Cyota Applauds American Express's Commitment To Eliminate Online Fraud; One-Time Transaction Number Technology To Change the Face of E-Commerce.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 7, 2000 Cyota, a provider of online payment security solutions, applauds American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. for their commitment to eliminate online credit card fraud Credit card fraud is a wide-ranging term for theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. . American Express announced today that they will offer Private Payments, a program that allows consumers to shop online without revealing their real credit card number. Cyota's flagship product, SecureClick(TM), has been on the market for over a year and allows consumers to shop online without revealing their real credit card number. This is achieved by replacing a customer's real credit card number with a one-time transaction number, which expires after each transaction. "We congratulate American Express for adopting technology similar to what we have offered for over a year," says Gary Heatherington, Cyota 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. . "We are thrilled with the response we have been getting from leading banks - SecureClick(TM)'s one-time number technology has been recognized as a solution to online credit card fraud." "Consumers have a real fear of having their credit card stolen," said Alfred F. Kelly, Jr., group president of U.S. consumer and small business services at American Express, in an AP wire release. "This fear is the biggest obstacle for a real boom in e-commerce." A survey conducted by SWR SWR Standing Wave Ratio (radio term) SWR Südwestrundfunk (Southern German Radio Station) SWR Shoreham Wading River SWR Short-Wave Radio SWR Software Requirements Worldwide for Cyota in April 2000, confirms this. The survey found that 55% of Internet users say concern over online credit card security limits their purchasing behavior, and 87% of Internet users say they would be more likely to use a credit card that didn't require them to give out their credit card number to make purchases online. About Cyota Cyota is an online payment security company founded in 1999 by four veterans of elite intelligence units in the Israeli Defense Force Noun 1. Israeli Defense Force - the ground and air and naval forces of Israel IDF military force, military group, military unit, force - a unit that is part of some military service; "he sent Caesar a force of six thousand men" . SecureClick(TM), developed under the supervision of a world leading security expert, Prof. Adi Shamir, is Cyota's flagship product that provides credit card issuers and their customers complete online fraud protection. The company is headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. with an R&D subsidiary in Israel. Cyota is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , backed by a global venture capital corporation. For more information, please contact Cyota or visit our web site at www.cyota.com. SecureClick is a registered trademark of Cyota. |
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