TMCnet News
RCU Strengthening Online Services Security with Cyota's Internet Banking AuthenticationEAU CLAIRE, Wis. --(Business Wire)-- Jan. 5, 2006 -- Recent studies indicate that Internet identity theft is evolving in more complicated ways, making it more difficult for consumers to protect themselves. Royal Credit Union, one of the largest credit unions in Wisconsin, is taking a proactive approach to this matter and is proud to announce that it has selected Cyota, a leading provider of authentication and anti-fraud solutions for financial institutions, to provide strong authentication for its Members. RCU will implement Cyota's eSphinx Risk Based Authentication solution and eStamp, Cyota's reverse authentication solution using watermarks, for RCU eBranch, its online account access service. Cyota's eSphinx authenticates all users and transactions, behind the scenes, based on their computer and profile. It asks for even further authentication through Member-defined challenge-response questions or other means for high-risk transactions. This product protects RCU's online banking channel without compromising consumer usability or changing the way Members use RCU eBranch. Cyota's technology has proven itself and has reduced online fraud by up to 80 percent. "Credit unions account for a large portion of American consumers and they have not gone unnoticed by fraudsters. In November alone our Anti Fraud Command Center reported that 42 percent of phishing attacks targeted credit unions," said Amir Orad, Cyota executive vice president. "Cyota has developed an array of anti-fraud products, including anti-phishing and online banking authentication solutions that are specifically designed to address credit unions' unique needs. It provides powerful protection for credit union members." "RCU is constantly looking for new ways to protect our Members online," states Charlie Grossklaus, President of RCU. "We believe that Cyota's Risk Based Authentication is the right approach - as always we will protect our Members and their information, without the need to burden them and change the way they are used to using RCU eBranch." Editor's Note: On Friday, December 30, 2005, RSA Security and Cyota announced that RSA Security has completed its acquisition of Cyota. The combined company's customers will benefit from layered security and fraud protection offerings, ranging across anti-phishing services; passive authentication using anomaly detection and transaction monitoring behind the scenes; risk-based authentication; and one-time passwords. About Cyota, Inc. Cyota, Inc. is the leading provider of online 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, Europe, and Asia-Pacific with systems in use by thousands of global financial institutions, including nine of top 12 banks in North America and the UK. Over 430 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. About Royal Credit Union RCU, Royal Credit Union, is a federally insured credit union serving over 102,000 Members with 11 full service offices in Eau Claire, Chippewa Falls, Whitehall, Rice Lake, and Colby. You can open an account or apply for a low-cost loan at RCU if you live or work in Eau Claire, Chippewa, Barron, Buffalo, Burnett, Clark, Dunn, Jackson, Marathon, Pierce, Pepin, Polk, Rusk, St. Croix, Taylor, Trempealeau, Washburn, or Wood counties in western Wisconsin. Call RCU at 715-833-8111 or 1-800-341-9911 for more information 7 days a week. You can also visit our web site at www.rcu.org. |
