New York security software vendor Cyota has launched FraudAction, a package of software and services designed to help financial firms detect and manage e-mail scams and 'phishing' attacks.
Phishing uses spam e-mail to direct users to fake Web sites in order to con them into giving over personal financial data. Cyota's FraudAction service includes real-time alert and detection systems that help banks to identify an attack as soon it takes place and take immediate action.
As part of the service, Cyota's anti-fraud command centre conducts an extensive risk assessment using proprietary algorithms and models which will help the bank make educated decisions to deal with an attack.
The vendor says it has also developed "patent-pending technical counter-measures", providing banks with tools to help reduce the risk of an attack, minimise its impact and increase the chances of identifying fraudsters. Cyota will also provide a detailed post-mortem attack analysis to identify any compromised accounts.
Financial institutions can also sign up to Cyota's consulting services to learn about phishing and devise an action plan to address the problem.
Naftali Bennett, Cyota CEO, says: "As fraudsters aggressively develop new ways to take advantage of peoples' trust in their bank and the Internet channel for identity theft and other crimes, Cyota ensures that financial institutions stay one step ahead of the game."