Cyota FraudAction Reduces the Lifespan of Phishing Attacks to 5 Hours Compared to Industry Average of 6.4 Days; Service Reduces Banks' Phishing-related Fraud Losses.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Cyota announces key results from its anti-phishing service. Cyota, the leading provider of anti-fraud and security solutions for financial institutions, today revealed several key results of its anti-phishing service, FraudAction. Cyota's anti-phishing solution was developed in mid-2003, the company publicly announced the solution in January 2004. Today FraudAction is live and in use by 5 top American and British banks. FraudAction is a comprehensive anti-phishing service, including real-time alerts, detailed severity assessments, site shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down services, forensic Belonging to courts of justice. forensic 1) adj. from Latin forensis for "belonging to the forum," ancient Rome's site for public debate, and currently meaning pertaining to the courts. work and proprietary counter-measures. The service is deployed by Cyota's 24x7 Anti-Fraud Command Center (AFCC AFCC Association of Family and Conciliation Courts AFCC Air Force Communications Command AFCC Arts Foundation of Cape Cod AFCC Automotive Fuel Cell Cooperation Corp. (Daimler AG, Ford Motor Company, and Ballard Power Systems) ), which also supports Cyota's various anti-fraud and security services Security services are state institutions for the provision of intelligence, primarily of a strategic nature, but also including protective security intelligence. Examples include the Security Service (MI5) and the Secret Intelligence Service (MI6) in the United Kingdom, and the , as well as identifies and analyzes new trends in the 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. and online fraud industry. Cyota's suite of anti-fraud solutions is in use by 8 of the top 12 banks in the world. Key results of Cyota FraudAction to date: --Cyota's AFCC has handled hundreds of distinct phishing attacks per month. --Cyota shut down over 60% of attacks in less than 5 hours. Several sites have been shut down in even less than one hour. --Cyota has lowered the lifespan of a typical phishing site to 5 hours, compared to the industry average of 153 hours (6.4 days) reported by the Anti-Phishing Working Group The AntiPhishing Working Group (APWG) is a consortium that brings together businesses affected by phishing attacks, businesses that provide security products and law enforcement. The APWG has more than 2700+ members from more than 1600 companies & agencies worldwide. . --Cyota's AFCC has found that 2/3 of attacks are hosted internationally; domestically-hosted sites typically take less time to shutdown. --Cyota deployed its patent-pending counter-measures in 72% of the attacks. --Cyota alerted the bank it is under attack 4 hours prior to the first customer call (on average). --One bank benchmarked its phishing-related fraud losses before and after using Cyota's service, and confirmed that FraudAction lowered its losses by over 50%. --Cyota's AFCC has found that 59% of phishing attacks are hosted on hijacked computers. "Cyota's FraudAction delivers immediate results to our clients. By deploying our counter-measures and forensic work and rapidly shutting down the phishing websites, only a fraction of the bank's customers fall victim to phishing," said Naftali Bennett, 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 determined to deal with the bank's headache - the bank can sleep soundly at night while Cyota works on its behalf to fight phishing and online fraud. FraudAction can be deployed within days - it is extremely effective." About Cyota Cyota is the leading provider of 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 North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , 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 |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion