HOME » SOLUTIONS » Securing Financial Industry
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BANKING
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:
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SHOPPING & PAYMENT
Retail Shopping And Payment Security has always been a challenge. Stolen credit card usage is difficult to track and stop in current scenarios. Two-Factor and Multi-Factor authentication by GEOACL service stops fraud by verifying request location of the transaction (Mall, Coffee Shop, any other place of payment using Merchant POS Terminal). It limits fraud by allowing charges only upto limit specified by user for given location. With reduced fraud transactions and less hit to bottomline due to unauthorized charges and losses resulting from stolen payment cards, businesses are able to confidently accept cards as mode of payment. Banks also avoid losses by not paying for unauthorized transactions as well as not having to spend resources to investigate them in first place.
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MARKET DATA & TRADING
Stock, Commodity, FOREX - all the markets are offering electronic trading. Its very important to secure the trading and market data access to authorized persons. The GEOACL service stops fraud by verifying request location of the online request, action (trading, data access or changes). It limits fraud by allowing only those actions that are permitted for a given location. By reducing the chances of fraud transactions from unknown locations, trading & brokerage houses can more focus on performance, bottom lines and investor satisfaction.
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INVESTMENT ACCOUNTS
Allow investors to secure their Investment Accounts such as:
- Retirement Accounts
- Mutual Fund Accounts
- Non-Traditional Assets like Gold, Realty
GEOACL's Location based authentication and authorization solution and services protect financial services firms (banks, trading firms, brokerages, retirement funds) and their customers from variety of attacks like usage of hacked credentials from account hijacking, insider fraud, unauthorized funds transfers originating from malware initiated Man-in-the Middle (MITM) and Man-in-the Browser (MITB) attacks.
GEOACL's location based Out-of-Band Authentication services help banks and other financial services firms to validate that authorized account holder is conducting an online transaction and not an unknown hacker from some random place using hacked credentials. Additionally, GEOACL's authentication services can be used for additional verification for important and high profile changes/transactions by sending transaction/request details to the user/customer for final approval before transaction is approved/authorized. Users can set variety of alerts to make them aware of potential fraud.
Study GEOACL solution for:
- Two Factor User Authentication
- Transaction Approval & Payee Validation
- Authentication and FFIEC compliance
- Case Studies
GEOACL offers out-of-band authentication services both hosted and on subscription basis. Our services are highly scalable and can be tailored to your needs. We can customize our solution for you and your users regardless of size of your operations and services.