eBankinter, the internet banking division of Madrid-based Bankinter, is using Quova’s IP geolocation service to detect potential fraud of its online customers’ banking transactions.
Quova said that the bank is using its IP geolocation data to authenticate customers when they log into their accounts online. By implementing Quova’s IP geolocation data, the bank can analyse the customer’s login behaviour and in real-time identify if there are any anomalies from the customer’s usual login patterns.
Since deployment, Bankinter’s security department has been able to decrease the amount of online fraud and identify theft, detecting potentially suspicious user behaviour, said Quova.
Quova provides Bankinter with geolocation data about those customers with no impact to their online experience. The data works with all browsers and requires no plug-ins or stored cookies and does not invade an internet user’s privacy.
Steve Sawyer, vice president of business development for Europe, the Middle East and Africa at Quova, said: Bankinter is a pioneer in the Spanish online banking market, and we expect more industry leaders in the region to follow suit as they face an increasing risk of online attack. Our technology continues to demonstrate its impact in today’s uncertain economic climate. Bankinter’s estimated seven million users can rest assured that their bank is using the latest technology to protect their accounts.
