Abanca has implemented Ironchip's location-based intelligence technology as an additional security measure for its users. With this tool, the bank can determine whether any user on its network is exhibiting anomalous behavior. This behavior is based on the analysis of user data, the associated device, and frequent locations. The latter is obtained from radio waves surrounding a location and associated with the user's habitual places. These parameters precisely determine user behavior, enabling faster decision-making and profiling users as either fraudulent or legitimate.
This new security paradigm, based on location, opens the door to making a user's location a key identity proof, allowing not only the identification of 95% of users in a way that cannot be impersonated but also the detection of behaviors that do not align with real identities, thereby enabling real-time detection of malicious entities. Through Ironchip, Abanca has additional information about its clients' transactions, categorizing them as either secure or not. This categorization is determined by the continuous analysis of user behavior, learning from their actions.
In this way, through maps like the one shown on the right, fraud can be detected in real time. Ironchip's technology also enables Abanca to identify the location of a fraud attempt and reveal the whereabouts of the cybercriminal.
