NW_20040713_ABN-AMRO Singapore To use Digipass GO3 Strong Authentication for Retail Banking
OAKBROOK TERRACE, Ill., and BRUSSELS, Belgium, July 13, 2004 - VASCO Data Security International, Inc. (Nasdaq: VDSI) (www.vasco.com), the global number one vendor of strong user authentication products to the financial sector, today announced that ABN-Amro Singapore will provide its retail customers with VASCO’s Digipass GO3 to guarantee secure online banking. ABN-Amro is the first bank in Singapore to use Digipass in a retail-banking environment.
Online banking using static passwords becomes an increasingly risky business due to fraud schemes such as “Phishing” and keystroke logging. Lately, a large number of banks in the Asia-Pacific region became victims of fraud attempts aiming at the static secret information of e-bank account holders. With VASCO’s Digipass products, the use of dynamic, one-time passwords prevents that such fraud schemes are successful.
Digipass GO3 is a lightweight, low cost strong user authentication token, especially designed for the large volume banking market. GO3 is extremely easy to use. With a simple touch of a button, the end user generates a unique one-time password. The password changes every 36 seconds and can be only used once, which means that it can’t be re-used by fraudsters. Digipass GO3 is VASCO’s answer to banks that want to give their customers a simple though secure means to use Internet banking applications.
“We welcome ABN-Amro’s decision to become the first Singaporean bank that protects its retail customers’ assets with Digipass,” said Jan Valcke, VASCO’s President and COO. “Worldwide, banks become aware of the fact that securing their e-banking applications with static passwords is unsafe. We salute the visionary approach of ABN-Amro, making the Internet a secure e-banking place for their customers.”
“Key-logging programs and phishing schemes are a reality for every responsible financial institution offering e-banking applications to its users,” said Qasif Shahid, ABN-Amro’s Head of Alternative Distribution and E-Channels. “A one-time password generated by Digipass can’t be re-used and prevents phishing attempts.”
About VASCO: VASCO designs, develops, markets and supports patented “Identity Authentication” products for e-business and e-commerce. VASCO’s Identity Authentication software is delivered via its Digipass security products, small “calculator” hardware devices carried by an end user, or in a software format on mobile phones, other portable devices, and PCs. For user access control, VASCO’s VACMAN products guarantee that only designated Digipass users get access to the application. VASCO’s target markets are the applications and their several hundred million users that utilize fixed passwords as security. VASCO’s time-based system generates a “one-time” password that changes with every use, and is virtually impossible to hack, or break. With over 11 million Digipass products sold and delivered, VASCO has established itself as a world-leader for strong Identity Authentication with 300 international financial institutions, approximately 1400 blue-chip corporations, and governments representing more than 80 countries.
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:
Jochem Binst, +32 2 456 9810, [email protected]