First Data Corp. (NYSE:FDC), a global leader in electronic commerce and payment services, today announced the availability of DataSIGN products to protect businesses and consumers from the threat of identity theft and fraud.
DataSIGN products leverage a digital signing microchip that can be used in payment terminals and cards, mobile phones and other devices to verify the identity of users and provide auditable transactions.
DataSIGN products enable companies to easily replace passwords and other weak authentication solutions with the strength of digital signatures for increased protection against security breaches that could result in fraud losses. This empowers businesses to use the profit potential of today's electronic world without putting themselves or their customers at risk.
"With the growing rate and sophistication of identity theft and Internet fraud, increased password hackings and new legislative pressures calling for corporate accountability, companies need strong authentication of users and transactions to protect their business and customers," said Gene Kathol, vice president of research and development for First Data and managing director of the First Data Secure Signing Platform (formerly aSuretee Products). "For years First Data has been actively engaged in combating fraud, and DataSIGN products are another important offering in our continued efforts."
A digital signature is an electronic code that can be attached to an electronic transaction to prove the authenticity of the sender and the contents of the message. Therefore, businesses can use digital signatures like handwritten signatures - to authenticate the fact that their customers promised something that they can't refute later. Any electronic transaction signed using a DataSIGN authentication token verifies the signer's identity and the integrity of the transaction.
DataSIGN products provide several key benefits for businesses that want increased protection against fraud:
- Simple: DataSIGN products are based on the Secure Signing Platform, a First Data innovation that unleashes the power of digital signatures in a way that is cost effective and easy to use.
- Strong: DataSIGN Tokens leveragee a digital signing chip that has been manufactured in the most secure manner possible and is scheduled to receive several of the highest rated government security certifications in Q2 of 2004.
- Versatile: DataSIGN Tokens employ a unique, multi-level security feature which enables companies to use varying levels of user authentication based on transaction value.
"We are using the DataSIGN product in support of our gift and spending card programs to offer our clients highly secure settlement products for the growing franchise market," said Chris McGee, senior manager of business development for ValueLink. "Using the DataSIGN product, we can control access to sensitive data, financial transactions and user administration to process safe and efficient settlement transactions."