SOURCE: Nicaragua Rising, Inc.

April 13, 2010 08:30 ET

Ceelox Provides Preventive Medicine to Ease E-Banking Security Fears

TAMPA, FL--(Marketwire - April 13, 2010) -  Ceelox, Inc. announces a cyber solution product set to fight recent E-banking attacks aimed at end user fraud. Two factor identity authentication utilizing biometrics can be provided through the use of Ceelox ID Online™. Ceelox is a majority-owned operating subsidiary of Nicaragua Rising, Inc. (OTCBB: NCRG) (the "Company" or "Nicaragua"). 

In a recent article published by Computerworld, the unabated plundering of online bank accounts belonging to small and midsize businesses has raised significant questions about the authentication and fraud-detection capabilities used by financial institutions. The lack of controls has led to significant theft as the FDIC recently disclosed that during the final 2009 quarter alone, cyber thieves stole more than $150 million from small and midsize business accounts. Currently, banks are not required to reimburse commercial accounts for losses from theft.

Paul Smocer, vice president of security at BITS, an industry consortium representing the 100 largest financial institutions in the U.S., quoted in the article "real uptick in sophistication" in cyber attacks targeting commercial accounts over the past six months or so. Such attacks are seriously testing token-based authentication measures that have been used by banks for many years, Smocer said. "Until fairly recently, token-based authentication was considered to be very strong," he said. However, as banking malware becomes increasingly sophisticated, "token methodology is not as strong as it has been historically."

In nearly all the recent cases, cybercriminals compromise a bank customer's valid bank authentication credentials and replay them to gain access to the customer's account and then begin siphoning off funds. With other vendor 2-factor authentication solutions, compromised credentials can be replayed and thereby can be used to steal depositor's funds. "Given our real-time, live biometric access authentication cyber theft and replay attacks are not allowed and compromised credentials are denied," said Gerry Euston, Ceelox Chief Executive Officer.

Ceelox ID Online™ is a software portal that easily and quickly integrates into a financial institution's systems. Ceelox ID Online™ provides an additional layer of security that overlays a financial institution's existing security. With two-factor authentication, any financial institution significantly enhances the security of online banking, wire transfer and ACH applications. Unlike other 2-factor authentication solutions, Ceelox ID®, biometric two-factor authentication, is integrated into the design, creating the most definitive real time authentication tool available. In addition, the Ceelox patent pending solution eliminates replay attacks, which have been the source of the recent wave of cybercrime creating a preventative medicine approach to security.

About Nicaragua Rising, Inc.
Nicaragua Rising, Inc., through its majority-owned operating subsidiary, Ceelox, Inc., is a developer of biometric security and encryption software solutions for financial institutions, healthcare companies, utilities, government agencies and other organizations for whom information access are key concerns. Its security and encryption tools are easy to deploy, simple to use, cost-effective and affordable for organizations of all sizes. 

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This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure outlined in our Form 8-K filed with the Securities and Exchange Commission on February 12, 2010 and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

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