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VeriSign and Innovative Card Technologies Address Worries of Online Merchants with New Fraud Protection that Fits in a Wallet

  • 02 May, 2007 08:45

<p>VeriSign, Inc. (NASDAQ: VRSN), the leading provider of digital infrastructure for the networked world, and Innovative Card Technologies, Inc. (NASDAQ: INVC), developers of the ICT DisplayCard for e-banking, e-commerce and data access authentication, today announced an agreement that will make it easier than ever for financial services providers and retailers to issue and accept payment cards embedded with one-time-password (OTP) authentication to protect their online transactions from e-fraud.</p>
<p>Now companies that fortify their online commerce applications with VeriSign Identity Protection (VIP) can leverage the ICT DisplayCard, a revolutionary new “smarter” payment card with built-in identity authentication. The ICT DisplayCard integrates the security of a one-time password token into a card the size of a standard credit or debit card. At the push of a button on the back of the card, an integrated display shows a password that changes with every transaction. During an online transaction, this number is entered into a user interface with other information (such as the user’s static PIN and login name) for multifactor authentication.</p>
<p>By integrating the ICT DisplayCard with VIP, the two companies will add a convenient, portable and user-friendly new token form factor to the VeriSign’s growing authentication network.</p>
<p>“For businesses to inoculate themselves against online fraud, they must make it convenient for consumers to authenticate their identity with every transaction,” said Fran Rosch, vice president, Authentication Services, VeriSign. “Integrating the ICT DisplayCard with VIP gives our customers more protection than ever, and illustrates VeriSign’s commitment to offering the latest methods of authentication in form factors that accommodate the way consumers live.”</p>
<p>VIP is a comprehensive suite of identity protection and authentication services that enable consumer-facing applications to provide a secure online experience for end users at a reasonable cost. It enables both invisible security through VIP Fraud Detection Services as well as more visible security through VIP Authentication Services. To minimise costs and maximise security by sharing intelligence and resources, VIP Authentication Services is backed by the VIP Network which allows for the sharing of a single security credential across multiple websites.</p>
<p>“VeriSign’s extensive experience securing digital transactions make them a strong addition to InCard’s partner network,” said John A. Ward, III, InCard Technologies’ Chairman and CEO. “We look forward to providing VeriSign’s clients with an additional layer of strong authentication in the best possible form factor for one-time passcode generation – a card that fits in a wallet.”</p>
<p>About VeriSign
VeriSign, Inc. (NASDAQ: VRSN), operates digital infrastructure services that enable and protect billions of interactions every day across the world’s voice and data networks. Additional news and information about the company is available at www.verisign.com.</p>
<p>About Innovative Card Technologies
InCard Technologies, Inc., (NASDAQ: INVC) was founded in 1993 to add functionalities to payment cards. InCard’s suite of ICT DisplayCards enable dual-factor authentication in a convenient card form. The cards can be configured to offer RFID physical access or payment capabilities, and feature a screen powered by an integrated battery, circuit, and switch. This screen displays a one-time password to verify the presence of the card during online and voice transactions or data systems login. www.incardtech.com.</p>
<p>Statements in this announcement other than historical data and information constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause VeriSign's actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, the uncertainty of future revenue and profitability and potential fluctuations in quarterly operating results due to such factors as the risk that VeriSign’s announced relationship, including the relationship described herein, may not result in additional customers, profits or revenues; and increased competition. More information about potential factors that could affect the company's business and financial results is included in VeriSign's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 10-K for the year ended December 31, 2005 and quarterly reports on Form 10-Q. VeriSign undertakes no obligation to update any of the forward-looking statements after the date of this press release.</p>
<p>This press release contains forward-looking statements which are commonly identified by words such as "would," "may," "will," "expects," and other terms with similar meaning. Forward-looking statements are based on current beliefs, assumptions and expectations and speak only as of the date of this release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. The material factors and assumptions that could cause actual results to differ materially from current expectations include, without limitation, the following: ICT DisplayCard adoption, ICT DisplayCard further testing and certifications, dependence on a limited number of suppliers and their capacity, and full scale production of the ICT DisplayCard. Innovative Card Technologies, Inc. refers interested persons to its most recent Annual Report on Form 10-KSB and its other SEC filings for a description of additional uncertainties and factors that may affect forward-looking statements. Forward-looking statements are based on information presently available to senior management, and Innovative Card Technologies has not assumed any duty to update any forward-looking statements.</p>

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