Cyota, the leading provider of online security and anti-fraud solutions for financial institutions, and Quova, Inc., the leaders in web geography services and technologies, today announced a strategic partnership to fight online fraud.
Cyota has incorporated Quova's flagship GeoPoint™ service, which provides the real-time geographic location of online traffic, into its risk detection and anti-fraud technologies. The first solution to be announced by Cyota integrated with Quova's technology is the newly released Cyota eVision™ online fraud management solution, which has been successfully deployed to multiple Cyota customers with impressive results. Cyota's fraud detection, management and reduction technologies are currently live with several large US and UK banks.
Cyota's proprietary eVision solution analyses and scores every online transaction, and is supported by a sophisticated case management system, a real-time feedback mechanism and more. Cyota's eRisk Engine creates a real-time risk score for each activity using an array of online sensors and parameters, including Quova's geolocation data and other IP-related information, device fingerprints, "fraudsters" profiles, transactional data and Cyota's eFraud Network, which leverages Cyota's global network of banks to identify fraudster profiles and patterns. Cyota's anti-fraud technologies track fraudster behavior across over 60 different countries and 10,000 network members. This holistic view of online transaction data is an invaluable asset in Cyota's fraud detection arsenal.
Following an intense research process in which Cyota surveyed the market and technically researched several partners, Cyota selected Quova to provide the IP geolocation data feed for its systems.
"In order to provide our banks with the most accurate online fraud and security services, and following an extensive research process, we partnered with Quova, the leader in the geolocation field. On top of its leading technologies, Quova brings unique expertise and the world's largest database of networks and IP addresses to the partnership," said Amir Orad, executive vice president of marketing for Cyota. "In addition to adding value to our own customers, Quova clients can now utilise Cyota's end-to-end anti-fraud solutions with the Quova technology incorporated in them."
"Cyota has quickly established itself as the leader in fraud solutions for financial services, and this is a natural and exceptionally strategic partnership for Quova," said Marie Alexander, president and CEO of Quova, Inc. "Cyota's technology and business expertise in this area is unmatched, and we expect to work with Cyota to produce powerful new fraud prevention solutions for the online enterprise in the years to come."
Cyota addresses all Internet fraud-related losses at financial institutions with various products and services. Cyota eVision allows banks to detect, flag and investigate online fraud. Based on the findings, banks can then take appropriate action to mitigate and reduce fraud. Additional Cyota services include FraudAction™, an end-to-end anti-phishing solution, and the SecureSuite™ e-commerce fraud solution for card issuers supporting the Verified by Visa and MasterCard SecureCode industry standards.