PinPoint is a subscription-based alert service that runs on top of online banking. Using Yodlee’s aggregation technology, PinPoint monitors all the user’s card-based transactions, and sends email and text alerts on potentially fraudulent transactions based on a number of factors, one of which is the consumer’s physical location as indicated by the location of their mobile phone. Pricing has not been finalized.
The service competes with aggregated alerts from OFM’s such as Mint.com or Strands. But PinPoint’s main competition is the card issuers themselves. The service holds several potential advantages compared to financial institution services (note 1):
- The addition of the consumer’s location is a huge help in identifying potential fraud and reducing false positives.
- Receiving fraud alerts from a single trusted source with a consistent design and methodology makes it more likely that the consumer will actually pay attention and take action.
- The service provides contact info and help for reporting fraudulent transactions.
- PinPoint’s entire mission is to identify fraud and help the end-user avoid paying for it; while financial institution’s have similar high-level goals, they also have competing priorities that sometimes get in the way.