The software uses multiple parameters, data points and sensors to profile each end-user’s behavior in an effort to provide banks with a clear view of online banking fraud and enable them to reduce it.
The initiative offers a response to the emergence of new technologies such as phishing, Trojans and key-logging that fraudsters exploit to conduct online fraud and account takeover. Pilots of Cyota’s fraud detection technology began six months ago, and the software is currently implemented in three US and UK banks.
eVision allows banks to detect, flag and investigate online fraud, helping them to take appropriate action to mitigate and reduce fraud. It is based on Cyota’s eRisk Engine, which identifies new online fraud patterns in real time, and includes a bank-controlled rule editor, a case management application for fraud monitoring and investigation, and a user-friendly administration tool.
