VIP Fraud Detection and Strong Authentication Services Provide an Additional Measure to Secure Client Login and Transaction Information
VeriSign today (25 May 2006) announced that Charles Schwab has selected VeriSign to provide a full set of online security services for their clients.
Under terms of the agreement, Charles Schwab will deploy both VeriSign Identity Protection (VIP) Fraud Detection and Authentication Services to secure client login and transaction information. Additionally, Charles Schwab plans to become an anchor tenant of the VIP Fraud Intelligence and Shared Authentication Network. The VIP Shared Authentication Network is already supported by PayPal, eBay and Yahoo!
"It's our goal to provide leading solutions that give our clients greater peace of mind about their online security while preserving the convenience of the online channel," said Andrew Salesky, senior vice president, Client Web Services, Charles Schwab & Co., Inc.. "By deploying VIP, we'll be able to provide our clients a comprehensive set of online security solutions in addition to the Schwab Security Guarantee."
VIP is a comprehensive solution that provides identity protection to consumers who conduct business online. VIP offers a layered authentication approach by combining fraud detection and two-factor authentication services. Moreover, VIP delivers these services through an integrated platform augmented by network intelligence called the VIP Network.
The VIP Fraud Detection Service provides a non-intrusive means of delivering identity and transaction protection to consumers. Using advanced anomaly detection technology, the service detects fraudulent logins and transactions in real-time without affecting a legitimate user's web experience until a potential fraudulent transaction is detected. The service is self-learning and adapts to a consumer's unique usage habits.
"The selection of VIP by Charles Schwab is of great strategic importance and provides further validation of VeriSign's approach to strong authentication and fraud detection," said Judy Lin, executive vice president and general manager, VeriSign Security Services. "The financial services sector in particular has to contend with internal regulatory requirements, such as the FFIEC guidance, and external security issues. We are excited to be working with an innovative leader such as Charles Schwab to address these issues by deploying VIP."
Charles Schwab also selected VeriSign to provide two-factor authentication services on Schwab.com and plans to join VIP Shared Authentication Network as a strategic anchor tenant. In this capacity, Charles Schwab will provide select clients with two-factor authentication devices for use on Schwab.com and other VIP-enabled Web sites. The VIP Shared Authentication Network allows consumers to use a single security device to authenticate themselves across any VIP-enabled Web site, making it more convenient for end-users to adopt two-factor authentication. By leveraging a shared security and logistics infrastructure, VIP makes it simpler and more cost-effective for companies with extensive online presence to implement stronger authentication.
For more information on VIP, please go to: http://www.verisign.com/dm/vip
Additional information on the VeriSign Fraud Detection Service is available at: http://www.verisign.com/products-services/security-services/identity-protection/fraud-detection.html
What is VIP?
VeriSign Identity Protection (VIP) is a comprehensive suite of identity protection and authentication services, with both invisible security through VIP Fraud Detection Service (FDS), as well as more proactive security through VIP Strong Authentication Service. Moreover, VIP delivers these services through an integrated platform augmented by network intelligence called the VIP Network.
What is VIP Fraud Detection Services?
VIP FDS is invisible to most customers and only suspicious transactions are selected for enhanced authentication. It is designed to work in real time to detect, prevent and respond to login and any transaction fraud. To detect fraud, FDS combines a very flexible and scalable rule engine with a self-learning behavior engine. Out-of the box, FDS comes with predefined rules, fraud investigation tools, and the VIP Fraud Intelligence Network. FDS is easy and fast to deploy, requiring zero or minimal integration with your existing applications.
What is VIP Fraud Detection Network?
The VIP Fraud Intelligence Network gathers fraud data from different data-sources, including VIP FDS customers. In particular the network leverages fraud data gathered from PayPal Payment Services that processes 35% of North America 's ecommerce transactions and from VeriSign's market leading security intelligence service, iDefense.
What is VIP Authentication Services?
VIP Strong Authentication Service supports a broad choice of authentication deployment modes, methods and devices, including digital certificates and one time password tokens.
What is VIP Shared Authentication Network?
The VIP Shared Authentication Network allows consumers to use a single security device to authenticate themselves across any VIP-enabled Web site, making it more convenient for end-users to adopt two-factor authentication. By leveraging a shared security and logistics infrastructure, VIP makes it simpler and more cost-effective for companies with extensive online presence to implement stronger authentication.
See also "Online identity theft" a webinar replay from Information Age. [Requires Internet Explorer and registration]