Cyota Launches the First Online-Banking Fraud Management Solution for Financial Institutions.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 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. Cyota, 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
As online services become mainstream, fraudsters continue to utilize new technologies such as 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. , 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 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. . Large-scale large-scale adj. 1. Large in scope or extent. 2. Drawn or made large to show detail. large-scale Adjective 1. wide-ranging or extensive 2. 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 mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. 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 Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the 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 user-friendly - Programmer-hostile. Generally used by hackers in a critical tone, to describe systems that hold the user's hand so obsessively that they make it painful for the more experienced and knowledgeable to get any work done. 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. About Cyota 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 e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. 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 |
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