System and method for location-based fraud prevention

1. A system for the prevention of fraud comprising:

one or more processors; and

one or more non-transitory memory storage devices storing computing instructions configured to run on the one or more processors and perform:

querying, via a software application installed on a mobile device of a user, a location of the mobile device determined by one or more of a global positioning system, a Wi-Fi positioning system, a radio frequency identification system, a near field communication system, a Bluetooth beacon system, an ultra-wide band positioning system, or an infrared positioning system;

when the location of the mobile device is within a first geofence, receiving an indication from the software application that the mobile device has entered the first geofence;

in response to receiving the indication that the mobile device has entered the first geofence, calculating a risk score for a first user account of the user, the risk score comprising an account details history of the first user account and a stolen account history of the first user account, wherein:

the account details history of the first user account indicates that one or more details of an account profile of the first user account were recently changed; and

the stolen account history of the first user account indicates that the first user account has been stolen in the past;

when the risk score is below a predetermined value, activating the software application and causing the software application to display a GUI on the mobile device of the user to prompt the user for additional information via the mobile device; and

in response to receiving the additional information, allowing the user to use the software application to complete a purchase within the first geofence.

2. The system of claim 1 , wherein the first geofence defines a perimeter of a building.

3. The system of claim 1 , wherein the risk score further comprises:

an in-person activity history of the first user account comprising at least one of:

a physical store location history of the first user account;

a shopping frequency history of the first user account; or

an in-store purchase history of the first user account;

an online activity history of the first user account comprising at least one of:

an online purchase history of the first user account; or

a mobile application purchase history of the first user account;

a device specific factor of the first user account comprising at least one of:

an account login history of the first user account; or

a number of accounts history of the first user account; or

a fraudulent activity history of the first user account comprising at least one of:

a chargeback history of the first user account;

a disputed transaction history of the first user account; or

a payment method history of the first user account.

4. The system of claim 3 , wherein the risk score decreases when at least one of the following occurs:

the physical store location history of the first user account indicates that the first user account has never transacted within the first geofence;

the shopping frequency history of the first user account indicates that the first user account recently transacted within a second geofence different than the first geofence;

the account login history of the first user account indicates that the first user account has not previously been logged into the mobile device via the software application;

the number of accounts history of the first user account indicates that a second user account different than the first user account has been logged into the mobile device via the software application;

the chargeback history of the first user account indicates that the first user account has initiated a chargeback to a retailer;

the disputed transaction history of the first user account indicates that the first user account has disputed a transaction with the retailer; or

the payment method history indicates that a new payment method was recently added to the first user account.

5. The system of claim 3 , wherein calculating the risk score further comprises:

associating at least one of the in-person activity history of the first user account or the online activity history of the first user account with the first user account based on a past transaction using at least one of a common credit card or a common debit card for both of the in-person activity history and the online activity history.

6. The system of claim 3 , wherein calculating the risk score further comprises:

comparing the in-person activity history with the online activity history; and

decreasing the risk score when a difference between the in-person activity history and the online activity history is detected.

7. The system of claim 6 , wherein decreasing the risk score further comprises detecting a difference between in-store purchasing trends of the in-store purchase history and online purchasing trends of the online purchase history.

8. The system of claim 6 , wherein decreasing the risk score further comprises detecting differences between in-store purchasing trends of the in-store purchase history and mobile application purchasing trends of the mobile application purchase history.

9. The system of claim 1 , wherein the additional information comprises at least one of a password, a PIN, a response to a push notification, a security token, a disconnected token, a connected token, an answer to a security question, or a biometric reading.

10. The system of claim 1 , wherein allowing the user to complete the purchase within the first geofence comprises:

allowing the user to complete the purchase within the first geofence using the mobile device.

11. A method for the prevention of fraud comprising:

querying, via a software application installed on a mobile device of a user, a location of the mobile device determined by one or more of a global positioning system, a Wi-Fi positioning system, a radio frequency identification system, a near field communication system, a Bluetooth beacon system, an ultra-wide band positioning system, or an infrared positioning system;

when the location of the mobile device is within a first geofence, receiving an indication from the software application that the mobile device has entered the first geofence;

in response to receiving the indication that the mobile device has entered the first geofence, calculating a risk score for a first user account of the user, the risk score comprising an account details history of the first user account and a stolen account history of the first user account, wherein:

the account details history of the first user account indicates that one or more details of an account profile of the first user account were recently changed; and

the stolen account history of the first user account indicates that the first user account has been stolen in a past;

when the risk score is below a predetermined value, activating the software application and causing the software application to display a GUI on the mobile device of the user to prompt the user for additional information via the mobile device; and

in response to receiving the additional information, allowing the user to use the software application to complete a purchase within the first geofence.

12. The method of claim 11 , wherein the first geofence defines a perimeter of a building.

13. The method of claim 11 , wherein the risk score further comprises:

an in-person activity history of the first user account comprising at least one of:

a physical store location history of the first user account;

a shopping frequency history of the first user account; or

an in-store purchase history of the first user account;

an online activity history of the first user account comprising at least one of:

an online purchase history of the first user account; or

a mobile application purchase history of the first user account;

a device specific factor of the first user account comprising at least one of:

an account login history of the first user account; or

a number of accounts history of the first user account; or

a fraudulent activity history of the first user account comprising at least one of:

a chargeback history of the first user account;

a disputed transaction history of the first user account; or

a payment method history of the first user account.

14. The method of claim 13 , wherein the risk score decreases when at least one of the following occurs:

the physical store location history of the first user account indicates that the first user account has never transacted within the first geofence in the past;

the shopping frequency history of the first user account indicates that the first user account recently transacted within a second geofence different than the first geofence;

the account login history of the first user account indicates that the first user account has not previously been logged into the mobile device via the software application;

the number of accounts history of the first user account indicates that a second user account different than the first user account has been logged into the mobile device via the software application;

the chargeback history of the first user account indicates that the first user account has initiated a chargeback to a retailer;

the disputed transaction history of the first user account indicates that the first user account has disputed a transaction with the retailer; or

the payment method history indicates that a new payment method was recently added to the first user account.

15. The method of claim 13 , wherein calculating the risk score further comprises:

associating at least one of the in-person activity history of the first user account or the online activity history of the first user account with the first user account based on a past transaction using at least one of a common credit card or a common debit card for both of the in-person activity history and the online activity history.

16. The method of claim 13 , wherein calculating the risk score further comprises:

comparing the in-person activity history with the online activity history; and

decreasing the risk score when a difference between the in-person activity history and the online activity history is detected.

17. The method of claim 16 , wherein decreasing the risk score further comprises detecting a difference between in-store purchasing trends of the in-store purchase history and online purchasing trends of the online purchase history.

18. The method of claim 16 , wherein decreasing the risk score further comprises detecting differences between in-store purchasing trends of the in-store purchase history and mobile application purchasing trends of the mobile application purchase history.

19. The method of claim 11 , wherein the additional information comprises at least one of a password, a PIN, a response to a push notification, a security token, a disconnected token, a connected token, or a biometric reading.

20. The method of claim 11 , wherein allowing the user to complete the purchase within the first geofence comprises:

allowing the user to complete the purchase within the first geofence using the mobile device.