September 9, 2008
American Bankers Association to Deliver Strong Authentication to Member Banks With VeriSign Identity Protection
VeriSign, Inc. (NASDAQ: VRSN), the trusted provider of Internet infrastructure services for the networked world, today announced that the American Bankers Association (ABA) has joined the VeriSign Identity Protection (VIP) Authentication Network. With the VIP Authentication Network, the ABA will offer its Fingerprint Program users an added layer of protection when accessing the ABA's National FBI Fingerprint Service. The ABA joined the VIP Network as part of VeriSign's QuickStart program, which offers new network members up to 5,000 free VIP credentials.
Users of the ABA's National FBI Fingerprint Service will be able to access the ABA's Secure Internet Results Service (SIRS) for accessing fingerprint results in a secure manner through a special VIP security credential that generates a one-time password (OTP) for every sign-on. During an online session, this password is entered into the SIRS's log-in user interface along with the user's usual account name and password. When the ABA verifies the OTP and matches it to the user, clients achieve strong -- or two-factor -- authentication.
Around the world, leading businesses have joined the VIP Network to provide end-users with identity safeguards that go beyond standard secure log-ins. Membership in the VIP Network allows the users of the ABA's National FBI Fingerprint Service to use the same VIP credentials on various other network members' sites, including AOL, eBay, PayPal, Morgan Street Document Systems and others.
"The ABA National FBI Fingerprint Service is serious about security," said C. Diane Poole, SVP at ABA. "We needed another layer of authentication, and we selected VIP for its ease-of-use and ease of deployment. We hope our fingerprint system clients also see this as a convenient way to protect their accounts and join in to fight against online fraud."
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 financial institutions and other online businesses, joining the VIP Network helps distribute the costs of stronger authentication, thus accelerating its inevitable acceptance in the global marketplace.
"To protect critically private data such as fingerprints, logging in with just a user name and password simply isn't strong enough anymore," said Kerry Loftus, vice president of Consumer Authentication Solutions at VeriSign. "By joining the VIP Network, ABA is taking a strategic step to ensure its fingerprint system clients have a safe, secure and convenient environment in which to do business online."
The VeriSign Identity Protection Quick Start program is an initiative designed to accelerate adoption of two-factor authentication by emphasizing the consumer convenience of a shared authentication network such as the VIP Network. Through the program, which runs through Sept. 30, VeriSign will provide up to 5,000 free credentials to each new enterprise that joins the VIP Network. For more information about the Quick Start Program, please call 650-426-5310 or go to www.verisign.com/quickstart.
The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America's economy and communities. Its members -- the majority of which are banks with less than $125 million in assets -- represent over 95 percent of the industry's $13.3 trillion in assets and employ over 2 million men and women. ABA can be found on the Internet at www.aba.com.
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.
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.
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SOURCE: VeriSign, Inc.