Will prevent online identity theft by learning the fraud patterns and customer usage habits; also signs a definitive agreement to acquire Snapcentric.

VeriSign, Inc., a provider of infrastructure services for the Internet and telecommunications networks, today announced the VeriSign Fraud Detection Service, a new solution that forms part of VeriSign's overall layered authentication solution targeted at preventing online identity theft.

The VeriSign Fraud Detection Service will complement VeriSign's existing authentication offerings to help banks achieve FFIEC compliance by authenticating consumers based on behavioral patterns. It takes a self-learning approach to fraud detection, adapting to customer usage habits unique to that individual. Using pattern recognition technology, it flags fraudulent activities based on known types of fraud and behaviors not associated with the user. The VeriSign Fraud Detection Service is available for Beta testing, with general availability expected within the next 60 days.

VeriSign has also reached a definitive agreement to acquire Snapcentric, Inc., a provider of online fraud detection solutions. The newly acquired technology will be a key addition to VeriSign's suite of authentication solutions, providing an invisible layer of protection against online fraud, said the company. Purchased at $12 million, all of Snapcentric's employees in the United States and Israel will become part of VeriSign Security Services. The transaction is expected to close later this quarter.

"Financial institutions of all sizes are looking for easy-to-deploy solutions that help them achieve compliance with FFIEC without further taxing their IT resources or staff," said Nico Popp, Vice President, Authentication Services, VeriSign. "The introduction of the VeriSign Fraud Detection Service is a strategic move that provides VeriSign with advanced technology to help these institutions achieve compliance in a cost effective and non-intrusive way."