NW_20010622_Investor Alert_ VASCO Receives Buy Rating

June 22, 2001

OAKBROOK TERRACE, Illinois and BRUSSELS, Belgium – June 22, 2001 – VASCO Data Security International, Inc. (NasdaqNM & Nasdaq Europe: VDSI; www.vasco.com), a global provider of enterprise-wide security solutions that support e-business and e-commerce, today announced that Cash! (http://het.beleggers.net) – the foremost investor magazine in Benelux – has published a wide-ranging interview with VASCO CEO Mario Houthooft, including a market analysis of the Company. The article addresses topics ranging from the business prospects of the Company and its worldwide markets, its US business, the state of security technology today as well as emerging technologies such as biometrics, shareholder value, and a number of other key points.

In the article, Cash! analyst Koen Lauwers pronounces the shares of VASCO a Buy: “Everything has a price and we believe that fair value for VASCO is well above current prices. At 2.5 times this year’s revenue and in view of the positive expectations, the share is not expensive….”

If you would like to receive a copy of this article, please call toll-free in the US 1 800 238 2726; in Europe call +44 20 8308 7080, or e-mail [email protected]. Please state your language preference: English or Dutch.

Please note that any opinions, estimates or forecasts regarding the performance and value of VASCO Data Security International, Inc. shares made here and in the full article are the author’s alone and do not represent opinions, forecasts or predictions of VASCO Data Security International, Inc., or its management. VASCO Data Security International, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

VASCO secures the enterprise from the mainframe to the Internet with infrastructure solutions that enable secure e-business and e-commerce, protect sensitive information, and safeguard the identity of users. The Company's family of Digipass® and VACMAN® products offers end-to-end security through strong authentication and digital signature, true and secure Single Sign-On, access control, and web portal, LAN, and enterprise security, while sharply reducing the time and effort required to deploy and manage security. VASCO's customers include hundreds of financial institutions, blue-chip corporations, and government agencies in more than 50 countries. More information is available at www.vasco.com.

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,” 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 Company's public filings with the US Securities and Exchange Commission for further information regarding the Company and its operations.

For more information contact:

Mike Lange, +1 630 932 8844, [email protected]

VASCO: Ariane Bosmans, +32 2 456 9810, [email protected]

Worldwide Investor Relations:
Annemieke Blondeel, +44 208 308 7080, [email protected]