Content provided in partnership with

Business Services Industry

Cyota to Enhance Lloyds TSB Online Payment Security

Business Wire, May 19, 2004

Business Editors

LONDON--(BUSINESS WIRE)--May 19, 2004

Following a successful Verified by Visa pilot, Cyota and Lloyds TSB expand the service to include MasterCard(R) SecureCode(TM), and

roll-out the service to Lloyds TSB's entire card base

Lloyds TSB, the 3rd largest credit card issuer and largest debit card issuer in the UK, announced today that following a successful six-month Verified by Visa pilot, it has selected Cyota to add MasterCard SecureCode to the service and roll it out in a phased basis to Lloyds TSB's 15 million credit, debit and chargecard holders. The service is managed from Cyota's local facility in London. MasterCard SecureCode and Verified by Visa are designed to provide Internet shoppers with a virtual receipt to sign at the point of purchase, thus reducing online fraud.

Most Popular Articles in Business: Research and Markets : Tesco Plc - SWOT Framework Analysis; Do Us a Flavor - Ben & Jerry's Issues a Call for Euphoric New Flavors; eBay made easy: ready to start an eBay business? These 5 simple steps will ...; Katrina's lawsuit surge: a legal battle to force insurers to pay for flood ...; Wal-Mart's newest distribution center opened last month near the southwest ...; More »

"Lloyds TSB is the largest bank to fully adopt the service in the UK to date and we are proud to be working with them", said Naftali Bennett, Cyota CEO. "The number of MasterCard SecureCode and Verified by Visa participants steadily increases every day, it's exciting to see these initiatives gaining great momentum throughout Europe and primarily in the UK."

"Based on our pilot results and analysis as well as the traction that Verified by Visa and MasterCard SecureCode have gained in the UK over the past few months, we have decided to provide all of our cardholders with the opportunity to use this extra security while shopping online," commented David Cooper, Head of Risk Management and Compliance, Lloyds TSB Consumer Lending and Current Accounts. "We are delighted to expand our relationship with Cyota. Their managed solution will encompass our multiple card programs, processed in several data-centers, such as credit, debit and co-branded cards into one consistent, local service."

The initiatives - MasterCard SecureCode and Verified by Visa - facilitate cardholder authentication for online transactions, which helps to reduce online fraud, and at the same time increase cardholder confidence. The initiatives have been adopted by nearly all of the top global issuers. Cyota currently powers systems for 3 of the top UK issuers, 7 of the top 10 issuers in the US, and 4 of the top 10 issuers in Japan, as well as multiple small to mid-size issuers, supporting over 350 million cardholders worldwide.

Notes to editors

Lloyds TSB is the 3rd largest UK credit card issuer by card numbers (Datamonitor 2003)

About Cyota

Cyota is the leading provider of security and anti-fraud solutions for financial institutions. Cyota services multiple clients in North America, Europe and Asia-Pacific with anti-fraud and security systems currently available to over 350 million accountholders. Founded in 1999, Cyota is headquartered in New York with offices worldwide. Cyota is led by a respected management team with extensive experience in the security, Internet and banking industry. For more information please visit www.cyota.com

Business Services Industry

Cyota to Enhance Lloyds TSB Online Payment Security

Business Wire, May 19, 2004

Find Research Guides for:

Find Featured Titles for: Home & Garden

Most Popular Articles in Business

Most Popular Publications in Business