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As you may know, I am a fan of including geolocation as a factor of identity verification and authentication.
So I was delighted to learn that last Wednesday’s Liminal’s Demo Day on First-Party Fraud started with a demonstration from GeoComply.
How does GeoComply use geolocation to reduce first-party fraud?
1. Collect data from a user’s device: GPS, GSM, WiFi, plus IP addresses.
2. Verify location accuracy. Our rules engine runs hundreds of location data, device integrity, and identity fraud checks on every geolocation transaction to detect suspicious activity.
3. Combine real-time and historical data to detect and flag patterns of location fraud. Our models are constantly updated with the use of machine learning and human intelligence.
In his demonstration, Matthew Boland showed an example of someone who had filed numerous chargeback requests in a short period. That’s a red flag in itself.
But when Boland combined the real-time and historical data to analyze the geolocations of the chargeback requests, he found that many of the requests were filed from the same location as the person’s mailing address. So at least that was legit, and the chargeback requests weren’t being filed from China.
In addition to first-party fraud, GeoComply handles geofencing for gambling operations. To see an example of Super Bowl 2024 attempted gambling transactions in Kansas (good) and Missouri (bad), watch this video.
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