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| VeriSign announces new service VeriSign, Inc., the leading provider of intelligent infrastructure servicesfor the Internet and telecommunications networks, today announced the VeriSignFraud Detection Service, a new solution that forms part of VeriSign's overalllayered authentication solution targeted at preventing online identity theft.In support of this new service, VeriSign has also reached a definitiveagreement to acquire Snapcentric, Inc., a provider of online fraud detectionsolutions using advanced anomaly detection technology. The newly acquiredtechnology will be a key addition to VeriSign's suite of authenticationsolutions, providing an invisible layer of protection against online fraud. Consumer banks and other financial institutions are struggling to complywith recent FFIEC guidelines, which state that user names and passwords are nolonger sufficient for high-risk transactions. The VeriSign Fraud DetectionService will complement VeriSign's existing authentication offerings to helpbanks achieve FFIEC compliance by authenticating consumers based on behavioralpatterns. The VeriSign Fraud Detection Service will take a self-learning approach tofraud detection, adapting to customer usage habits unique to that individual.Using pattern recognition technology, it flags potentially fraudulentactivities based on known types of fraud and behaviors not associated with theuser. Because the service is self-learning, it can adapt to changing criminalbehavior without manual intervention. VeriSign believes that this uniquecapability differentiates the Snapcentric technology from all competitivesolutions in the marketplace. The invisible layer of protection afforded by the VeriSign Fraud DetectionService lets financial institutions authenticate users for low risktransactions without changing the online experience. For high risktransactions, the VeriSign Unified Authentication Service provides a widerange of two-factor authentication devices to verify a user's identity. Incombination, these services provide a comprehensive approach to address onlinebanking and e-commerce authentication needs. A July 2005 report issued by Gartner, Inc titled: "Criminals ExploitConsumer Bank Accounts and A System Weaknesses" found that an estimated1.9 million online adults were victims of illegal checking account transfers, resulting in nearly $3.5 billion in losses or an average of just a little morethan $1, 800 per incident, with banks absorbing most of these losses. "Financial institutions of all sizes are looking for easy-to-deploysolutions that help them achieve compliance with FFIEC without further taxingtheir IT resources or staff, " said Nico Popp, vice president, AuthenticationServices, VeriSign. "The introduction of the VeriSign Fraud Detection Serviceis a strategic move that provides VeriSign with advanced technology to helpthese institutions achieve compliance in a cost effective and non-intrusiveway." The VeriSign Fraud Detection Service is available for immediate Betatesting, with general availability expected within the next 60 days. The acquisition of Snapcentric is being accounted for as a purchasetransaction and is valued at $12 million. Revenue and earnings contributionsfrom the acquisition will not be material to VeriSign's 2006 financialresults. All of Snapcentric's employees in the United States and Israel willbecome part of VeriSign Security Services. The transaction is expected toclose later this quarter. write your comments about the article :: © 2006 Networking News :: home page |