VeriSign today spotlighted the growing global acceptance of VeriSign Identity Protection (VIP) services, announcing several new VIP Network members and an increasingly diverse selection of authentication device options available to consumers. Launched last year, VIP is the most comprehensive suite of identity protection and authentication services designed to strengthen and protect consumers' digital identities.
Successful Deployments Pave the Way
In the past year, VeriSign has completed successful VIP deployments with companies including eBay and PayPal. The PayPal Security Key, which is a small hardware security credential that provides a one-time password (OTP) during log-on, has deployed in the United States, Germany and Australia. PayPal first introduced the PayPal Security Key in a pilot and officially launched the security key in June 2007.
"We've heard from our customers that they like the extra layer of protection that the PayPal Security Key provides," said Mike Vergara, director of account protections at PayPal. "We look forward to working with VeriSign to provide the PayPal Security Key to even more customers in additional markets -- enhancing security on the Internet and confidence in shopping online."
eBay Live! Survey Results Point to Reasons for Popularity
The results of a June survey of more than 650 attendees of eBay Live!, eBay's annual user conference, underscore some of the reasons consumers have adopted the PayPal Security Key. One in every three respondents said they already have a PayPal Security Key, and 81 percent said their key is easy to use. When asked about additional uses for the authentication device, 84 percent said they want to use the key to protect their online banking transactions. Another 52 percent would like to use their key for online trading, and 49 percent wish to use it to provide added authentication for online interactions with their health care providers. Other uses include online shopping (48 percent), music or video downloads (35 percent) and online gaming (15 percent).
"When we announced VIP last year, we knew consumers and the businesses that serve them would rely on VIP to protect their transactions from online fraud, though we couldn't have anticipated such a huge global demand for this groundbreaking service," said Fran Rosch, vice president of Authentication Services at VeriSign. "Today's announcement highlights the broadening reach of VIP as leaders such as eBay and PayPal report successful deployments on three continents. Meanwhile, the VIP Network continues to welcome new members, and VeriSign offers more choices for consumers and businesses to conveniently protect themselves online."
New VIP Network Members
As more consumers have embraced VIP-enabled authentication, more online financial institutions and service providers have signed on to the VIP Network. Today, VeriSign announced a number of new members of the VIP network, including Fairfax County, Va., which serves more than 1 million residents; and OpHedge Investment Services, LLC, a fund operations/administration service provider that joins the VIP network through partner Brac Informatics Centre (BIC).
Utilizing a network approach, VIP Network customers can use their VIP tokens wherever they see the VIP logo displayed. This shared credential model gives consumers additional value by protecting their online identities across the Web, and gives enterprises the unique benefit of sharing transaction costs with other companies whose issued tokens are accepted by other VIP Network members.
VIP Adds More Credential Options
Also contributing to VIP's popularity is the growing variety of credentials accepted by VIP Network members. Because VIP is compliant with OATH (Open Authentication Organization) specifications, enterprises can leverage credentials in many form factors designed to fit their consumers' individual needs and usage preferences.
Today, VeriSign offers stand-alone tokens such as the PayPal Security Key, and software tokens for mobile phones. Earlier this year, VeriSign and Innovative Card Technologies announced that the ICT DisplayCard, a revolutionary new "smarter" payment card with built-in identity authentication, would support VIP authentication. The ICT DisplayCard integrates the security of a one-time password token into a card the size of a standard credit or debit card. At the push of a button on the back of the card, an integrated display shows a password that changes with every transaction.
VeriSign also offers an Internet Explorer browser plug-in for pilots enabling consumers to access VIP credentials from their desktops. And later this year, VIP will also support SMS one-time password credentials, an option for enterprises seeking to implement two-factor authentication without an investment in additional infrastructure.
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 inability of VeriSign to successfully develop and market new products and services and customer acceptance of any new products or services, including VeriSign's Identity Protection. The possibility that VeriSign 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, 2006 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.
© 2007 VeriSign, Inc. All rights reserved. VeriSign, the VeriSign logo, the checkmark circle, and other trademarks, service marks, and designs are registered or unregistered trademarks of VeriSign, Inc., and its subsidiaries in the United States and in foreign countries. All other trademarks are property of their respective owners.