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VeriSign Strengthens Online Bill Payment Providers Online Fraud Detection
MOUNTAIN VIEW, CA., July 18, 2006 – VeriSign, Inc., (NASDAQ: VRSN), the leading provider of intelligent infrastructure services for Internet and telecommunications networks, today announced that iPay Technologies has selected the VeriSign® Identity Protection (VIP) Fraud Detection Service to provide online security for its customers and financial institutions, further establishing VeriSign as a leader in Internet security services for the financial services industry. Under terms of the agreement, iPay Technologies will deploy the VIP Fraud Detection Service to secure customer login and transaction information.
“It is our goal to remain ahead of the curve when it comes to providing secure online services for our customers and financial institutions, and we will continue to implement additional features ahead of the issuance of regulatory guidance to ensure that our customers receive the highest level of security,” said Kathy Fripp, chief intelligence officer, iPay Technologies. “iPay selected VeriSign to be our risk-based authentication service provider because we believe VeriSign will continue to be a leader in the authentication industry in developing secure and seamless solutions for financial institutions and their customers.”
FFIEC guidelines require financial institutions to implement multi-factor authentication in an Internet banking environment by the end of this year. The VIP Fraud Detection Service is a component of the VeriSign® Identity Protection program, which is a layered authentication approach that provides risk-based and multi-factor authentication as well as a single security method consumers can use to authenticate themselves across any VIP-enabled Web site. Using advanced anomaly detection technology, the VIP Fraud Detection Service provides a non-intrusive means of delivering identity and transaction protection to consumers offering financial institutions an easy to deploy, cost effective solution for FFIEC compliance.
“The recent agreement with Charles Schwab and now iPay Technologies is a reflection of VeriSign’s commitment to the financial services industry, and further validates VeriSign’s approach in providing best-of-breed risk-based and multi-factor authentication as an integrated and easy to deploy solution,” said Nico Popp, vice president of authentication services, VeriSign. “Financial institutions are seeking effective methods to meet FFIEC guidelines, and VeriSign believes in offering a new approach to protecting digital identities that incorporates a comprehensive and layered defense while preserving the user experience and the convenience of the Web channel.”
One of the greatest challenges for banks in meeting the FFIEC guidelines is ease and speed of deployment. Most vendor solutions require complex integrations. At a minimum, custom code must be added to the application to invoke the fraud engine custom APIs. The VIP Fraud Detection Service does not require any new code to be written by the bank, thus, offering one of the fastest paths to FFIEC compliance available on the market today.
For more information on VIP, please go to: http://www.verisign.com/dm/vip
About VeriSign
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 www.verisign.com
About iPay Technologies
Headquartered in Elizabethtown, Kentucky, iPay Technologies provides
full-service Internet bill payment software that offers end-users a
high level of control, customization and security to more than 1,100
community financial institutions in the United States. iPay
partners with community banks and credit unions to make electronic bill
paying quick, easy and hassle-free for consumers. By consistently
delivering experiences that financial institutions and their customers
and members rave about, iPay is rapidly becoming a leading provider
of Internet bill payment services. For more information, please
visit iPay Technologies Web site at www.ipaymybills.com
For more information, contact:
VeriSign Media Relations: Brian O’Shaughnessy, boshaughnessy@verisign.com,
650-426-5270
VeriSign Investor Relations: Tom McCallum, tmccallum@verisign.com,
650-426-3744
Forward-Looking Statement
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 increasing competition and
pricing pressure from competing services offered at prices below our
prices and market acceptance of our existing services, the inability
of VeriSign to successfully develop and market new services and the
uncertainty of whether new services as provided by VeriSign will achieve
market acceptance or result in any revenues. 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, 2005 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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