HSBC to Implement Fraud Detection Service from VeriSign to Enhance Customer Protection
HSBC USA Inc., the U.S. banking unit of one of the world's largest financial services companies, and VeriSign today (18 December 2006) announced an agreement for HSBC USA to deploy the VeriSign® Identity Protection (VIP) Fraud Detection Service (FDS) to enhance the protection it provides to customers to prevent identity theft and fraud.
“The VeriSign Fraud Detection Service provides additional online authentication and fraud monitoring, which will enhance the measures the bank already employs to safeguard customer information and assets when banking over the Internet” said Martin Hayes, senior vice president and head of e-business, HSBC USA. “Protecting customers' accounts and identities is of paramount importance.”
VIP FDS includes a state-of-the art risk engine that offers layered, risk-based authentication and fraud prevention capabilities. VIP FDS runs behind the scenes, utilizing advanced anomaly detection technology which flags potentially fraudulent activity while continuing to ensure a favorable user experience and timely delivery of services.
“We are extremely proud that HSBC has put its trust in VeriSign,” said Judy Lin, executive vice president and general manager, VeriSign Security Services. “We are confident that our solution will protect the online identities of HSBC consumers and allow HSBC to meet specific regulatory requirements, such as the FFIEC guidance, by the end of 2006.”
HSBC USA Inc. is the holding company for HSBC Bank USA, N.A., HSBC National Bank USA and other U.S. banking subsidiaries, which together have a U.S. branch network of more than 430 branches in nine states and the District of Columbia, with nearly 400 branches in New York State. These entities serve more than 3 million U.S. individual and corporate customers and offers a full range of banking products and services. HSBC USA Inc. is an indirectly held, wholly owned subsidiary of HSBC North America Holdings Inc., one of the nation's 10 largest bank holding companies by assets.