Covelight Systems Inks Reseller Agreement with Actimize; Actimize Adds FraudProbe to its Enterprise Fraud Management Solution.CARY, N.C. -- Covelight Systems, an innovator of solutions for passive, real-time monitoring of Web applications, today announced that Actimize Inc. has signed an agreement to become a reseller of Covelight Systems FraudProbe, a new platform for detecting fraud in online channels. Covelight Systems FraudProbe is a high performance network-based appliance that passively monitors online transaction activity to and from Web applications. FraudProbe is the industry's first turnkey solution for integrating online fraud detection capabilities into existing enterprise fraud management systems. FraudProbe solves the problem of real-time data Real-time data denotes information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Some uses of this term confuse it with the term dynamic data. mining of high volume online transaction streams for the business, critical fraud indicators required to combat identity fraud, account hijacking hijacking Crime of seizing possession or control of a vehicle from another by force or threat of force. Although by the late 20th century hijacking most frequently involved the seizure of an airplane and its forcible diversion to destinations chosen by the air pirates, when , data theft and other types of fraud in online channels. Actimize will leverage FraudProbe to provide data for its Online Fraud Prevention authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. risk scoring algorithm In statistics, Fisher's Scoring algorithm is a form of Newton's method used to solve maximum likelihood equations numerically. Sketch of Derivation Let be random variables, independent and identically distributed with twice differentiable p.d.f. . The authentication risk score combines data from FraudProbe with other enterprise data to determine if and when the banking customer should be prompted for additional authentication information. FraudProbe is an important component in generating highly accurate risk scores. This benefits financial institutions and their customers since these highly accurate scores result in a high fraud catch-rate, while minimizing interruptions to the customer's online-banking experience. "Online fraud is a growing problem for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. institutions and growing criminal sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. presents a significant challenge," says David Sosna, Actimize CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "To prevent monetary losses as well as preserve end-user confidence, institutions must implement powerful solutions that use real-time data from the online channel. That's where the Covelight FraudProbe comes in." "We're very enthusiastic about this agreement with Actimize, a true industry leader. FraudProbe adds a powerful new dimension to enterprise fraud management systems for mitigating the risk associated with the online channel," says Spencer Snedecor, CEO of Covelight Systems. "This agreement is the first of several partnerships we envision to provide the online monitoring component for enterprise business analytics and fraud management solutions." Guillermo Kopp, Vice President at TowerGroup, further validates the need for solutions like FraudProbe in a recent report he stated. "Fraud management is becoming an important competitive differentiator because new fraud types such as online banking fraud and identity theft correspond to a potential loss of customer confidence and brand damage," says Kopp. "...enterprise fraud management goes far beyond the actual anti-fraud systems to include best practices in data and business process management, analytics, integration, and data protection." About Covelight Systems Covelight Systems is a leader in passive, real-time user monitoring and profiling of Web applications to protect confidential data from online fraud and identity theft. Covelight's products, including Percept percept /per·cept/ (per´sept?) the object perceived; the mental image of an object in space perceived by the senses. per·cept n. 1. The object of perception. 2. (TM) and FraudProbe(TM), provide real-time visibility into critical Web applications, detect suspicious behavior, provide continuous identity-based auditing for compliance, and forensic data for incident investigation. Only Covelight delivers solutions to detect the external and internal threats to confidential information Noun 1. confidential information - an indication of potential opportunity; "he got a tip on the stock market"; "a good lead for a job" steer, tip, wind, hint, lead and identity data accessed through Web applications, including account takeover fraud, insider identity theft, phishing Pronounced "fishing," it is a scam to steal valuable information such as credit card and social security numbers, user IDs and passwords. Also known as "brand spoofing," an official-looking e-mail is sent to potential victims pretending to be from their ISP, bank or retail establishment. activity and hacking. For more information, go to www.covelight.com. About Actimize Actimize is a leading provider of enterprise software solutions for Operational Risk Management including Anti-Money Laundering Anti-money laundering ("AML") is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. , Fraud Prevention, and Regulatory Compliance solutions. The Actimize platform is used by eight of the top ten financial services organizations and in total provides surveillance and compliance monitoring for over US$4 trillion in assets. Actimize solutions are currently implemented at leading financial services institutions including banks, brokerages, and insurance firms as well as regulatory bodies and government agencies. For more information about Actimize, visit our web site at www.Actimize.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion