NEW YORK - (07/26/05) -- Cyota Inc. said it has introduced anew solution for combating online phishing by using reverseauthentication, a consistent way for credit unions and banks tovalidate themselves to customers for online transactions and emailcommunications. The company's eStamp solution verifies the creditunion's website to the accountholder with a personalized graphicalwatermark before the accountholder discloses login information.When the credit union displays the correct user-selected image, theuser/accountholder knows it is safe to begin the transaction.eStamp can also be embedded into email communications from creditunions to accountholders to further preserve the credibility andintegrity of the online channel. Cyota is offering eStamp at a costof 10 cents per user per year.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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