January 26, 2004
Cyota Unveils a New Solution for Financial Institution Email Fraud
Cyota's FraudAction (TM) Service Allows Financial Institutions to Protect Their Customers from Phishing - One of the Most Rapidly Growing Problems on the Internet

NEW YORK--(BUSINESS WIRE)--Jan. 26, 2004-- Cyota's FraudAction (TM) Service Allows Financial Institutions to Protect Their Customers from Phishing - One of the Most Rapidly Growing Problems on the Internet

Cyota, the leading provider of anti-fraud and security solutions for financial institutions, today revealed Cyota FraudAction(TM) - the company's comprehensive, proprietary solution for financial institution email fraud. FraudAction provides financial institutions with an end-to-end solution to deal with email fraud and phishing attacks, the newest form of identity theft and one of the most rapidly growing problems financial institutions face today. With Cyota FraudAction financial institutions can pro-actively address email fraud, protect their data, brand, and valuable accountholder trust as well as ensure the future of their growing e-initiatives and Internet services.

"Phishing" or fraudulent email messages are those messages that appear to be sent from a financial institution, but in fact are not, convincing accountholders to reveal and submit valuable private and account information, which is consequently either sold or used to commit fraud and different types of identity theft crimes. Email fraud targeting financial institutions is growing at a staggering rate, many of the largest financial institutions in the US and Europe have been attacked by phishing in recent months, most experiencing multiple attacks. The damages caused by financial email fraud, such as harming valuable corporate brands, ruining accountholder trust, causing direct financial loss and increasing operational costs, reach various cross-bank areas ranging from the risk and fraud department, legal team and marketing group.

"As fraudsters aggressively develop new ways to take advantage of peoples' trust in their bank and the Internet channel for identity theft and other crimes, Cyota ensures that financial institutions stay one step ahead of the game," said Naftali Bennett, Cyota CEO. "Cyota is uniquely positioned to deliver premium anti-fraud and security solutions to the financial industry with systems in use by 8 of the top 12 institutions in the US and the UK."

Cyota FraudAction is the first solution geared towards financial institution email fraud; the service assists banks to deal with an attack before it takes place, during an attack and post attack. Like many of Cyota's leading security and anti-fraud solutions, FraudAction is offered as an outsourced, managed modular service, which allows banks to minimize resource investments while deploying a system quickly.

FraudAction is a broad solution that includes several modules dealing with the different aspects of the problem:

  • FraudAction Real-time Alert and Detection Services - Cyota provides real-time detection and alerts of phishing attacks, based on Cyota's wide array of probes and sources, which allow the bank to identify an attack immediately as it takes place, and take immediate action.

  • FraudAction Risk Assessment Services - Cyota's experienced Anti-Fraud Command Center conducts an extensive risk assessment for each attack using proprietary algorithms and models. Cyota's detailed risk assessment provides the bank's management team with valuable, timely information, assisting to make educated decisions to deal with an attack.

  • FraudAction Counter-Measures - Cyota has developed unique patent-pending, technical counter-measures providing banks with pro-active tools, which help reduce the risk of an attack, minimize its impact, and increase the chances of fraudsters getting caught.

  • FraudAction Post Mortem and Forensic Services - Cyota provides the bank with a detailed post-mortem attack analysis, as well as proprietary mechanisms to identify any compromised accounts and educate accountholders accordingly.

  • FraudAction Educational Services - Cyota provides financial institutions with consulting services intended to learn about the phishing problem, assist them to identify gaps in their current processes, to assess the impact of potential attacks, and to devise an optimal action plan to address the problem of phishing.

About Cyota
Cyota is the leading provider of security and anti-fraud solutions for financial institutions. Cyota services multiple clients in North America, Europe and Asia-Pacific with anti-fraud and security systems currently available to over 350 million accountholders. Founded in 1999, Cyota is headquartered in New York with offices worldwide. Cyota is led by a respected management team with extensive experience in the security, Internet and banking industry. For more information please visit www.cyota.com

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