|February 10, 2005
Cyota Launches the First Online-Banking Fraud Management Solution for Financial Institutions
|Cyota eVision (tm) provides unique fraud management tools designed to reduce fraud in online banking and other online services; Technology in use by three leading banks
|NEW YORK, NY (February 9, 2005) Cyota (www.cyota.com), the leading provider of online security and anti-fraud solutions for financial institutions, today revealed Cyota eVision(tm) - the company's proprietary online risk management solution. eVision detects, analyzes, scores and manages online banking and online services fraud in real time. This is done by using multiple parameters, data points and sensors to profile each end-user's behavior. eVision provides banks with a clear view of online banking fraud, as well as a highly effective fraud management tool designed to reduce fraud.
As online services become mainstream, fraudsters continue to utilize new technologies such as phishing, Trojans and key-logging in order to conduct online fraud and account takeover. eVision is the first solution to provide banks with an effective tool to examine and take appropriate action against online fraud in real-time. Large-scale pilots of Cyota's fraud detection technology began six months ago; the technology is currently in use by three leading banks in the US and the UK, and has proven to be extremely successful.
"Based on input from our financial institution clients, and leveraging our experience with evolving fraud techniques like phishing and Trojans, we developed eVision so banks can closely monitor and mitigate their online fraud quickly," said Amir Orad, Cyota Executive Visa President of Marketing. "While financial institutions have several tools to detect, analyze and deal with fraud in the offline world, they are lacking similar tools for the online world, which grows and evolves daily. Cyota's sole focus is exactly that - online security and anti-fraud solutions for banks."
Cyota eVision allows banks to detect, flag and investigate online fraud. Based on the findings, banks can then take appropriate action to mitigate and reduce fraud. The solution is based on Cyota's patent-pending eRisk Engine, which identifies new online fraud patterns in real time. Feeding from various technologies, parameters and sensors, the eVision eRisk Engine analyzes each transaction and generates a unique risk score. The technology leverages different data points, from transactional data, device data, user data, Internet data, communication data and more, to build a real-time profile for each user. eVision includes sophisticated controls and detailed tools, including a bank-controlled rule editor, a detailed case management application for fraud monitoring and investigation, and a user-friendly administration tool. eVision is a complete solution with Cyota's robust eRisk Engine at the core of the system as well as risk analysis controls and tools to fully detect, monitor and mitigate the bank's online fraud.
Cyota is the leading provider of online security and anti-fraud solutions for financial institutions. Cyota's solutions include fraud reduction tools for e-commerce and online banking as well as anti-phishing services. Cyota operates in North America, Europe and Asia-Pacific with systems in use by over 10,000 global financial institutions, including eight of the world's top ten banks. Over 400 million accountholders are protected by Cyota's systems. Founded in 1999, Cyota is headquartered in New York with offices worldwide. For more information please visit www.cyota.com