Charles Schwab Selects VeriSign Identity Protection

“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.