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Tighter Security Against Identity Theft

Identity theft is still a major fear, worldwide, for internet shoppers and users a like. It seems that regardless of security precautions that sites use, somehow leaks still occur and fraud is committed. One of the most trusted names in information security on the web has recently updated it services to provide a safer environment for users. VeriSign, Inc., the leading provider of intelligent infrastructure services for Internet and telecommunications networks, today announced the VeriSign Fraud Detection Service, a new solution that forms part of VeriSign?s overall layered authentication solution targeted at preventing online identity theft. In support of this new service, VeriSign has also reached a definitive agreement to acquire Snapcentric, Inc, a provider of online fraud detection solutions using advanced anomaly detection technology.

The newly acquired technology will be a key addition to VeriSign?s suite of authentication solutions, providing an invisible layer of protection against online fraud. Consumer banks and other financial institutions are struggling to comply with recent FFIEC guidelines, which state that user names and passwords are no longer sufficient for high-risk transactions. The VeriSign Fraud Detection Service will complement VeriSign?s existing authentication offerings to help banks achieve FFIEC compliance by authenticating consumers based on behavioral patterns. In addition, the service will take a self-learning approach to fraud detection, adapting to customer usage habits unique to that individual. Using pattern recognition technology, it flags potentially fraudulent activities based on known types of fraud and behaviors not associated with the user.

Because the service is self-learning, it can adapt to changing criminal behavior without manual intervention. VeriSign believes that this unique capability differentiates the Snapcentric technology from all competitive solutions in the marketplace. The invisible layer of protection afforded by the VeriSign Fraud Detection Service lets financial institutions authenticate users for low risk transactions without changing the online experience. For high risk transactions, the VeriSign Unified Authentication Service provides a wide range of two-factor authentication devices to verify a user?s identity. In combination, these services provide a comprehensive approach to address online banking and e-commerce authentication needs.