Quova, the leading provider of IP geolocation data services announced that eBankinter, the Internet banking division of Madrid-based Bankinter S.A., is using its IP geolocation solution to detect potential fraud of its online customers' banking transactions.
Bankinter has a long-time strategic leadership in deploying innovative technologies for financial services and was one of the first Spanish banks to use IP geolocation technology as an anti-fraud weapon.
The online entity of Bankinter, eBankinter.com, is Spain's third busiest Web site and one of the country's five largest financial services companies.
The bank is using Quova's 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. For example, Bankinter can identify the location, time zone, connection type (i.e. DSL or dial-up), and the user's Internet Service Provider and compare this with the stored customer profile to check for any mismatches.
Since deployment, Bankinter's security department has been able to significantly decrease the amount of online fraud and identify theft, detecting potentially suspicious user behaviour. 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.
"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," said Steve Sawyer, VP of EMEA Business Development, Quova.
"Bankinter's estimated seven million users can rest assured that their bank is using the latest technology to protect their accounts."