VASCO showcases Two-factor tech for curbing online fraud

Technologically advanced solution showcased at Vasco Banking Summit can help Indian Banks comply with RBI’s latest directive.

VASCO Data Security International, Inc. (Nasdaq: VDSI) (www.vasco.com), a leading software security company specializing in authentication products and e-signature solutions, showcased its technologically advanced two-factor authentication solution, DIGIPASS, for the Indian Banks, which will help them comply with latest RBI directive that makes it mandatory for banks to enable additional authentication/validation based on information not visible on the cards and also provide customers with SMS and online alerts on every transactions over Rs 5,000 where the card is not required to be presented physically. VASCO is the global market leader in protecting financial institutions and their customers from fraudulent transactions. Currently, VASCO secures over 1,200 of the world's largest banks by providing two-factor authentication solutions.

According to Mr. Dan Dica, Regional Director PAC, India and Japan, VASCO Data Security International, Inc., “One of the fastest growing forms of internet fraud is phishing, wherein malicious phishers try to obtain personal information such as your password or PIN-code by pretending to be a legitimate entity. Incidents of phishing and frauds erode the confidence in the authenticity of banking websites and communications. Static passwords, which are currently prevalent, are easy to hack and leave the banks and their customers vulnerable to financial risks. Applications and transactions relying on static passwords are considered risky, especially for financial transactions. VASCO’s DIGIPASS is a proven solution that can provide a shield to cover against such malicious attempts and safeguard a bank’s customers and its reputation.”

DIGIPASS was showcased to an eminent gathering of senior officials from many Indian banks that assembled to participate in VASCO Annual Banking Summit at Mumbai. The summit featured 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 summit showcased the best-of-breed solutions being considered and implemented by leading banks around the world and benefit from their experience.

The eminent speakers at the summit included Prof. Venugopal Iyengar, Director IOTM, Ex president ISACA, Mr. Nagaraj, CTO, Reliance Money Ltd., Mr. Niklas Van-Ingelandt, Product Manager Security Solutions, SEB, Sweden, Mr. Roger Vandeplas, Vice President Sales & Marketing, VASCO, Mr. Dan Dica, Regional Director PAC, India and Japan, VASCO, Mr. Joeri Vleugels, Technical Account Manager, VASCO, and Mr. Manoj Agarwal, Chief Editor, Banking Frontiers.

The participants in VASCO Banking Summit gained insights on how strong user authentication has enabled many banks and financial institutions mitigate risks associated with online frauds, address new revenue opportunities, reduce their operating costs and gain competitive advantage.

“With 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,” added Mr. Dica.

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