Cyota Unveils a New Solution for Financial Institution Email Fraud.Business Editors/High-Tech Writers NEW YORK--(BUSINESS WIRE)--Jan. 26, 2004 Cyota's FraudAction (TM) Service Allows Financial Institutions to Protect Their Customers from 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. - One of the Most Rapidly Growing Problems on the 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 Cyota, the leading provider of anti-fraud and security solutions for financial institutions, today revealed Cyota FraudAction(TM) - the company's comprehensive, proprietary solution for financial institution email fraud. FraudAction provides financial institutions with an end-to-end solution (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. to deal with email fraud and phishing attacks, the newest form of identity theft and one of the most rapidly growing problems financial institutions face today. With Cyota FraudAction financial institutions can pro-actively address email fraud, protect their data, brand, and valuable accountholder trust as well as ensure the future of their growing e-initiatives and Internet services. "Phishing" or fraudulent The description of a willful act commenced with the Specific Intent to deceive or cheat, in order to cause some financial detriment to another and to engender personal financial gain. email messages are those messages that appear to be sent from a financial institution, but in fact are not, convincing accountholders to reveal and submit valuable private and account information, which is consequently either sold or used to commit fraud and different types of identity theft crimes. Email fraud targeting financial institutions is growing at a staggering rate, many of the largest financial institutions in the US and Europe have been attacked by phishing in recent months, most experiencing multiple attacks. The damages caused by financial email fraud, such as harming valuable corporate brands, ruining accountholder trust, causing direct financial loss and increasing operational costs, reach various cross-bank areas ranging from the risk and fraud department, legal team and marketing group. "As fraudsters aggressively develop new ways to take advantage of peoples' trust in their bank and the Internet channel The Internet Channel is a version of the Opera 9 web browser for use on the Wii by Opera Software and Nintendo.[1] On December 22, 2006, a free beta version (promoted as a "trial version") of the browser was released. for identity theft and other crimes, Cyota ensures that financial institutions stay one step ahead of the game," 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. . "Cyota is uniquely positioned to deliver premium anti-fraud and security solutions to the financial industry with systems in use by 8 of the top 12 institutions in the US and the UK." Cyota FraudAction is the first solution geared towards financial institution email fraud; the service assists banks to deal with an attack before it takes place, during an attack and post attack. Like many of Cyota's leading security and anti-fraud solutions, FraudAction is offered as an outsourced, managed modular service, which allows banks to minimize resource investments while deploying a system quickly. FraudAction is a broad solution that includes several modules dealing with the different aspects of the problem: -- FraudAction Real-time Alert and Detection Services - Cyota provides real-time detection and alerts of phishing attacks, based on Cyota's wide array of probes and sources, which allow the bank to identify an attack immediately as it takes place, and take immediate action. -- FraudAction Risk Assessment Services - Cyota's experienced Anti-Fraud Command Center conducts an extensive risk assessment for each attack using proprietary algorithms The following is a list of the algorithms described in Wikipedia. See also the list of data structures, list of algorithm general topics and list of terms relating to algorithms and data structures. and models. Cyota's detailed risk assessment provides the bank's management team with valuable, timely information, assisting to make educated decisions to deal with an attack. -- FraudAction Counter-Measures - Cyota has developed unique patent-pending, technical counter-measures providing banks with pro-active pro·ac·tive or pro-ac·tive adj. Acting in advance to deal with an expected difficulty; anticipatory: proactive steps to prevent terrorism. tools, which help reduce the risk of an attack, minimize its impact, and increase the chances of fraudsters getting caught. -- FraudAction Post Mortem [Latin, After death.] Pertaining to matters occurring after death. A term generally applied to an autopsy or examination of a corpse in order to ascertain the cause of death or to the inquisition for that purpose by the Coroner . and 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. Services - Cyota provides the bank with a detailed post-mortem attack analysis, as well as proprietary mechanisms to identify any compromised accounts and educate accountholders accordingly. -- FraudAction Educational Services - Cyota provides financial institutions with consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" intended to learn about the phishing problem, assist them to identify gaps in their current processes, to assess the impact of potential attacks, and to devise an optimal action plan to address the problem of phishing. About Cyota Cyota is the leading provider of security and anti-fraud solutions for financial institutions. Cyota services multiple clients 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 anti-fraud and security systems currently available to over 350 million accountholders. Founded in 1999, Cyota is headquartered in 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 with offices worldwide. Cyota is led by a respected management team with extensive experience in the security, Internet and banking industry. For more information please visit www.cyota.com |
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