BoC launches VeriSign Identity Protection Services

The Bank of Ceylon (BoC), the premier State bank in the country launched the VeriSign Identity Protection Services (VIP) to strengthen the authentication of the bank's internet banking facility for its customers.

The BoC introduced the advanced identity protection services to lead the country's banking sector to counter internet Identity theft, phishing and on-line financial fraud. Head of IT, BoC, Nissanka Jayaratne said due to the increase in global internet identity theft phishing and on-line financial fraud institutions are compelled to deploy authentication for consumers.

Global companies are losing billions of rupees annually due to inefficient identity protection systems. As a result of brand deterioration consumer confidence in on-line banking has eroded over the years. According to banking research in the US, consumers using tokens prefer to transact more than those who use only the password and user name. The US government will make the use of the second factor identification for on-line banking compulsory next year.

The BoC will initially provide the security solution to high net-worth internet banking customers. Strong authentication techniques will help to reduce fraud.

BoC customers can use a single security token to authenticate themselves across any VIP enabled on-line commerce website including leading sites such as eBay and PayPal. Customers who have already received a security token from such sites can use the bank's internet banking facility.

VeriSign has provided authentication services to over 500,000 websites, 40 of the world's largest banks and 47 of the top 50 e-commerce sites.

LF