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VeriSign Introduces VeriSign Identity Protection To Protect Consumer Online Identities

  • 14 February, 2006 09:12

<p>VeriSign, Inc., (NASDAQ: VRSN), the leading provider of intelligent infrastructure services for Internet and telecommunications networks, today announced the launch of VeriSign® Identity Protection (VIP), a comprehensive solution that will help provide identity protection for consumers who conduct business online. VIP is supported by several leading online services, including PayPal, eBay and Yahoo!. In addition, technology partner SanDisk has announced plans to support VIP by manufacturing and distributing OATH compliant USB mass-storage and trusted flash devices, while Motorola plans to lend its support in enabling this technology on consumer mobile devices.</p>
<p>A recent report by the U.S. Federal Trade Commission found that 37 percent of all Internet Fraud complaints filed dealt with identity theft. Additionally, Gartner research vice president Avivah Litan noted in her report “Credit Report and Internet Data Theft Results in More Fraud in 2005” that of those surveyed, financial losses resulting from information stolen of the Internet was US$2.7 Billion.</p>
<p>VIP is a modern approach to combating digital identity theft targeted for both consumers and online services that demand better identity protection without sacrificing the convenience of everyday Web lifestyles. VIP will allow consumers to use a single security device to authenticate themselves across any future VIP-enabled Web site of network members, such as PayPal, eBay or Yahoo. VIP will make it simpler and more cost-effective for online services such as financial institutions, ISPs or e-commerce sites to implement stronger authentication by leveraging a shared infrastructure and enabling everyday devices to become authentication devices.
VIP will take a layered approach to Identity Protection by providing a comprehensive set of services enhanced by network intelligence. It will include the following components:</p>
<p>· Shared Authentication Network: Operated by VeriSign, the VIP Network will allow online service providers and enterprises to accept the same VIP authentication credentials as other participating members of the network. The VIP Network will enable consumers to utilise a single, OATH-compliant strong authentication credential, no matter the form, across any of the member VIP-enabled Web sites of other network members.</p>
<p>· Multi-factor Authentication: The VIP Authentication Service is a flexible, easy-to-deploy two-factor authentication solution that will facilitate the management of devices distributed to end users. It will be based on open standards defined by OATH, an industry-wide working group for authentication. These open standards will allow VIP authentication to deliver an unprecedented array of credential choices for consumers.</p>
<p>· Fraud Detection: Using advanced anomaly detection technology, the service will monitor and detect fraudulent login and transactional fraud in real time to enable risk-based authentication. To catch known and unknown fraud, the service will combine both a policy and a self-learning anomaly detection engine. This non-intrusive approach will not require any change to a Web site and will remain invisible to the consumer until a fraud is detected.</p>
<p>· Fraud Intelligence Network: The fraud intelligence network, which VeriSign intends to make available in Q3 2006, will allow the sharing of critical fraud data and signatures across VIP-enabled Web sites of network members. The VIP Fraud Intelligence Network will leverage VeriSign’s unique visibility gleaned from the operation of core Internet technologies.</p>
<p>VeriSign intends to add additional services in Q3 of 2006 including the VeriSign VIP portal, which will allow consumers to obtain, for VIP-enabled authentication devices, first-level support directly from VeriSign.</p>
<p>In addition to VeriSign, PayPal has agreed to become the first device issuers for the VIP network. Along with eBay, Yahoo! plans to join the VIP network as an anchor tenant, enabling the use of VIP devices on any of their VIP-enabled Web sites. In order to deliver strong authentication devices across a large user base, VeriSign has also signed key technology partnerships that will embed one-time password algorithms into common, everyday devices. SanDisk intends to embed OATH-compliant One Time Passwords (OTP) into their mass-storage and trusted flash devices, while Motorola is endorsing VIP’s unique shared network authentication approach to protecting online identities and its proliferation to consumers.</p>
<p>“With the increase in both the frequency and sophistication of malicious online activities such as phishing and identity theft, a fresh approach is needed to protect consumers as they conduct business online,” said Judy Lin, executive vice president and general manager, VeriSign Security Services. “VeriSign Identity Protection will provide a new means to protect consumer identities, combining multi-factor authentication, a shared network of information and intelligence and actionable fraud monitoring. With our partners, the VIP service will provide end-users with easy-to-purchase and easy-to-deploy multi-factor authentication.”</p>
<p>VIP will be available directly from VeriSign, or through any of the service providers participating in the VIP Network. Elements of VIP, including strong authentication and shared authentication network capabilities are available today, with additional capabilities being added in Q3 2006. For more information, please go to:</p>
<p>“Online security is central to everything we do at eBay and PayPal, so we are pleased to be working with VeriSign as one of the first members of the VIP Network.”</p>
<p>– Rob Chesnut, Senior Vice President of Trust and Safety, eBay and PayPal.</p>
<p>“Yahoo! has always been focused on providing consumers with the safest Internet experience possible. We continuously look for ways to meet our users’ evolving needs and are proud to participate in the VIP Network. We look forward to delivering added security for our customers through this innovative industry standard solution.”</p>
<p>-- Ash Patel, Chief Product Officer, Yahoo!</p>
<p>“As mobile data experiences increase in richness and complexity, so does the need to protect them. No one wants to suffer the consequences of identity theft, so security is critical to gaining consumer acceptance of new mobile data services. VeriSign and Motorola share a vision for mobile security, and we look forward to supporting VIP and working together to bring consumers stronger protection for their online identities in the mobile world.”</p>
<p>-- Christy Wyatt, Vice President, Ecosystem and Market Development, Motorola.</p>
<p>“The addition of strong authentication services from VeriSign will greatly augment the extensive storage capabilities of our SanDisk devices and provide a level of ‘out of the box’ consumer online identity protection. Through our partnership with VeriSign, our flash devices will contain a capability previously unavailable – at no additional cost to consumers.”</p>
<p>-- Carlos Gonzalez, Senior Director of Consumer Marketing, SanDisk Corporation</p>
<p>About VeriSign</p>
<p>VeriSign, Inc. (Nasdaq: VRSN), operates intelligent infrastructure services that enable and protect billions of interactions every day across the world’s voice and data networks. Additional news and information about the company is available at</p>

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