"The VeriSign Fraud Detection Service provides additional online authentication and fraud monitoring, which will enhance the measures the bank already employs to safeguard customer information and assets when banking over the Internet," said Martin Hayes, senior vice president and head of e-business, HSBC USA. "Protecting customers' accounts and identities is of paramount importance."
VIP FDS includes a state-of-the art risk engine that offers layered, risk-based authentication and fraud prevention capabilities. VIP FDS runs behind the scenes, utilizing advanced anomaly detection technology which flags potentially fraudulent activity while continuing to ensure a favorable user experience and timely delivery of services.
"We are extremely proud that HSBC has put its trust in VeriSign," said Judy Lin, executive vice president and general manager, VeriSign Security Services. "We are confident that our solution will protect the online identities of HSBC consumers and allow HSBC to meet specific regulatory requirements, such as the FFIEC guidance, by the end of 2006."
About HSBC USA Inc.
HSBC USA Inc. is the holding company for HSBC Bank USA, N.A., HSBC National Bank USA and other U.S. banking subsidiaries, which together have a U.S. branch network of more than 430 branches in nine states and the District of Columbia, with nearly 400 branches in New York State. These entities serve more than 3 million U.S. individual and corporate customers and offers a full range of banking products and services. HSBC USA Inc. is an indirectly held, wholly owned subsidiary of HSBC North America Holdings Inc., one of the nation's 10 largest bank holding companies by assets.
VeriSign, Inc. (
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 described herein, 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, 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.