Covelight Systems Ups the Ante for Online Fraud Management Solutions with Covelight Percept™ 3.0
Percept is the ONLY solution that provides complete real-time online fraud detection without requiring ANY application integration or end-user spyware
July 31 2006 – Cary, NC - Covelight Systems, an innovator of solutions for realtime online fraud protection, today announced the availability of Covelight Percept™ 3.0. Percept is the industry's first and only fraud monitoring product line that combines real-time traffic capture, identity-based fraud detection, analytics, forensics and reporting for a completely transparent solution to manage online fraud while not interfering with the application performance or the user experience.
"We're very excited about this new offering," said Spencer Snedecor, Covelight's CEO. "Percept is already protecting online banking and brokerage applications at numerous financial institutions representing a combined $1.5 trillion in assets. This latest version will continue delivering value to our customers and strengthens Covelight's technology leadership position in online fraud management."
With the December 2006 FFIEC deadline looming, financial services institutions can quickly and painlessly deploy Percept to exceed the recommended guidance while protecting their reputations and online users from fraud, including man-in-the-middle and man-in-the-browser attacks. As evidenced by a recent well-publicized incident at Citibank, these new attacks are part of an emerging session hijacking trend designed to circumvent improved authentication controls. Additionally, Percept 3.0 can run in combination with any multi-factor authentication solution to invoke strong authentication only when needed, so the end user is not unnecessarily aggravated with burdensome challenges.
Percept 3.0 features include:
Starting with the initial access, through login and during the entire session, Percept monitors each user's online activity and automatically builds a behavioral profile that is used to detect suspicious or high-risk activity in real-time to trigger alerts and generate a two-dimensional session risk score. In addition, Percept maintains detailed session and transaction logs supported by the guided analytics of an incident investigation console to support fraud case management and on-demand user audits.
"We continue to be impressed with Percept and its capabilities. What they can capture - in an easy-to-install and maintain passive monitoring solution that does not adversely affect our applications or our users - is remarkable," said longtime Percept customer Chip Wentz, Senior VP of Information Security at First Citizens Bank. "Our operational risk, compliance and information security teams all rely on the real-time detection and fraud analytics that Percept provides us."
Brian Ellis, senior director of application assurance at Answerthink, agrees: "SunTrust Bank was looking for a solution to protect a group of their outward-facing applications. They wanted to deploy transparent fraud detection and user-focused analytics without making any changes to the applications. They concluded that Covelight Percept would give them strong and comprehensive protection for their applications and online users."
FINANCIAL INSTITUTIONS BEWARE
The pressure is on, and financial institutions are working to get systems in place that meet FFIEC compliance demands. During the process, however, they may be unknowingly compromising their online applications. The following list outlines what banks should consider when preparing to comply with FFIEC guidelines so that their online applications are not compromised:
About Covelight Systems
Covelight Systems is the field-proven leader in online fraud and identity theft solutions. With deployments at organizations that combined represent approximately $1.5 trillion in assets, Covelight's products, including Percept™ and FraudProbe™, provide real-time identity-based monitoring of critical online applications to protect the institutions' reputation and end-users from online fraud and identity theft. Only by deploying Covelight solutions can organizations detect suspicious user activity associated with online account takeover fraud, insider identity theft, phishing activity and session hijacking. For more information, go to www.covelight.com or call at (919) 677-9680.