Cyota will use the funding to accelerate its growth, and develop new products and technologies to fit financial institutions anti-fraud and security needs. Cyotas array of anti-fraud services, including its anti-phishing service, and payment security platform, are currently in use by 8 of the worlds top 12 banks. Banks, merchants, and consumers increasingly fear that phishing and other types of online fraud pose an existential threat to online banking and commerce. Bessemer Venture Partners and its team bring years of business and security expertise to Cyota, with general partners such as David Cowan, co-founder of Verisign. Mr. Cowan will join as a member of Cyotas Board of Directors.
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