VASCO organizes summit to help Indian banks counter online fraud

VASCO Data Security International, Inc. (Nasdaq: VDSI) (www.vasco.com), a leading software security company specializing in authentication products and e-signature solutions, has announced that it will organize a high-level VASCO Annual Banking Summit at Mumbai on March 05, 2009. The summit will feature presentations by prominent names in the local banking industry and VASCO on how banks and financial institutions can protect themselves and their customers against the latest e-Banking frauds. The participants will gain in-depth knowledge from leading banks and financial institutions on how strong user authentication has enabled them to address new revenue opportunities, reduce their operating costs and gain competitive advantage.

According to Mr. Dan Dica, Regional Director PAC, India and Japan, VASCO Data Security International, Inc., “Leading market analysts project that Asia-Pacific B2C E-Commerce, Indian B2C eCommerce sales are expected to grow tremendously between 2008 and 2011. This growth will throw open many challenges in front of the Indian banks on how to tackle the menace of online frauds and grow profitability in ecommerce operations. VASCO’s Mumbai Banking Summit will present them with best-of-breed solutions being considered and implemented by leading banks around the world and benefit from their experience.”

Over the last few years Internet and financial fraud has evolved from local ad-hoc hacking attacks into an internationally coordinated fraud on a massive scale. In order for banks to successfully counter these fraud threats, they also need to think internationally when deploying their e-Banking security strategies. With the rapid growth in India’s e-commerce business, the same problems are expected to grow in India with stray incidents of online fraud giving way to regular syndicated crimes.

The reason for this apprehension is based on the fact that India is recording a tremendous growth of the Internet and the number of people (users) is increasing day-by-day. This means that more and more people are vulnerable to phishing and Trojan attacks. This, coupled with the growth of e-commerce and the growing lifestyle changes, presents a unique challenge for Indian banks as more and more people are logging on for transactions as booking air tickets and online banking because of more convenience and the personal data of these people is becomes vulnerable to thefts.

Through customer testimonials, the participants at VASCO Annual Banking Summit will learn how banks across the world use strong user and transaction authentication mechanisms as a competitive advantage.

VASCO’s Banking Summit also offers the participants the unique opportunity to receive an executive overview of VASCO’s Vision and strategy for the upcoming years from the Senior Management of VASCO Data Security.

About VASCO
VASCO is a leading supplier of strong authentication and e-signature solutions and services specializing in Internet Security applications and transactions.  VASCO has positioned itself as global software company for Internet Security serving a customer base of over 8,000 companies in more than 100 countries, including more than 1,200 international financial institutions. VASCO’s prime markets are the financial sector, enterprise security, e-commerce and e-government.

Forward Looking Statements
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as “believes,” “anticipates,” “plans,” “expects,” “intend,” “mean,” and similar words, is forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. 

Reference is made to the VASCO's public filings with the U.S. Securities and Exchange Commission for further information regarding VASCO and its operations.

This document may contain trademarks of VASCO Data Security International, Inc. and its subsidiaries, including VASCO, the VASCO “V” design, DIGIPASS, VACMAN, aXs GUARD and IDENTIKEY.