Cyota eVision - first online fraud management solution for financial institutions

Wednesday 9 February 2005 11:28 CET | News

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, a leading provider of online security and anti-fraud solutions for financial institutions, revealed Cyota eVision(tm) - the companys 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 to profile each end-users behavior. eVision provides banks with a clear view of online banking fraud, as well as a highly effective fraud management tool designed to reduce fraud. As online services become mainstream, fraudsters continue to utilize new technologies such as phishing, 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. Large-scale pilots of Cyotas 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. 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 Cyotas 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 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 administration tool. eVision is a complete solution with Cyotas robust eRisk Engine at the core of the system as well as risk analysis controls and tools to fully detect, monitor and mitigate the banks online fraud.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce