VASCO to organize banking summit

MUMBAI, INDIA: VASCO Data Security International Inc., a provider in authentication and e-signature solutions and services specializing in Internet Security applications and transactions, today announced that it will organize a high-level annual banking summit at Mumbai on March 05, 2009.

The summit will feature presentations by prominent names in the local banking industry and VASCO on how banks and financial institutions can protect themselves and their customers against the latest e-Banking frauds, said a press release.

The participants will gain in-depth knowledge from leading banks and financial institutions on how strong user authentication has enabled them to address new revenue opportunities, reduce operating costs and gain competitive advantage, it said.

“Leading market analysts project that Asia-Pacific B2C E-Commerce, Indian B2C eCommerce sales are expected to grow tremendously between 2008 and 2011. This growth will throw open many challenges in front of the Indian banks on how to tackle the menace of online frauds and grow profitability in ecommerce operations,” said Dan Dica, regional director PAC, India and Japan, VASCO Data Security International, Inc.

“VASCO’s Mumbai Banking Summit will present them with best-of-breed solutions being considered and implemented by leading banks around the world and benefit from their experience,” he added.

Over the last few years Internet and financial fraud has evolved from local ad-hoc hacking attacks into an internationally coordinated fraud on a massive scale.

In order for banks to successfully counter these fraud threats, they also need to think internationally when deploying their e-Banking security strategies.

With the rapid growth in India’s e-commerce business, the same problems are expected to grow in India with stray incidents of online fraud giving way to regular syndicated crimes, the release said.

VASCO’s Banking Summit would offer the participants an opportunity to receive an executive overview of VASCO’s Vision and strategy for the upcoming years from the Senior Management of VASCO Data Security.