VeriSign Introduces VeriSign® Identity Protection
(VIP) To Protect Consumer Online Identities
PayPal, eBay and Yahoo! To Join Shared Authentication Network As Strategic
Anchor Tenants; Motorola and SanDisk To Lend Technology Support
MOUNTAIN VIEW, CA., February 13, 2006 – 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 companies, 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.
A recent report by the 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 $2.7 Billion.
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 companies 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:
- 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 utilize a single, OATH-compliant strong authentication
credential, no matter the form, across any of the VIP-enabled Web sites
of network members.
- 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.
- 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.
- Fraud Intelligence
Network:
The fraud intelligence network, which VeriSign intends to make available
in the summer of 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.
VeriSign intends to add additional services in the
summer of 2006 including the VeriSign VIP portal, which will allow consumers
to obtain, for VIP-enabled authentication devices, first-level support
directly from VeriSign.
In addition to VeriSign,
PayPal has agreed to become the first device issuers for the VIP network.
Yahoo! plans to join the VIP network as founding members and anchor
tenants, 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.
“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.”
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 this summer. For more information, please go to: http://www.verisign.com/dm/vip
SUPPORT QUOTES FOR VIP
eBay/PayPal
“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”
– Rob Chesnut, Senior Vice President of Trust and Safety, eBay and PayPal.
Yahoo!
“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.”
-- Ash Patel, Chief Product Officer, Yahoo!
Motorola
“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.”
-- Christy Wyatt, Vice President, Ecosystem and Market Development,
Motorola.
SanDisk
“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.”
-- Carlos Gonzalez, Senior Director of Consumer Marketing, SanDisk
Corporation
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
For more information, contact:
VeriSign Media Relations: Brendan P. Lewis, brlewis@verisign.com,
650-426-4470
VeriSign Investor Relations: Tom McCallum, tmccallum@verisign.com,
650-426-3744
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 risk that VeriSign's announced
strategic relationships, including the relationships with PayPal, eBay,
Yahoo!, SanDisk and Motorola, may not result in additional products,
services, 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, 2004 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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