NW_20041012_en_Egnatia Bank (Greece) To Use Digipass For Retail Banking

October 12, 2004

OAKBROOK TERRACE, Ill., and BRUSSELS, Belgium, October 12 , 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 leading Greek bank Egnatia Bank (www.egnatiabank.gr ) is offering VASCO’s Digipass to retail banking users. Egnatia Bank is the first Hellenic bank to offer strong authentication products to its customers.

Egnatia will deploy Digipass GO3 for retail e-banking in its brand new “EgnatiaTeller” online banking application. The integration of Digipass in the bank’s application has been done by VASCO’s local partner, PCS (www.pcs.gr ).

“The success of an e-banking service depends on security and user friendliness,” said Petros Kareklis, Head of Egnatia Bank’s electronic banking Division. “VASCO’s Digipass products offer both. They have a great proven track record, are reliable, cost effective and easy to use. We are therefore sure that our new EgnatiaTeller application will meet our customers’ expectations”.”

“By opening the Greek market for Digipass, Egnatia Bank sets the trend towards secure e-banking in an important European country,” said Jan Valcke, VASCO’s President and COO. “Worldwide, the attention for VASCO’s products is rapidly rising. We want to congratulate Egnatia Bank for its market vision.”

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 hardware and software security products. For user access control, VASCO’s VACMAN products guarantee that only designated Digipass users get access to the application. With over 11.5 million Digipass products sold and delivered, VASCO has established itself as a world-leader for strong Identity Authentication with over 300 international financial institutions and approximately 1,400 blue-chip corporations and governments located in 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]