- Retirement Accounts
- Mutual Fund Accounts
- Non-Traditional Assets like Gold, Realty
Sample GEOACL Configuration & Working for Investment Accounts
John Smith wants to do account maintenance tasks such as link retirement/investment account with bank accounts, change plans, do internal or external account transfers to/from his retirement/investment account from home area (Main street, Old Bridge, N.J.) only, and review account balances, account history or view pending transactions 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 of access. He wants this access from within say 2 mile radius from office location's center and 5 miles radius from home location's center as well as the route that he is using to commute to office. He doesn't want to allow his retirement/investment account to be accessed from any other location.
Based on this requirement, whenever John accesses his retirement/investment account our system will check his credentials and current geographical location against locations configured in system by himself. When match found account features are enabled or disabled as per location.
Now even if John Smith's retirement/investment 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 retirement account details are stolen he can immediately change it and or reduce radius and or cut down on locations allowed.