Corillian Introduces Innovative Solution to Catch Phish Before They Bite; Solution Enables Financial Institutions to Proactively Protect against Electronic Fraud

Business Wire, July 14, 2004

PORTLAND, Ore. -- Corillian Corp. (Nasdaq:CORI), the number one provider of online banking solutions to leading financial institutions, today announced the availability of the Corillian Fraud Detection System, a patent-pending web log analysis solution and methodology providing financial institutions with an innovative way to proactively address the current phishing threat coursing through the online banking sector.

Recent industry reports indicate that 57 million U.S. adults received a phishing attack e-mail within the past year, meaning an attempt was made by hackers who pretend to be trusted service providers to steal consumer account information. Unlike other available anti-phishing techniques that wait to work until a phishing attack is launched, Corillian Fraud Detection System provides financial institutions with a way to identify phishing behaviors before they turn into full-fledged attacks on the financial institution and its customers.

"Phishing attacks are contributing to the problem of identity theft and online fraud. The number of phishing e-mails has jumped over 4000 percent in the past six months and the problem is skyrocketing," said Dave Jevans, chairman of the Anti-Phishing Working Group (www.antiphishing.org). "This is an issue that financial institutions need to proactively address. The Corillian Fraud Detection System is a valuable solution that enables financial institutions to detect phishing attacks as they are being constructed, identify customers who may have been victimized and take action against the source of the attacks."

"We have provided online banking solutions to the top financial institutions in the United States for several years, and our partnership with these institutions has resulted in an accumulation of knowledge on the online threats and fraudulent activity that phishers and other scam artists try to launch," said Jim Maloney, chief security executive at Corillian. "The Corillian Fraud Detection System incorporates the best practices we have identified to help not only financial institutions and their customers, but retailers and other companies as well, to reduce the risks associated with phishing and other fraudulent activities."

Corillian's security team has characterized the behaviors associated with the phishing life cycle and updated the Corillian Fraud Detection System to provide a financial institution's web site administrators with a way to detect phishing attack behaviors, including:

--Building and testing the phishing site

--Building and testing the phishing e-mail

--Launching the phishing e-mail

--Collecting user and account information

--Verifying and using the user and account information

Corillian Fraud Detection System is currently being used by Corillian's hosted clients and is now available to all financial institutions on a hosted or licensed basis.

"Phishing has become the latest threat to financial institutions with more than 450 attacks against Internet Service Providers, retailers, financial institutions and other industries in the first few months of 2004 alone," said Ariana-Michele Moore, analyst with Celent Communications. "The magnitude of the threat depends heavily upon a financial institution's ability to detect and thwart the fraud. The sooner the fraud is detected and dealt with, the lesser the chance for significant damage. Corillian has set a precedent within the financial services industry by developing, testing and improving a solution that can not only assist financial institutions with identifying phishing, but with monitoring other potentially fraudulent behaviors on their servers. Such a solution would help to better protect their customers."

In addition to providing preemptive attack identification, the Corillian Fraud Detection System enables financial institutions to rapidly identify and respond to those account holders who may have fallen victim to the phishing scam. The Corillian Fraud Detection System provides information as to which customers have visited the phishing site, allowing the financial institutions to adjust the security measures around the potentially compromised bank account, and provides an opportunity to follow up with each customer, to educate them on the threat of phishing and discuss how they can protect themselves in the future.

About Corillian Corporation

Corillian is the top provider of online banking solutions to leading financial institutions. Empowered with Corillian solutions, some of the world's most visionary financial institutions provide their customers with the tools to manage their finances more effectively. Corillian's solutions are unmatched in reliability and performance and successfully scale at some of the world's largest financial institutions. Corillian's proven solutions enable financial institutions to deliver innovative services enterprise-wide, across multiple delivery channels and multiple lines of business. The Corillian Voyager platform provides secure and scalable account access and transaction processing for a wide variety of applications built by Corillian's expert software developers, by Corillian-certified partners and by the in-house development organizations of some of the world's best financial institutions. For more information about Corillian Corporation, visit the company's Web site at http://www.corillian.com.