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Showing posts tagged with Two-factor Authentication Services
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vipblog | 24 Nov 2008 | 0 comments

Today PayPal launched mobile access for its Security Key. This means that along with the traditional token and credit card form factor, PayPal Security Key users can now get their one time password (OTP) texted to their mobile phone. This is very cool, especially if you're one of those people who use your cell phone for everything--phone, email, text, Internet, GPS, camera...and now you can use it to protect your accounts online.

The new SMS OTP for the PayPal Security Key is available to customers in the U.S., Australia, Austria, Canada and Germany. PayPal does not charge for the OTPs texted to mobile devices. To use the service, customers need a mobile device and wireless service set up to receive SMS text messages. It's that simple.

The PayPal Security Key is part of the VeriSign Identity Protection (VIP) Network. As part of this network, consumers can use the OTPs to protect their accounts on a variety of financial services and e-commerce Web sites like eBay,...

vipblog | 12 Nov 2008 | 0 comments

By Yohai Einav, VeriSign Senior Fraud Researcher The FTC announced last month that is pushing back the deadline for the implementation of the "red-flag" requirements for another six months. Under the "red flags" all financial institutions must develop and implement an "Identity Theft Prevention Program", which includes "reasonable policies and procedures for detecting, preventing and mitigating identity theft". I'm pretty confident that somewhere in the world security chiefs are dancing in relief, and, on the other hand, so are many fraudsters (in their filthy underground caves). FFIEC guidance and beyond So why are fraudsters relieved? Because a well planned and implemented red flag program could actually slow the fraud business. While the 2005 FFIEC...

vipblog | 29 Oct 2008 | 0 comments

Organizations around the world are deploying VeriSign® Identity Protection (VIP) services to stop fraudsters from tricking consumers into revealing sensitive private information. VeriSign Identity Protection service's one-time-passwords (OTP) are one element of a layered security approach. Other layers include Web site security brought by an Extended Validation (EV) SSL Certificate, fraud detection services to monitor anomalies on the back end, and consumer education.

The VeriSign Identity Protection Network allows consumers to use a single security device to authenticate...

vijai | 21 Oct 2008 | 0 comments

You may have read the news over the weekend that cyber thieves raided Sarkozy's bank account and began stealing small amounts of money frequently. This marks the second high-profile online account break-in in recent weeks where an e-criminal broke in through the user name and password security function (the Palin email hack was the other). Consumers need to take full responsibility and control of their online accounts by securing them with an added layer of security, beyond a username and password. With more and more consumers putting their identities online, this type of account break-in will continue if we continue to use simple usernames and passwords. One such way to strongly secure an online account is the use of one-time passwords, also referred to as two-factor authentication. Some banks have already started rolling such measures to their customers. The...

vipblog | 20 Oct 2008 | 0 comments

by Perry Tancredi, Senior Product Manager, VeriSign Fraud Detection Service
Greg Pierson of iovation recently wrote an interesting blog postabout the idea that the more places your identity information resides, the greater the chance of your identity actually getting stolen. It reminded me of an incident that happened to me recently. I live in a condo and our neighbor's sprinkler system had gone off. There was so much water that it seeped through the walls and ceiling and flooded one of our rooms, which happened to be carpeted. Our landlord, along with the condo association, arranged to have the carpet replaced. When the workers arrived, they insisted on taking my wife's credit card number even though they weren't going to charge us. They took an impression of the card, and then insisted on writing down the CVV2 number (the three digit number on the back of the card, often...

vipblog | 01 Oct 2008 | 0 comments

by Francis Castello, Product Manager, Identity and Authentication Services - APAC Region

According to recent research conducted by Datamonitor, around 27 per cent of 2000 respondents would never arrange any financial product online (ref. Aussies fear online fin services) . This percentage equates to around 4.2 million Australians.
The report noted that "Despite the introduction of more comprehensive security measures such as two factor authentication by the banks, there is still a significant proportion of consumers that does not use internet banking due to concerns about security,". According to Datamonitor financial services analyst Petter Ingemarsson, the issue boils down to "perceived security" rather than the actual security safety nets in place.

One group that represents a particular challenge in converting...

vipmobile | 19 Sep 2008 | 1 comment

The recent news about how Vice Presidential candidate Sarah Palin's Yahoo email account was hacked makes it clear as day that we need better security for web based email, and we need to close the giant loophole of "password reset". Web email often gets lumped into the bucket of "low value" accounts, so system designers pay little attention to the security of its authentication systems, but it often contains our most personal details. How many more high-profile account takeovers are we going to see before people take account security seriously? Come on folks, usernames and passwords just don't cut it anymore, and the problem isn't just limited to financial sites.

This incident also makes it abundantly clear that system designers need to take a holistic, layered approach to security....

Tim Callan | 09 Sep 2008 | 0 comments

Today we announced that the American Bankers Association will be joining the VIP Network. We are very excited about this on many levels. Getting VIP credentials into the hands of 350 member banks creates a huge opportunity for VeriSign and makes this much more convenient for their users. ABA Members will have first hand experience with strong authentication on tools they use every day. And as this protection rolls out, ABA member banks will witness how easily they can deploy strong, two-factor authentication, and how convenient it is for their customers. We look forward to working with the ABA. Welcome to the network!

vipmobile | 12 Aug 2008 | 0 comments

Network Products Guide just announced we won the Reader Trust Award for Best in Multi- and Second-Factor Security. We're putting it in our trophy case right next to the Product Innovation Award in the Consumer Application or Service category. This is great for companies making decisions about two-factor authentication for their customers -- they might want to know the industry thinks highly of VIP.  It's also great for the team here at VeriSign working on VIP to see all their efforts to create a great product payoff with an award like this. So thank you, Network Products Guide, from the team at VeriSign. Here is the ...

vipblog | 11 Aug 2008 | 0 comments

By Yohai Einav, VeriSign Senior Fraud Analyst

What happened to good ol' fraud?

There's a new trend in online fraud today - it is getting more brutal.

A few years ago, when a fraudster wanted to get your online banking credentials, he would send you a phishing email, asking you kindly to send him your bank's login and password; today, he would simply infect your PC with malware, then take your details by force.

Fraudsters not believing in the goodness of mankind and taking things by force?! Yes - we live in crazy times.

The brutal trend doesn't end with phishing. The same evolution happens today in the online brokerage world with the "Pump and Dump" scam.


Pump and Dump 1.0

The classic Pump and Dump scam is one of the oldest tricks in the book. Its guiding principle is simple: if you can buy a worthless stock for a very low price (typically micro-cap companies), then sell it quickly for a much higher...