Location as a Security Feature

A new venture from location provider Location Labs and fraud detection service Finsphere hopes to use a user's mobile location to enhance security and prevent identity theft and fraud.

The two companies have launched Finsphere's "PinPoint" identity validation product, which helps to fight identity theft and validate a user's identity with the use of Location Labs' "Universal Location Service."

The concept behind the service is simple: 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 will then be sent a text message or email to verify whether or not the transaction was legitimate. Think of it as sort of a 'first responder' to the possibility of a stolen wallet, stolen credit card or any other financially-bound identity theft.

Beyond the Check-in: How Location Services Can Now Fight Identity Theft