Location, Location, Location: How Location Data Can Help Banks Prevent Online Fraud
The November 2020 study How Location Data Can Help Banks Prevent Online Fraud, a PYMNTS and GeoGuard collaboration, surveyed a census-balanced panel of 2,141 U.S. consumers who own mobile devices and use credit or debit cards at least monthly. The study examined their willingness to share mobile location data with FIs to keep their accounts safe as well as their interest in switching to banks that leverage geolocation tools to prevent fraud.
Inside the November 2020 report
- 55%: Portion of the adult U.S. population who share location data with at least one app
- 50%: Share of U.S. consumers who are likely to share their location data with banks to better protect their accounts from fraud
- 55%: Share of millennials and Gen Z consumers who would switch to a bank that uses location data to secure their accounts