduce fraud.

Locaid provides a carrier-approved service to obtain a user’s phone location after attaining appropriate consent from the user.

"Our system is fully compliant with all carrier policies around consent and usage, thereby giving users full control and transparency to manage the way in which their location is accessed," commented Rip Gerber, the CEO of Locaid.

Danal Inc. is a subsidiary of KOSDAQ-listed Korean company Danal, a global provider of e-commerce mobile payments.

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