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Press Release |
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eBay and PayPal fight Online Fraud in Germany with VeriSign Identity Protection
LONDON – RSA Conference Europe -- October 22, 2007 – VeriSign,
Inc. (NASDAQ: VRSN), the leading provider of digital infrastructure
for the networked world, today announced successful adoption of the
eBay and PayPal Security Key following the trial with eBay and PayPal
customers in Germany. Powered by VeriSign Identity Protection
(VIP), the eBay and PayPal Security Key keeps users’ online transactions
beyond the reach of e-criminals.
Designed to protect both businesses and consumers
from the threat of online fraud, the eBay and PayPal Security Key leverages
VeriSign Identity Protection (VIP) services to deliver an additional
layer of authentication – one that extends beyond user names and passwords
– to protect the identity of the consumer. At logon, Security
Key users generate a one-time password (OTP), which is combined with
user name and static password. The OTP with user name and static
password provides consumers with two-factor authentication, which vastly
reduces the chances of unauthorised access. The eBay and PayPal Security
Key can be used with any Web site belonging to the VIP Network.
“Of customers that participated in the trial in Germany,
the majority said that they felt a higher level of security when using
the Key and would use the online service more as a result,” said Dan
Levy, Director of Risk Management PayPal Europe. “For both the
consumer and the merchant, VIP offers a hardened defense against the
insidious schemes of increasingly organised identity thieves. With the
results of this trial in hand, we now are looking forward to expanding
this program to more markets and with even more authentication options.”
By adopting VIP Authentication and participating in
the VIP Network, companies like eBay, PayPal and others have addressed
a growing threat to online commerce. Consumers’ concerns over online
fraud will cost businesses $913 million this year, according to Gartner.
As one of the Internet’s primary targets for phishing and other scams,
eBay and PayPal recognize that consumer confidence is essential to its
long-term success. The eBay and PayPal Security Key represents
an active security measure, where consumers play an active role in protecting
their transactions.
“The widening adoption of the eBay and PayPal Security
Key in Germany sends a message that’s hard to miss: consumers are looking
for the safeguards provided by VIP, and those safeguards work,” said
Simon Church VP EMEA at VeriSign. “It’s exciting to see two of the biggest
names in online commerce experience such success in deploying two-factor
authentication, underscoring its value as a proven and user-friendly
way to foil the efforts of e-criminals.”
Launched last year, VIP is the most comprehensive
suite of identity protection and authentication services designed to
strengthen and protect consumers' digital identities. VIP is particularly
attractive to organizations because VeriSign hosts the infrastructure
required to implement VIP’s two-factor authentication. This enables
a consumer’s VIP credentials to be utilized with any Web site belonging
to the VIP Network. This unique model gives consumers additional value
by protecting their online identities across the Web, and gives enterprises
the unique benefit of sharing transaction costs with other companies
whose issued tokens are accepted by other VIP Network members.
About VeriSign
VeriSign, Inc. (NASDAQ: VRSN), operates digital infrastructure services
that enable and protect billions of interactions every day across the
world’s voice, video and data networks. Additional news and information
about the company is available at www.verisign.co.uk.
Contacts
VeriSign Media Relations: Victoria Henry, vhenry@verisign.com
+44 (0) 20 8600 0723
VeriSign Investor Relations: Ken Bond, kbond@verisign.com,
+1 650 426 3744
Weber Shandwick for VeriSign: verisignlondon@webershandwick.com
+44 020 7067 0515
Statements in this announcement other than historical
data and information constitute forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. These statements involve risks
and uncertainties that could cause VeriSign's actual results to differ
materially from those stated or implied by such forward-looking statements.
The potential risks and uncertainties include, among others, the uncertainty
of future revenue and profitability and potential fluctuations in quarterly
operating results due to such factors as the inability of VeriSign to
successfully develop and market new products and services and customer
acceptance of any new products or services, including VeriSign's Identity
Protection; the possibility that VeriSign’s announced new services may
not result in additional customers, profits or revenues; and increased
competition and pricing pressures. More information about potential
factors that could affect the company's business and financial results
is included in VeriSign's filings with the Securities and Exchange Commission,
including in the company's Annual Report on Form 10-K for the year ended
December 31, 2006 and quarterly reports on Form 10-Q. VeriSign undertakes
no obligation to update any of the forward-looking statements after
the date of this press release.
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