Leading European Online Bank Deploys Quova Data Services to Geolocate and Profile Users
MOUNTAIN VIEW, Calif. – April 6, 2009 – Quova, Inc., 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 analyze the customer’s login behavior 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 behavior. 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."
Quova, Inc. enables online businesses to instantly identify where a visitor to their Web site is geographically located. Online companies including broadcasters, e-retailers, ad networks, banks, and government agencies integrate Quova’s IP geolocation data into their Web applications to geotarget their advertising and content, detect card-not-present fraud, manage distribution of digital content, comply with local laws, and more. Quova delivers detailed demographic and network characteristic data about an IP address and the data is 99.9% accurate at the country level and up to 98.2% accurate at the US state level (attested to by PricewaterhouseCoopers). Quova, founded in 2000, is based in Mountain View, California, and is privately owned. www.quova.com
Spain’s leading online bank and one of the nation’s five largest financial services companies, Bankinter provides retail and commercial banking services, including mortgages, insurance, pensions and credit cards. Bankinter also provides Europe’s highest-ranked online brokerage service and offers mutual and pension funds. Founded in 1965, it pioneered in Spain the use of alternative channels such as Telephone, Internet and, now, mobile terminals, and is the market leader in the use of each one of these remote banking systems. Some of its strengths include its service quality, the constant innovation in products and channels and state of the art technology. http://www.bankinter.com