11th August, 2008 - VeriSign, Inc. (NASDAQ: VRSN), the trusted provider of Internet infrastructure services for the networked world, today announced that they have entered into negotiation to partner with VietUnion to deliver a range of advanced identity protection services in Vietnam.
Under the strategic partnership, VietUnion would offer the VeriSign Identity Protection (VIP) Authentication Service to government departments, financial services and e-commerce entities in Vietnam to help protect their customers from potential threats, such as phishing, identity theft and online financial fraud.
"As Vietnam rapidly develops online services in the public and private sectors and consumer adoption accelerates, we have a great opportunity to introduce strong authentication for safe online access and transactions," said Mr Nguyen Hoang Ly, CEO for VietUnion. "The combined strengths of VietUnion and VeriSign will provide our market with a unique, industry-wide approach to identity protection, strongly supported by our local resources."
As proposed under the agreement, VietUnion's online payment service Payoo will incorporate the VIP Authentication Service into a new B2C and C2C online payment service in Vietnam, providing a convenient, highly secure and easy way for customers to gain access to the service. Following a successful trial, merchants and consumers will be prompted to use a two-factor, one time password (OTP) security token to authenticate themselves as they login to Payoo's system, providing another layer of security in addition to the standard username and password combination.
VeriSign already has started to generate demand for strong authentication in Vietnam through its partnership with Blitz IT, with a number of successful VeriSign Unified Authentication and Public Key Infrastructure (PKI) deployments with financial institutions.
The VIP Authentication Service is a cost-effective, secure and convenient service designed to strengthen and protect digital identities. Based on open standards, the VIP Authentication Service is a two-factor authentication solution that enables a wide choice of credentials including security tokens, credit card format and mobile phone based authentication.
The VIP Authentication Service is deployed on the shared VIP Network enabling customers to use a single security device to authenticate themselves across any VIP-enabled website. By leveraging existing and proven infrastructure, VIP makes it simpler and more cost-effective for companies to implement stronger authentication. Membership in the VIP Network helps leading enterprises provide their consumers with easy-to-use and multi-purpose protection online. The VIP network includes some of the world's largest online retailers and financial services providers.
"VietUnion is really helping to direct the industry's approach to providing strong authentication solutions for consumer authentication," said Ed Elliff, director of Identity Authentication Services, VeriSign Asia Pacific. "With its reputation and unique position to provide trust services in Vietnam, we see VietUnion as a natural fit to help us extend our VIP global authentication network."
VietUnion Online Service Corporation is a member of Saigon Invest Group - the leading Industrial Park development, Finance - Banking, Information Technology and Energy in Vietnam. With many activities in the fields of Information Technology and e-Commerce, VietUnion orients to provide solutions for electronic transaction and online payment. And Payoo, the new online payment service built up by VietUnion, is one of its efforts to overcome barriers which exist in Vietnam's E-commerce.