Corillian teams with Cydelity to provide M&T Bank with comprehensive protection against online fraud and identity theft
Corillian Corp. (NASDAQ: CORI), the top provider of online banking, payment and security solutions to the financial services industry, announced that M&T Bank, a $56 billion bank headquartered in Buffalo, N.Y., has selected Corillian Intelligent AuthenticationT to provide strong online authentication services to both its consumer and small business online banking customers.
Corillian Intelligent Authentication will be integrated with Cydelity's eSentry online fraud solution, already deployed at M&T Bank, to provide end-to-end monitoring and protection of the entire online banking session, along with risk based authentication by transaction and individual user.
"We are continually looking for ways to enhance our online security programs and add additional layers and methods of protection for our online customers," said Matthew Speare, CISO of M&T Bank. "The combination of Corillian Intelligent Authentication with Cydelity's eSentry solution gives us a powerful combination of technologies for protecting the online channel and to combat the evolving online threats in the industry today."
Corillian Intelligent Authentication employs a behavioral approach to authentication by building a history of "access signatures" for individual users. This is accomplished by collecting and validating information about each user's computer and method of Web site access without collecting personally identifiable information or requiring participation of the end user in the data collection process. Corillian Intelligent Authentication provides a platform for completing a behavior risk analysis and challenging users when their access behavior falls outside of their typical patterns.
Cydelity eSentry's risk based progressive scoring system tracks all authorized and unauthorized activity from the point of a user's arrival at a banking web site to point of departure. All activity monitored by eSentry is aggregated into end-to-end incidents tying all suspicious activity - such as identification information, tampering attempts, and service breaches along with fraudulent transactions - into a holistic, actionable view.
"As the online threats in the financial services industry continue to grow and expand, financial institutions are looking for ways to proactively detect online fraud and prevent unauthorized access to online accounts," said Greg Hughes, chief security executive of Corillian. "Together, Corillian and Cydelity give M&T Bank an extended, multi-layered, comprehensive fraud protection solution to protect online accounts without disrupting the ease and convenience of the online banking experience."
"In order to fully protect consumers and meet evolving regulatory requirements, financial institutions need to make sure they have both 'locks on the doors' to ensure authorized access, and 'motion sensors' that can flag fraudulent or suspicious activity once a user is granted access to online services," said Bob Ciccone, CEO, Cydelity. "By working in conjunction with Corillian, we can deliver to M&T Bank a long term protection strategy in time to meet upcoming FFIEC deadlines."
About M&T Bank
M&T Bank is the principal banking subsidiary of Buffalo-based M&T Bank Corporation ("M&T")(NYSE: MTB). M&T has more than $56 billion in assets and over 650 branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia.
About Corillian
Corillian is the market leader of online banking, payment and security solutions to the financial services industry. With 29 of the top 100 U.S. banks and 21 of the top 100 U.S. credit unions as customers, Corillian serves over 30 million online banking end users. Corillian provides the most flexible, scalable and secure set of online banking applications across multiple lines of business, integrating best-practice functionality developed for some of the most innovative financial institutions in the world. Corillian features integrated applications across Consumer Banking, Small Business Banking, Wealth Management, Credit Card Management, and Corporate Cash Management, as well as enterprise wide solutions, including Fraud Detection, Payments Warehouse, Alerts, eStatements, and OFX. Corillian's fraud prevention solutions use Preemptive ForensicsT to protect web sites from phishers, hackers, and fraudsters. Corillian's strong authentication solution provides a low-cost solution for multi-factor authentication while maintaining high user satisfaction. Empowered by Corillian solutions, some of the world's most visionary financial institutions provide their customers with the tools to manage their finances more effectively and securely. For more information about Corillian Corporation, visit the company's web site at http://www.corillian.com/.
About Cydelity
Cydelity, Inc., founded in 2003 offers patent pending real time frauddetection and management technology based on years of research and development by experts in online behavior and security systems. Providing web channel integrity - for every transaction and every user - Cydelity's technology provides financial institutions and their consumers protection from online fraud and sensitive data theft, while preserving convenience and high levels of customer experience. Interoperable with any multi-factor authentication solution, eSentry is deployed at leading financial institutions and service providers. Cydelity is headquartered in Santa Clara, CA., and privately funded.