Increased usage of Smartphone based Banking Apps and Internet Banking by customers has led to hackers employing new tactics to siphon off account holder's credentials (malware infected smartphone tracing user activity and passing user's login data to its masters, user being redirected to fake bank website while attempting to login to its online account etc.)
There are various instances in which user account gets debited without his knowledge by unknown billers. Other cases include ATM fraud where somebody copying users ATM card details and creating fake one and using it to withdraw money from anywhere in the world from user's account.
Multiple federal and private agencies are daily warning customers against pitfalls leading compromised banking account.
Our Location based authentication (along with optional out-of-band authentication component) puts customers in charge by giving them option to validate a transaction, or double verify important tasks like addition of a new biller/payee to his bank account. Hacker may try to use stolen account credential or stolen credit card but will not be successful from all the locations. Login attempt or shopping activity from allowed locations are furthur protected by different level of account permissions and transaction limits. Our optional out of band authentication module adds extra layer of security by mandating each transaction or action to be approved by user by his location being verified via secure alternate channel.
To summarize, GEOACL provides multi-factor authentication solutions to secure consumer and end user’s finances, data and access privileges. Customers and End users themselves control security by protecting entities of their interest and at level that they want. GEOACL can be used to authenticate and provide granular online access and validate financial transactions happening anywhere. Sample scenarios and configurations for GEOACL Solution are explained here.