FAQsSafety and securityGeolocation: How it works and why we use it?

Geolocation: How it works and why we use it?

Safety and security

Our mobile devices’ ability to pinpoint locations accurately has improved by leaps and bounds over the last decade. Not only has it become a tool of convenience, but it has also become a powerful weapon against financial crimes such as fraud.

Geolocation: How it works and why we use it?

Our mobile devices’ ability to pinpoint locations accurately has improved by leaps and bounds over the last decade. Not only has it become a tool of convenience, but it has also become a powerful weapon against financial crimes such as fraud.

As a regulated financial institution, we have a duty to protect your Xapo Bank account from being targeted by fraudsters looking to make a quick buck. One of the measures we use to protect you and your account is geolocation.

Here is how it works

We use geolocation to crack down on fraud by cross-referencing your location data with other information (such as where you use your debit card, for instance).

Using mobile GPS data as a security tool allows us to use the information on your whereabouts, gained from the app, to determine if a transaction aligns with the location of your mobile device. If these pieces of information do not align, our risk systems can act quickly to flag it as suspicious activity. For this reason, we encourage you to enable location services when using the app.

Protecting your information

As a regulated financial institution, we take privacy and security seriously. We will not use this information for any other purpose and have robust security systems in place to prevent external parties from getting hold of this information.

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