CashEdge Selects Covelight Systems to Enhance OpenNow™ | FundNow™
Covelight Percept™ Adds Additional Layer of Identity Theft and Fraud Detection to Online Account Opening and Funding Applications
CARY, N.C. – May 1, 2006 – Covelight Systems, an innovator of solutions for real-time identity-based monitoring of Web applications to detect fraud and identity theft, today announced that CashEdge, the leading provider of online financial applications, has chosen Covelight Percept to augment its risk management solution for its online account opening and funding applications.
OpenNow and FundNow enable financial institutions to facilitate real-time account opening and funding through their branded Web sites. Prospective customers can apply for, be approved for, and fund a new account in a single session through an automated authentication and verification process. The selection of Covelight's real-time user monitoring and profiling solution will protect confidential data from fraudulent Web access and insider misconduct, adding an additional layer of protection for CashEdge's financial customers.
According to Matt Rouse, CashEdge Vice President of Operations & Security, "CashEdge serves hundreds of financial institutions, including four of the nation's top ten banks. Safeguarding their sensitive account data is a top priority," he explained. "We deployed Covelight Percept to monitor application activity as an added level of security because we were impressed by their expertise in detecting suspicious behavior indicative of fraud and insider misconduct," he added.
Covelight Percept's real-time identity based monitoring and user profiling combines industry leading traffic capture, analytics, forensics and reporting to provide a non-intrusive turnkey solution for managing and detecting internal and external threats without degrading Web application availability or performance.
"CashEdge is committed to privacy protection for its online operations, said Spencer Snedecor, CEO at Covelight Systems. "Their selection of Covelight Percept to further secure their OpenNow | FundNow application underscores CashEdge's commitment to protecting their banking clients' confidential data."
About Covelight Systems
Covelight Systems is a leader in passive, real-time user monitoring and profiling of Web applications to protect confidential data from online fraud and identity theft. Covelight's products, including Percept™ and FraudProbe™, provide real-time visibility into critical Web applications, detect suspicious behavior, provide continuous identity-based auditing for compliance, and forensic data for incident investigation. Only Covelight delivers solutions to detect the external and internal threats to confidential information and identity data accessed through Web applications, including account takeover fraud, insider identity theft, phishing activity and hacking.
For more information, go to www.covelight.com.
CashEdge® provides innovative, online financial applications for banks, credit unions and wealth management firms. CashEdge's solutions include end-to-end online account opening and funding, funds transfer and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities. With CashEdge, financial institutions are able to create compelling online offerings that attract customers, generate revenues and reduce costs.
CashEdge serves more than 450 leading financial institutions, including such leading institutions as Bank of America, Citibank, and Royal Bank of Canada. CashEdge has offices in New York and Silicon Valley.
For more information, please visit www.cashedge.com.