RALEIGH, N.C. – State Employees' Credit Union can say it got rapid ROI on its investment in a new online anti-fraud service when the vendor, Cyota Inc., stopped a phishing attack 20 minutes into the deal. Cyota's FraudAction anti-phishing service includes real-time detection of phishing and pharming attacks, shutting down fraudulent sites worldwide by jamming them and by working with their host ISPs, and conducting other forensic work to help catch fraudsters. Before signing SECU, New York-based Cyota's client list already included America Online and Earthlink, eight of the world's largest 12 banks, and credit unions that include $24 billion Navy Federal, $5.4 billion BECU and $2.3 billion Pennsylvania State Employees CU. Another 2,500 credit unions are served through processors such as Concord and Elan, the company says, and it has just announced a re-seller agreement with Digital Insight. At $12.6 billion SECU, "we evaluated many security vendors and chose Cyota because its proactive monitoring, take-down services and countermeasures complemented our existing extensive security measures," says Rick Rhoads, senior vice president of e-services. The credit union gives prominent play on its home page at www.nscecu.org to the threat of phishing attacks, with a link to a section on how members can avoid being taken in. And now, Rhoads says, "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.". Phishing attacks have most definitely moved downstream, with attacks against credit unions and other community and regional financial institutions up 633% so far in 2005, Cyota says. "Fraudsters are increasingly shifting their focus away from the larger banks toward smaller institutions that they believe lack the proper security safeguards," says Amir Orad, the company's 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," Orad says. Cyota's FraudAction service was first offered in late 2003 and since then has shut down more than 7,000 phishing sites in 65 countries, the company says. -

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