How they describe themselves: Locaid is the world’s largest Location-as-a-Service (LaaS) company. We operate a location privacy platform that allows mobile developers to locate over 350 million devices for enterprise authentication, fraud management, consumer location services and opt-in mobile marketing. Locaid locates smartphones, feature phones, tablets and any mobile device on leading wireless carriers including America Movil, AT&T, Rogers, Sprint, T-Mobile and Verizon Wireless.
How they describe their product/innovation: Locaid Geofence™ is a new API that allows financial services, bank and card issuers to combine and compare real-time customer locations with card swipe and transaction location data (POS et al). Using Locaid’s Location-as-a-Service, banks can compare mobile location to POS locations to determine fraud potential, reduce false positives and drive enhanced cardholder engagement. The Geofence API also allows the bank to create alerts whenever cardholders enter or leave the defined areas, such as branch or ATM locations.