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Press Release |
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Around the World, Consumers and Businesses Turn to VeriSign® for Online Identity Protection
In Effort to Fight Online Fraud, Rapidly Growing VIP Network Extends
its Reach to More Financial Institutions, Merchants and Government Agencies
London – October 31, 2008 – As consumers wrestle with Internet
security concerns in the face of recent high-profile account break-ins,
more online businesses than ever are shielding their customers from
e-criminals with identity protection services from VeriSign, Inc. (NASDAQ:
VRSN), the leading provider of Internet infrastructure for the networked
world.
From financial institutions and merchants to government
agencies, organisations the world over are deploying VeriSign® Identity
Protection (VIP) services to thwart the efforts of fraudsters whose
phishing schemes can trick consumers into revealing sensitive private
information. VeriSign Identity Protection service’s one-time-passwords
(OTP) are one element of a layered security approach. Other layers include
Web site security brought by an Extended Validation (EV) SSL Certificate,
fraud detection services to monitor anomalies on the back end, and consumer
education to arm end users with information.
Today VeriSign spotlighted several new VIP Network
members, a growing reseller channel for Identity and Authentication
Services, and new data that suggests consumers continue to find VIP
strong authentication valuable and easy to use. VIP Services is a comprehensive
suite of identity protection and authentication services designed to
strengthen and protect consumers' online identities.
VIP Network Adds Members Worldwide
Demand among consumers for stronger safeguards from e-criminals
led dozens of organisations to join the VIP Network in the past year.
These customers have signed up for various credentials from tokens supplied
by ActivIdentity to innovative credit-card-format tokens from InCard
Technologies (NASDAQ: INVC).
- American Bankers Association, the largest bank trade association
in the U.S.
- AWA Credit Union Ltd, the Credit Union for ALCOA employees
and their families Australia wide
- Central Murray Credit Union, a small-medium sized financial
institution based in rural Australia
- DocLocker, an Australia-based provider of secure online document
storage and sharing services for businesses worldwide
- Indusval Multistock, a 40 year old, successful banking and brokerage
firm in Brazil
- Joyo Bank, a large banking institution in Japan
- Maitland Mutual Building Society, a regionally based financial
institution in Australia providing savings solutions and loan products
to its members
- Morgan Street Document Systems, the premier provider of personalised,
web-based, document management services to high-net-worth individuals
and their advisors
- South West Credit Union, servicing the communities of South
West Victoria, Australia
- U.S. Department of Education, Federal Student Aid - providing
financial assistance to students for higher education
- VietUnion, a Vietnam–based provider of online payment service
Payoo
- Water ISAC, a private, not-for-profit organisation authorised
by the U.S. Congress and established by utilities to provide information
necessary to secure water systems
Membership in the VIP Network allows online businesses
to use the same VIP credentials on various other network members' sites,
including AOL, eBay, PayPal and many others.
Ease-of-Use Drives Popularity
With a growing selection of credential options, consumers continue
to report that use of one-time password with VIP is both valuable and
easy to use. At eBay Live! in June, 689 attendees responded to a survey
about their experiences with the PayPal Security Key, a type of VIP
security credential that provides a one-time password (OTP) for every
transaction. During an online transaction, this password is entered
into a user interface with other information (such as user name and
static PIN) for multifactor authentication.
A third of respondents said they use the PayPal Security
Key, and nearly three-quarters of users reported that their PayPal key
is easy to use. What’s more, most respondents said they wanted to enjoy
VIP protection with a variety of services – including online banking,
shopping, gaming and stock trading – while nearly half hoped to use
their token to access health care services.
“Before I started using my token, someone was breaking
into my account every four to six weeks,” said Janice Lindgren, an eBay
seller of sports memorabilia. “I'm so glad I came across the Security
Key last year during eBay Live. I feel safe when I use it. My husband
and I aren’t computer experts – I’m 63 and he’s 71 – but this is easy.
I previously had to change my password constantly to keep others out
of my account, but since I started using the PayPal Security Key, I
haven’t had to change it once.”
Growing Partners Extend Reach of VIP
Enhancements to VeriSign’s sales and delivery channel for VIP
also has extended the network’s market presence worldwide. VeriSign
recently added to its channel and strategic partner ranks:
- Blitz IT Consultants
Pte Ltd in Vietnam
- Senior Solutions in
Brazil
- Scitum and Netrix
in Mexico
- Bharti Airtel in
India
- iTrusChina in China
- MSCTrustgate in
Malaysia
And in the Europe, Middle East and Africa (EMEA) region,
VeriSign launched a new program aimed at recruiting at least one anchor
partner for the UK, Germany, France, Spain and Italy. Other efforts
are underway to ensure that VIP is represented via a robust and far-reaching
ecosystem, particularly within the financial, retail, social networking
and gaming markets.
More Credential Options for Users
The PayPal Security Key is one of several convenient types of
credentials accepted by VIP Network members. Because VIP is compliant
with OATH (Open Authentication Organization) specifications, consumers
can leverage credentials in many form factors designed to fit an individual’s
needs and usage preferences.
VeriSign offers traditional VIP credentials from various
different manufacturers such as Vasco, ActivIdentity, and Gemalto, and
software based tokens that work on Java and BREW-based mobile phones.
In addition, VeriSign’s SMS credentials, which enable OTPs to be sent
via a text message to a mobile phone, are now live. Finally, VeriSign
offers credit card sized form factors for OTP authentication from InCard
Technologies.
“As recent high-profile account break-ins on bank
accounts and email accounts suggest, the days when simply entering a
username and password was enough to protect consumers online are long
gone,” said Fran Rosch, vice president, Identity and Authentication
Services at VeriSign. “The VIP Network provides an essential and convenient
layer of defense for the millions of consumers who rely on online businesses
to provide a safe and secure experience every time they log on.”
The unique VIP Network allows consumers to use a single
security device to authenticate themselves across any VIP-enabled Web
site. This makes it more convenient for users to adopt two-factor authentication
into their online routine. For online businesses, joining the VIP Network
helps distribute the costs of stronger authentication, thus accelerating
its inevitable acceptance in the global marketplace. For more information,
visit http://www.verisign.com/authentication/consumer-authentication/index.html
About VeriSign
VeriSign, Inc. (NASDAQ: VRSN) is the trusted provider of Internet
infrastructure services for the networked world. Billions of times each
day, VeriSign helps companies and consumers all over the world engage in
communications and commerce with confidence. Additional news and information
about the company is available at www.verisign.com.
Contacts
Media relations: Victoria Henry, vhenry@verisign.com,
+44 20 8600 0723
Weber Shandwick for VeriSign: LCurtis@webershandwick.com,
+44 20 7067 0513
Investor Relations: Nancy Fazioli, ir@verisign.com,
+1 650 426 5146
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
Identity Protection services; 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, 2007 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.
©2008 VeriSign, Inc.
All rights reserved. VeriSign, the VeriSign logo, the checkmark circle,
and other trademarks, service marks, and designs are registered or unregistered
trademarks of VeriSign, Inc., and its subsidiaries in the United States
and in foreign countries. All other trademarks are property of their
respective owners.
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