Charles Schwab Selects VeriSign Identity Protection
For Online Clients
VIP Fraud Detection and Strong Authentication Services Provide an
Additional Measure to Secure Client Login and Transaction Information
MOUNTAIN VIEW, CA., May 25, 2006 – VeriSign, Inc., (NASDAQ:
VRSN), the leading provider of intelligent infrastructure services for
Internet and telecommunications networks, today announced that Charles
Schwab has selected VeriSign to provide a full set of online security
services for their clients.
Under terms of the agreement, Charles Schwab will
deploy both VeriSign Identity Protection (VIP) Fraud Detection and Authentication
Services to secure client login and transaction information. Additionally,
Charles Schwab plans to become an anchor tenant of the VIP Fraud Intelligence
and Shared Authentication Network. The VIP Shared Authentication Network
is already supported by PayPal, eBay and Yahoo!
“It’s our goal to provide leading solutions that give our clients greater
peace of mind about their online security while preserving the convenience
of the online channel,” said Andrew Salesky, senior vice president,
Client Web Services, Charles Schwab & Co., Inc.. “By deploying
VIP, we’ll be able to provide our clients a comprehensive set of online
security solutions in addition to the Schwab Security Guarantee.”
VIP is a comprehensive solution that provides identity
protection to consumers who conduct business online.
VIP offers a layered authentication approach by combining fraud detection
and two-factor authentication services. Moreover, VIP delivers these
services through an integrated platform augmented by network intelligence
called the VIP Network.
The VIP Fraud Detection Service provides a non-intrusive
means of delivering identity and transaction protection to consumers.
Using advanced anomaly detection technology, the service detects fraudulent
logins and transactions in real-time without affecting a legitimate
user’s web experience until a potential fraudulent transaction is detected.
The service is self-learning and adapts to a consumer’s unique usage
habits.
“The selection of VIP
by Charles Schwab is of great strategic importance and provides further
validation of VeriSign’s approach to strong authentication and fraud
detection,” said Judy Lin, executive vice president and general manager,
VeriSign Security Services. “The financial services sector in
particular has to contend with internal regulatory requirements, such
as the FFIEC guidance, and external security issues. We are excited
to be working with an innovative leader such as Charles Schwab to address
these issues by deploying VIP.”
Charles Schwab also selected VeriSign to provide two-factor
authentication services on Schwab.com and plans to join VIP Shared Authentication
Network as a strategic anchor tenant. In this capacity, Charles
Schwab will provide select clients with two-factor authentication devices
for use on Schwab.com and other VIP-enabled Web sites. The VIP
Shared Authentication Network allows consumers to use a single security
device to authenticate themselves across any VIP-enabled Web site, making
it more convenient for end-users to adopt two-factor authentication.
By leveraging a shared security and logistics infrastructure, VIP makes
it simpler and more cost-effective for companies with extensive online
presence to implement stronger authentication.
For more information on VIP, please go to: http://www.verisign.com/dm/vip
Additional information on the VeriSign Fraud Detection
Service is available at: http://www.verisign.com/products-services/security-services/identity-protection/fraud-detection.html
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: Brian O’Shaughnessy, boshaughnessy@verisign.com,
650-426-5270
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 relationship with Charles Schwab
Corporation, 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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