Location-aware phones are ushering in a new generation of value added apps and services. Location Based Services (LBS) allow users to share their location with friends and loved ones, find out about nearby shopping specials, or even leave virtual 'post-it notes' to remind you of something when you arrive at work or home.
A recent episode of Tech News Today highlighted how banks can use LOC-Aid's (pronounced loke-aid) services for fraud prevention. Click here to watch the segment of Tech News Today Episode 390 where host Tom Merritt explains how LOC-Aid can turn your phone into a tool to combat financial fraud.
LOC-Aid is the leading Location as a Service (LaaS) provider in the United States and Canada, with the ability to locate any smartphone or feature phone using only a 10 digit phone number. Don't worry - phones can only be located once the use has explicitly opted-in, and users may opt-out at any time. Locate your own phone using LOC-Aid's free demo.
Banks and financial institutions are increasing allowing customers use their mobile phone's location for added banking security. For example, a bank can locate the phone of a customer attempting to make a withdrawal to verify that the phone (and hence the customer) is near the ATM. If the phone is not near the ATM, the bank can take further action to verify the customer's identity.
Full Disclosure: I have consulted for LOC-Aid in the past.