Location-Based AntiFraud is able to analyze millions of transactions and issue fraud alerts in real time to institutions, reducing the economic and reputational impact that fraud can have on large institutions.

To do this, it analyses the behavior of transactions through the device, identity and location and can detect whether it is fraud or not. The API permission allows different queries to be made based on a user identifier. For each transaction analyzed, three different scores are returned with a value between 0 and 100, based on three main factors:

  • Biometry proof: The user has performed the operation to a device with the correct biometry parameter.
  • Device proof: The user has performed the operation from a device with the correct password.
  • Location proof: The user has performed the operation from one of his/her safe zones.

Advantages

Safe location
Anonymous location
Real time fraud
Transparent security for your users

How it works

When a user accesses a service, the location from which they accessed is recorded, allowing it to detect which are the typical places from which the user operates.

This way, it can be determined if the transaction has been carried out from one of the user’s typical locations, eliminating friction if the place is known and increasing the security if the place is not.

Location-Based AntiFraud is built on an adaptable, scalable, fault tolerant microservices based architecture. Location-Based AntiFraud consists of two main microservices: Location-Based Security and Location-Based AntiFraud Backend.

Location-Based Security is a microservice used widely in Ironchip and constitutes the home in which Ironchip Location AI resides. Ironchip AI is capable of detecting if two client locations are the same, making impossible for a cyber-attacker the spoofing of the the detected location.

Location-Based AntiFraud backend, stores the devices used during the transactions it processes, each client has the possibility to have more than one device allowed for operating safely. If a device is compromissed, Location-Based AntiFraud backend is able to detect the hijack attempt. The API permit perform different queries based on a user identifier. For each operation analyzed, we return three different scores with a value between 0 and 100:

  • DeviceKey: The user has performed the operation from a device with the correct password.
  • Device fingerprint: The user has performed the operation from a device with previously registered characteristics.
  • Location: The user has carried out the operation from one of their previously registered safe places.

Location-Based AntiFraud introduces a new concept, a safe zone. The safe zone is a zone from which the customer usually operates. A fraudulent operation tends to be carried out from a place far away from safe zones. This dimension is added to the fraud detection systems without the violation of the customer privacy as this system doesn’t allow inverse locating.

The safe zone concept is also supplemented with Ironchip device recognition system. Ironchip device recognition system assigns a linked to a unique and anonymous device fingerprint.

Updated: November 25, 2022