State Employees' Credit Union (SECU), the second largest credit union in the United States, and Cyota, Inc., the leading provider of online security and anti-fraud solutions for financial institutions, today announced the successful deployment of Cyota's FraudAction service by SECU to proactively fight phishing and other forms of online fraud.
Cyota recently reported a 633 percent increase in attacks against credit unions from January through May 2005.
Cyota's FraudAction anti-phishing service includes real-time detection of phishing and pharming attacks, shutting down fraudulent sites worldwide, conducting forensic work to help catch fraudsters, and patent-pending countermeasures. Some SECU members may also be protected by Cyota's eFraud Network, which monitors for attacks and blocks access to phishing sites via partnerships with leading Internet Service Providers (ISPs) and anti-spam providers.
"We evaluated many security vendors and chose Cyota because its proactive monitoring, take-down services and countermeasures complemented our existing extensive security measures. We also wanted to partner with a vendor who specializes in online fraud and has a full array of fraud fighting and authentication technologies beyond phishing," said Rick Rhoads, Senior Vice President of E-Services at SECU. "Cyota immediately proved its value by bringing down an active attack launched against our site from Romania within 20 minutes - something we had been trying to do ourselves for five days."
Cyota's FraudAction service was the first anti-phishing service available to financial institutions in late 2003. Since then, the service has been deployed by dozens of banks worldwide, including leading banks in the US and the UK, as well as regional banks and credit unions. The company has shut down more than 7,000 phishing sites in 65 countries since December 2003.
"Fraudsters are increasingly shifting their focus away from the larger banks toward smaller institutions that they believe lack the proper security safeguards," said Amir Orad, Cyota Executive Vice President. "As the country's second largest credit union, SECU has set a great example for other financial institutions by implementing an industry leading anti-phishing solution at an early stage to protect its brand and its members."
"Keeping our members safe from fraud is a top priority for the credit union," continued Rhoads. "SECU is committed to fighting this evolving online threat, and by partnering with Cyota we are proactively taking steps to protect our 390,000 members using our online service."
In addition to FraudAction, Cyota offers financial institutions a full suite of online security and anti-fraud solutions to protect their online users and credit card customers. Additional offerings include Cyota eSphinx, a strong two-factor, risk-based authentication solution for online banking; Cyota eVision, the company's online fraud management solution; and Cyota SecureSuite, an e-commerce fraud solution supporting Verified by Visa and MasterCard SecureCode.