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May 7, 2008

OAKBROOK TERRACE, Illinois and ZURICH, Switzerland – May 07, 2008 - VASCO Data Security International, Inc. (Nasdaq: VDSI) (www.vasco.com), the leading software security company specializing in authentication products, today announced that leading Brazilian bank Banco Itau (www.itau.com.br ) will protect the users of its retail e-banking application with VASCO’s VACMAN Controller and Digipass GO3

Banco Itau, one of Brazil’s largest privately owned banks, is a longstanding customer of VASCO. Five years ago, the bank started securing its corporate customers with VASCO’s strong authentication products. Today, the bank will use VASCO’s market leading Digipass-VACMAN combination in order to safeguard its retail e-banking application.

Brazil is an important market for VASCO. The country has a mature and popular Internet banking channel and the banks are actively looking for ways to make the Internet a secure and easy to use business channel. Brazil can safely be regarded as a shining example of banking-related IT-excellence on the American continent. In 2007, VASCO opened a sales- and support office in Sao Paulo, the business capital of Brazil.

Digipass GO3 is a lightweight strong user authentication product, especially designed for the large volume banking market. GO3 is extremely easy to use - with a simple touch of a button, the customer generates a unique one-time password. The password 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. High-resolution pictures of Digipass GO 3 can be downloaded at http://www.vasco.com/digipass-go3.
“We are very happy to extend our cooperation with Banco Itau,” said Jan Valcke, VASCO’s President and COO. “VASCO will put the combination of its expertise and experience as a global market leader in strong authentication and the expertise of its local staff at Itau’s disposal in order to guarantee a smooth roll-out and a successful project. Together, we’ll make the Internet a safer place.”

About Banco Itaú - Banco Itaú offers retail, commercial, corporate, and private banking services to clients in Brazil and abroad. The bank provides consumer loans, financial management, insurance, pension plans, treasury services, mortgage loans, lease financing, securities brokerage, and foreign exchange services. It is rated BBB- by Moody’s. Through its investment banking arm, Itaú BBA has been a top player in Brazilian IPO’s and the leader in corporate debt insurance. Itaú is the only Latin American bank to be a component of the Dow Jones Sustainability World Index since the creation of this stock index, for eight consecutive years. For the third consecutive time, Latin Finance/Management & Excellence rated the Bank as the most ethical and sustainable among the largest Latin American banks. Most recently, Euromoney magazine recognized Itaú as the Best Latin American Bank. Itaú was also the first foreign bank, with its shares traded on the New York Stock Exchange, to comply with the requirements under the Sarbanes-Oxley Act.

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 a global software company for Internet Security serving a customer base of close to 7,100 companies in more than 100 countries, including more than 1000 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,” 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:
VASCO: Jochem Binst, +32 2 609 97 00, [email protected]