Telefonica Empresas and Cyota, the leading provider of online fraud and authentication solutions for financial institutions, announced today that both entities have decided to bring state-of-the-art anti-fraud and authentication services to banks in Spain.
Telefonica is one of the largest providers of IT services to financial institutions in Spain. The agreement will allow Telefonica clients to enjoy the best, most effective solutions in the area of phishing, pharming, online fraud/risk management, and strong authentication. All services are provided in Spanish and are localized to meet the special requirements of the market.
Cyota's anti-fraud services have proven to be extremely effective and designed to assist banks in fighting online financial fraud as it evolves and spreads worldwide. Cyota's offerings include Cyota FraudAction, the company's proven anti-phishing and anti-pharming solution, Cyota eVision, an online banking anti-fraud and risk management system, Cyota eSphinx, Cyota's Risk Based Two-Factor Authentication solution, which also includes Cyota eStamp watermark reverse authentication of the bank web site to the online banking customer.
Banks in Spain offer some of the most advanced online functionalities available anywhere in the world, but have concerns about the vast growth of fraud in this area", says Uri Rivner, VP International Marketing for Cyota. "The immediate focus is in the areas of phishing and pharming, which are existing threats. Some banks also look for long-term online fraud detection and management solutions that will help them manage the risk of Internet Banking. We are looking forward to extending our services and expertise to the Spanish market through a distinguished local partner such as Telefonica."