VeriSign Introduces VeriSign Identity Protection (VIP)

A recent report by the Federal Trade Commission found that 37 percent of all Internet Fraud complaints filed dealt with identity theft. Additionally, Gartner research vice president Avivah Litan noted in her report "Credit Report and Internet Data Theft Results in More Fraud in 2005" that of those surveyed, financial losses resulting from information stolen of the Internet was $2.7 Billion.

VIP is a modern approach to combating digital identity theft targeted for both consumers and online services that demand better identity protection without sacrificing the convenience of everyday Web lifestyles. VIP will allow consumers to use a single security device to authenticate themselves across any future VIP-enabled Web site of network members, such as PayPal, eBay or Yahoo!. VIP will make it simpler and more cost-effective for online companies such as financial institutions, ISPs or e-commerce sites to implement stronger authentication by leveraging a shared infrastructure and enabling everyday devices to become authentication devices.

VIP will take a layered approach to Identity Protection by providing a comprehensive set of services enhanced by network intelligence. It will include the following components:

• Shared Authentication Network: Operated by VeriSign, the VIP Network will allow online service providers and enterprises to accept the same VIP authentication credentials as other participating members of the network. The VIP Network will enable consumers to utilize a single, OATH-compliant strong authentication credential, no matter the form, across any of the VIP-enabled Web sites of network members.
• Multi-factor Authentication: The VIP Authentication Service is a flexible, easy-to-deploy two-factor authentication solution that will facilitate the management of devices distributed to end-users. It will be based on open standards defined by OATH, an industry-wide working group for authentication. These open standards will allow VIP authentication to deliver an unprecedented array of credential choices for consumers.
• Fraud Detection: Using advanced anomaly detection technology, the service will monitor and detect fraudulent login and transactional fraud in real-time to enable risk-based authentication. To catch known and unknown fraud, the service will combine both a policy and a self-learning anomaly detection engine. This non-intrusive approach will not require any change to a Web site and will remain invisible to the consumer until a fraud is detected.
• Fraud Intelligence Network: The fraud intelligence network, which VeriSign intends to make available in the summer of 2006, will allow the sharing of critical fraud data and signatures across VIP-enabled Web sites of network members. The VIP Fraud Intelligence Network will leverage VeriSign's unique visibility gleaned from the operation of core Internet technologies.

VeriSign intends to add additional services in the summer of 2006 including the VeriSign VIP portal, which will allow consumers to obtain, for VIP-enabled authentication devices, first-level support directly from VeriSign.

In addition to VeriSign, PayPal has agreed to become the first device issuers for the VIP network. Yahoo! plans to join the VIP network as founding members and anchor tenants, enabling the use of VIP devices on any of their VIP-enabled Web sites. In order to deliver strong authentication devices across a large user base, VeriSign has also signed key technology partnerships that will embed one-time password algorithms into common, everyday devices. SanDisk intends to embed OATH-compliant One Time Passwords (OTP) into their mass-storage and trusted flash devices, while Motorola is endorsing VIP's unique shared network authentication approach to protecting online identities and its proliferation to consumers.

"With the increase in both the frequency and sophistication of malicious online activities such as phishing and identity theft, a fresh approach is needed to protect consumers as they conduct business online," said Judy Lin, executive vice president and general manager, VeriSign Security Services. "VeriSign Identity Protection will provide a new means to protect consumer identities, combining multi-factor authentication, a shared network of information and intelligence and actionable fraud monitoring. With our partners, the VIP service will provide end-users with easy-to-purchase and easy-to-deploy multi-factor authentication."

VIP will be available directly from VeriSign, or through any of the service providers participating in the VIP Network. Elements of VIP, including strong authentication and shared authentication network capabilities are available today, with additional capabilities being added this summer. For more information, please go to: http://www.verisign.com/dm/vip.