Thursday, 22 February 2007

FMT Unveils FMT Octopus to Tackle Online Fraud Industry

Fraud Management Technologies (FMT) has released FMT Octopus—a technology that transforms the way online fraud is prevented. Discarding outdated conventional methods, FMT Octopus is the first risk software to embed in a bank’s Web application server—functioning as a real-time, front-end fraud solution without requiring any changes to existing applications, the company is quoted to have said.

“By redesigning the way suspicious activity is detected, analysed and directed, we’re changing banks’ perceptions of e-security and risk management,” says FMT CEO Kostas Siourthas.

According to the company, FMT Octopus eliminates the need for APIs. FMT Octopus is easy to install, platform, operating system, database and application server independent, and openly integrates with existing legacy systems to examine enormous volumes of information in isolation and in context. Authentication options include two-factor requests and human intervention. About FMT FMT was founded in 2002 to help financial institutions contain risks associated with online banking. The company’s real-time, easily installed, front-end products prevent fraudulent activity and mitigate risk through predetermined strategies designed to be non-customer intrusive.