Yodlee's OnCenter Reduces Loss from Identity Theft; Suspicious Transactions Identified Before Bank, Credit Card, and Brokerage Statements Arrive in Mail

REDWOOD CITY, Calif.--(BUSINESS WIRE)--May 3, 2005--With OnCenter, Yodlee's personal finance dashboard, financial institutions can dramatically reduce damage from identity theft -- including financial loss, bruised reputation, erosion of brand equity, and loss of consumer confidence in online banking. OnCenter users can recognize fraudulent transactions the same day -- stopping identity theft in its tracks and dramatically limiting the time and expense involved to resolve. OnCenter's two key features in combating identify theft are: 1) automated alerts of unusual account activity, and 2) a consolidated, real-time view of transactions across all of an individual's financial accounts. Many of the top financial institutions in the U.S., including Bank of America and Wachovia, provide OnCenter free of charge to their customers through their online banking services.

Identity Theft:

“Traditionally consumers must wait for their month end statement to arrive with unusual charges to find out that someone has stolen their identity or account information. With Yodlee OnCenter, financial institutions win since consumers give them the credit for helping catch identity theft early, thereby increasing loyalty and retention.”

-- The burden of discovering identity theft is on the consumer. According to the FTC's "Identity Theft Survey Report" (2003), companies notified their customers of identity theft situations in only 26% of incidents. Consumers most often recognized the crime when their billing statement arrived.

-- Quick recognition is the best damage control. Further, the report states that the more quickly a fraudulent transaction is identified, the less damage is done. Financial institutions bear the brunt of the cost with average costs at $4,800 per victim. When incidents are identified in five (5) months or less, only 18% of them cost greater than $5,000. In contrast, when incidents are identified six (6) months or later, costs greater than $5,000 have risen to 44% of incidents.

Yodlee's Identity Theft Solution:

-- Banks manage consumer trust and retention with OnCenter. Yodlee's OnCenter speeds up review of fraudulent transactions by bringing daily transaction updates to users. Timothy Sheehan, Yodlee's Chief Marketing Officer explains, "Traditionally consumers must wait for their month end statement to arrive with unusual charges to find out that someone has stolen their identity or account information. With Yodlee OnCenter, financial institutions win since consumers give them the credit for helping catch identity theft early, thereby increasing loyalty and retention."

-- Automated alerts reach out to potential victims. OnCenter Alerts arrive by email or mobile phone whenever a transaction on an account has exceeded a specified dollar amount. Alerts can be set for all of an individual's financial accounts -- including bank, brokerage, and credit card accounts. Common alerts that individuals set are: any withdrawal over $1,000 or credit card charge over $500. Other alerts can also be set to notify consumers of bills due and credit limit warnings.

-- Consolidated view of transactions reveals violations. Yodlee OnCenter provides a consolidated, real-time "snapshot" of an individual's various financial accounts, including transaction details. OnCenter gathers account information from banking accounts, credit cards, investment accounts and more. Thus, from one place individuals can review their financial accounts and spot unusual activity.

Availability

Identity theft prevention is just one of the ways Yodlee's OnCenter helps financial institutions deepen their relationship with their customers and increase profitability, and helps consumers simplify management of their personal finances. OnCenter is private labeled and available in hosted or enterprise software editions to financial service providers worldwide.

About Yodlee

Yodlee is the trusted leader in providing compelling financial solutions that increase profitability by leveraging Yodlee's industry-leading Aggregation Platform. Yodlee's patented aggregation technology powers and enhances a multitude of online financial offerings, including Personal Finance solutions (OnCenter Suite), EBPP solutions (BillDirect), Wealth Management solutions (AdvisorView), and Risk Management solutions (Instant Account Verification). Yodlee operates in the U.S., U.K., Australia, and Japan, and has amassed more than five million users, over $180 billion aggregated across its network, and more than 150 clients, including the world's top financial institutions and portals: American Express, AOL, Bank of America, Citibank, Fidelity, JPMorgan Chase, Merrill Lynch, MSN, and Wachovia. Yodlee is headquartered in Redwood City, California. For more information about Yodlee's industry-leading solutions, visit www.yodlee.com.