CHANTILLY, VA— [In December 2005 RSA Security acquired Cyota, a New York-based anti-fraud company.]
Online Resources Corp. (NASDAQ: ORCC), a leading provider of Internet financial services today announced it will provide the industry’s only integrated security solution that bridges and protects both Internet banking and bill payment applications. The Company has partnered with RSA Cyota Consumer Solutions, a division of RSA Security, to offer integrated risk-based authentication, anti-phishing technology and risk management reporting.
The solution, which is compliant with guidelines recently released by the Federal Financial Institutions Examination Council (FFIEC), will eliminate the need for the Company’s full service clients to implement multiple security technologies. Because Online Resources is the only provider of single platform, integrated online banking and bill payment services, each of the solution components can be implemented across the two applications.
"Deploying a security solution across tightly integrated online banking and payments applications provides our Banking Division’s full service clients critical advantages, including a richer, more cohesive view of transaction data and end-user activity, a seamless end-user experience and a streamlined response process," stated Matthew P. Lawlor, chairman and chief executive officer of the Company. "Our Internet bill payment and Card Services clients will also benefit from some of the same technologies."
Online Resources’ solution offers significant benefits to our clients that are unique to the Company’s integrated infrastructure. For example, behavioral indicators in the online banking application, such as a password change, will be linked with indicators in the online bill payment application, such as the addition of a suspicious payee. In such a situation, the financial institution will be enabled to either challenge or block the end-user.
The Company’s solution will incorporate RSA Cyota’s multi-factor authentication capabilities, and its anti-phishing and risk monitoring services. Online Resources clients will also join the RSA Cyota eFraudNetwork, a cross-bank online fraud repository, which allows financial institutions to share fraudster profiles, and efficiently detect and stop online banking and online commerce fraud in real-time.
Other elements of the Online Resources security suite include risk management reports of end-user activity and high-risk transactions, alerts, as well as consumer awareness campaigns and rapid response support enabled by the Company’s multiple consumer touch points.
About Online Resources
Online Resources powers Internet financial services for over 800 firms nationwide. The Company’s proprietary account presentation, payment, relationship management and professional services are branded to its client banks, credit unions, card issuers and payment acquirers. The Company serves over three million consumer end-users and processes approximately $15 billion in payments annually. Founded in 1989, Online Resources (Nasdaq: ORCC, Website: www.orcc.com) has been widely recognized as one of the nation’s fastest growing technology firms.This news release contains statements about future events and expectations, which are "forward-looking statements." Any statement in this release that is not a statement of historical fact may be deemed to be a forward-looking statement. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Specifically factors that might cause such a difference include, but are not limited to the Company’s: history of losses; dependence on the marketing efforts of third parties; potential fluctuations in operating results; ability to make and successfully integrate acquisitions of new businesses; potential need for additional capital; potential inability to prevent systems failures and security breaches; potential inability to expand services and related products in the event of substantial increases in demand; competition; ability to attract and retain skilled personnel; reliance on patents and other intellectual property; exposure to the early stage of market adoption of the services it offers; exposure to the consolidation of the banking and financial services industry; and additional risks and uncertainties discussed in filings made by the Company with the Securities and Exchange Commission, including those risks and uncertainties contained under the heading "Risk Factors" in the Company's Form 10-K, latest 10-Q, and S-3 as filed with the Securities and Exchange Commission. These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements.
About RSA Cyota Consumer Solutions
RSA Cyota Consumer Solutions, a division of RSA Security Inc., offers proven solutions for online banking and e-commerce that range from adaptive authentication – with risk-based technology, one-time-passwords and transaction-signing – to anti-phishing services and real-time transaction monitoring that controls fraud and manages risk. The company’s eFraudNetwork™ community is the world’s most effective cross-bank collaborative online fraud network. Today, many of the world’s top 50 banks, including nine of the top 12 banks in North America and the UK, use RSA Cyota solutions to protect approximately 430 million consumers.
About RSA Security Inc.
RSA Security Inc. is the expert in protecting online identities and digital assets. The inventor of core security technologies for the Internet, the Company leads the way in strong authentication and encryption, bringing trust to millions of user identities and the transactions that they perform. RSA Security’s portfolio of award-winning identity & access management solutions helps businesses to establish who’s who online – and what they can do.
With a strong reputation built on a 20-year history of ingenuity, leadership and proven technologies, we serve approximately 20,000 customers around the globe and interoperate with more than 1,000 technology and integration partners. For more information, please visit www.rsasecurity.com
