Control Over Where And How much Access Allowed



Increased online banking activity and Branch, ATM network proliferation has led to a similar increase in lost profits due to online, ATM, Wire Transfer and other frauds. The GEOACL service stops fraud by verifying request location of the transaction (Online, ATM, Branch). It limits fraud by allowing action, activity, charges only that are allowed, upto limit specified by user for given location. Banks can reduce the losses due to unauthorized transactions by allowing customers to secure at least following tasks:

  • Withdrawals at ATM, Branch
  • High-Risk Transactions like Fund Transfers, Bill Payments, Wire Transfers
  • Account Profile/Password Changes
  • View Statement
  • Search Transactions
  • Stop Payment

Sample GEOACL Configuration & Working for Banking

John Smith wants to do account maintenance tasks such as link bank accounts, deposit/withdraw money to/from his trading account from/to bank account or withdraw funds using wire transfer from home area (Main street, Old Bridge, N.J.) only, and do actual trades from home as well as office area (located at times square, New York city) using computing devices like PC or laptop or any other or using wireless devices and mobile payment platforms or any other means.

He wants this access from within say 2 mile radius from office location's centre and 5 miles radius from home location's centre as well as the route that he is using to commute to office. He doesn't want to allow his trading account to be accessed from any other location.

Based on this requirement, when ever John accesses his trading account our system will check his credentials and current geographical location against locations configured in system by John himself. When match found account features are enabled or disabled as per location.

Now even if John Smith's trading account details get stolen anyhow, hacker must have to use it from locations configured by John Smith to be able to use it. So hacker would not be able to access account from any random location and if tried from within 2 miles radius of John's time square location then he would get limited access.

If John Smith receives alert indicating rejection or suspicious activity or become aware that his trading account details are stolen he can immediately change it and or reduce radius and or cut down on locations allowed.