VASCO Transforms Business Enablement with Launch of New Anti-Fraud Platform, Renames Company OneSpan
May 30 2018 - 8:00AM
VASCO Data Security International, Inc. (NASDAQ:VDSI), a global
leader in digital identity security, transaction security and
business productivity, today announced the launch of its Trusted
Identity (TID) platform, which provides companies with a single
platform to reduce onboarding and transaction-related fraud while
securing and enhancing the end-user experience. VASCO also
announced it is changing its name to OneSpan to reflect the
significance of this shift in its strategy and solution offering.
The OneSpan Trusted Identity (TID) platform brings together the
OneSpan’s broad portfolio of security technologies to enable
real-time fraud detection for banks and enterprises through a
cloud-based, open-architecture platform that uses real-time fraud
analytics, multifactor authentication, mobile application security
and orchestration of all of the available services. TID’s API-based
approach integrates OneSpan-provided, third party and
customer-developed tools to manage risk and reduce fraud, meet
strict regulatory compliance, reduce the time and cost of
implementation, and improve the user experience. The TID platform
represents the next evolution of OneSpan’s two decades of
leadership in preventing fraud and hacking attacks against the
world’s leading financial institutions.
The newest solution available on TID is Intelligent Adaptive
Authentication. This solution reviews data from user behavior,
devices, mobile applications and real-time transactions, then uses
artificial intelligence with machine learning plus pre-configured
and customizable rule sets to analyze and score that data. The
result of this analysis enables a precise level of security on user
interactions while optimizing the user experience.
“Financial institutions are expanding their investments to
address escalating fraud while competing to provide the best
customer experience,” said Aite Group’s Retail Banking and Payments
Research Director, Julie Conroy. “Increasingly, FIs are looking for
platform solutions that support a flexible plug-and-play approach
with multiple tools that enable them to nimbly evolve their fraud
and authentication strategies. OneSpan’s layered approach using
multiple technologies that work together is a great match for these
needs, blending strong security with user convenience to help banks
prevent fraud.”
“The launch of our Trusted Identity platform provides a single
foundation that spans the needs of our customers today and into the
future while our name change underscores a generational evolution
in our strategy,” said OneSpan CEO, Scott Clements. “We listened
closely to the challenges our customers are facing and identified a
significant gap between customer needs and solutions available in
the market. OneSpan is addressing this gap by delivering a much
needed and innovative approach to reducing the billions of dollars
banks are losing annually to fraud.”
Trading on NASDAQ under the new OneSpan name, ticker symbol
“OSPN” and new CUSIP number 68287N 100 is expected to begin at
market open Monday, June 4, 2018.
About OneSpan
OneSpan enables financial institutions and other organizations
to succeed by making bold advances in their digital transformation.
We do this by establishing trust in people’s identities, the
devices they use, and the transactions that shape their lives. We
believe that this is the foundation of enhanced business enablement
and growth. More than 10,000 customers, including over half of the
top 100 global banks, rely on OneSpan solutions to protect their
most important relationships and business processes. From digital
onboarding to fraud mitigation to workflow management, OneSpan’s
unified, open platform reduces costs, accelerates customer
acquisition and increases customer satisfaction. Learn more about
OneSpan at OneSpan.com and on Twitter, LinkedIn and Facebook.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of applicable U.S. Securities laws, including
statements regarding the potential benefits, performance, and
functionality of our products and solutions. Forward-looking
statements may be identified by words such as "seek", "believe",
"plan", "estimate", "anticipate", expect", "intend", and statements
that an event or result "may", "will", "should", "could", or
"might" occur or be achieved and any other similar expressions.
These forward-looking statements involve risks and uncertainties,
as well as assumptions which, if they do not fully materialize or
prove incorrect, could cause our results to differ materially from
those expressed or implied by such forward-looking
statements. Factors that could materially affect our business
and financial results include, but are not limited to, market
acceptance of our products and solutions and competitors’
offerings, the potential effects of technological changes, and the
increasing frequency and sophistication of hacking attacks, as well
as those factors set forth in our Form 10K (and other forms) filed
with the Securities and Exchange Commission. Our SEC filings and
other important information can be found on the Investor Relations
section of our website at ir.vasco.com. We do not have any intent
and disclaim any obligation to update the forward-looking
information to reflect events that occur, circumstances that exist,
or changes in our expectations after the date of this press
release.
Media contact:Sarah Hanel Director of
Global Corporate Communications +1-312-871-1729
sarah.hanel@onespan.com
Investor contact: Joe MaxaDirector of Investor
Relations+1-612‑247‑8592joe.maxa@onespan.com
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