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The LocationWise project aims to reduce costs associated with payment card fraud by leveraging mobile device location data. This innovative approach enhances fraud detection accuracy, minimizing false positives and actual fraudulent transactions, thereby saving significant costs for banks and merchants.
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 transac…
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