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7/31/2006
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CoveLight Detects Fraud

Covelight Systems announced the availability of Covelight Percept 3.0

CARY, N.C. -- Covelight Systems, an innovator of solutions for real-time online fraud protection, today announced the availability of Covelight Percept™ 3.0. Percept is the industry’s first and only fraud monitoring product line that combines real-time traffic capture, identity-based fraud detection, analytics, forensics and reporting for a completely transparent solution to manage online fraud while not interfering with the application performance or the user experience.

“We’re very excited about this new offering,” said Spencer Snedecor, Covelight’s CEO. “Percept is already protecting online banking and brokerage applications at numerous financial institutions representing a combined $1.5 trillion in assets. This latest version will continue delivering value to our customers and strengthens Covelight’s technology leadership position in online fraud management.”

With the December 2006 FFIEC deadline looming, financial services institutions can quickly and painlessly deploy Percept to exceed the recommended guidance while protecting their reputations and online users from fraud, including man-in-the-middle and man-in-the-browser attacks. As evidenced by a recent well-publicized incident at Citibank, these new attacks are part of an emerging session hijacking trend designed to circumvent improved authentication controls. Additionally, Percept 3.0 can run in combination with any multi-factor authentication solution to invoke strong authentication only when needed, so the end user is not unnecessarily aggravated with burdensome challenges.

Covelight Systems Inc.

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