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April 7, 2005

Cyota launches new authentication platform for online banking

New York-based Cyota has introduced a new authentication system that assesses risks associated with online banking activities and transactions.

By CBR Staff Writer

According to the company, the eSphinx product authenticates all online banking activities beyond the standard user name and password verification tool. It also assesses the security risk level associated with each activity or transaction in real time and invokes additional measures for suspicious actions, such as major deviations from a customer’s established banking patterns, via telephone or other communication channel.

The technology addresses the increasing number of online financial attacks, says Cyota’s executive vice president of marketing Amir Orad, and offers an alternative to hardware-based programs which are usually focused on what he calls yesterday’s fraud problems, such as phishing, but not the emerging threats such as Trojans and man-in-the-middle attacks.

eSphinx also features an eRisk Engine, an online risk management system, which was developed over six years in an attempt to provide online security, authentication and anti-fraud services to banks.

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