Objective The vision of LocationWise project is to lower fraud costs incurred by banks from €1.03 to €0.55 per transaction and thus saving Europe ca. €456 million annually. Card fraud directly costs the Single Euro Payments Area ca. €1.44 billion annually and €14.55 billion globally with banks bearing 62% of costs and merchants 38%. These are not the only costs associated with payment card fraud. The other cost (amounting to €13.13 billion globally) is associated with measures to handle legitimate transactions that would have been incorrectly flagged as fraudulent and hence blocked, for example call centre costs and lost transaction fees. Reducing or minimising these costs is no easy solution as tightening fraud risk rules directly increases false positives while loosening them has the converse effect of increasing fraudulent transactions. Given that ca. 86% of adults carry their mobile phones with them there is a high probability that the location of the mobile device is close or the same location where a transaction is occurring. LocationWise automatically queries the user’s mobile device to determine his/her location without human intervention so that fraud detection systems can, with greater accuracy, apply location data to reduce the number of fraudulent transactions and false positives. Because of its access to the widest global mobile coverage and use of multiple verification methods, LocationWise gives the most accurate location data. This reduces the number of genuine card transactions that are incorrectly flagged (based on location) as fraudulent by 51% and the number of actual fraudulent transactions by 62%. Among other things, the purpose of Feasibility Study is to better understand the target market, determine optimum platform resources required to handle a given volume of transactions and to further refine IP strategy. Fields of science natural sciencescomputer and information sciencessoftwarenatural sciencescomputer and information sciencescomputer securitymalicious softwareengineering and technologyelectrical engineering, electronic engineering, information engineeringinformation engineeringtelecommunicationstelecommunications networksmobile networknatural sciencesbiological sciencesecologyecosystemsengineering and technologyelectrical engineering, electronic engineering, information engineeringinformation engineeringtelecommunicationsmobile phones Programme(s) H2020-EU.3.7. - Secure societies - Protecting freedom and security of Europe and its citizens Main Programme H2020-EU.2.3.1. - Mainstreaming SME support, especially through a dedicated instrument Topic(s) SMEInst-13-2016-2017 - Engaging SMEs in security research and development Call for proposal H2020-SMEInst-2016-2017 See other projects for this call Sub call H2020-SMEINST-1-2016-2017 Funding Scheme SME-1 - SME instrument phase 1 Coordinator CREATIVITY SOFTWARE LTD Net EU contribution € 50 000,00 Address RIVER REACH 31-35 HIGH ST KINGSTON UPON THAMES SUR KT1 1LF LONDON United Kingdom See on map SME The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed. Yes Region London Outer London — South Merton Activity type Private for-profit entities (excluding Higher or Secondary Education Establishments) Links Contact the organisation Opens in new window Participation in EU R&I programmes Opens in new window HORIZON collaboration network Opens in new window Total cost € 71 429,00
