Well fargo mortgage company: Internet Security: Wells Fargo and GTE CyberTrust Unveil Online Authentication Seal — Wells Fargo's SureServer; Wells Fargo Teams with CyberTrust
As the number of online shoppers soars, Wells Fargo & Co. and GTE CyberTrust have teamed together to deliver a new service to merchants that provides secure e-commerce transactions for consumers.
Called Wells Fargo's SureServer, the new service will provide electronic credentials known as digital certificates to companies that conduct business through the Internet's World Wide Web. Customers will use Wells Fargo's SureServer certificates to authenticate their identity, thus assuring both parties that on-line transactions are legitimate and secure. Wells Fargo has partnered with CyberTrust, the most experienced enabler of secure extranets and e-commerce for companies extending their high-value business relationships to the Web.
"More and more customers are spending time browsing on-line, but many of them are not comfortable enough with Internet security to make a purchase. With CyberTrust's help we can now provide them that security assurance," said Debra Rossi, senior vice president of Electronic Payment Services at Wells Fargo, one of the first banks in the U.S. to make secured online credit card payments available to merchants. "If 1998 heralded the emergence of online shopping as a cultural phenomena, 1999 will be the year many mainstream consumers test its appeal for the first time."
Despite the increased popularity of online shopping, in 1998 Forrester Research found that 96 percent of catalog shoppers who have not made purchases online are not completely comfortable with Internet security. Wells Fargo's SureServer provides a way for merchants to make consumers feel secure about shopping online.
When on-line shoppers see Wells Fargo's SureServer seal on an e-commerce Web site, they can be assured that the merchant is a legitimate business and is backed by state-of-the-art security. By simply clicking on Wells Fargo's SureServer seal displayed on the merchant's homepage, customers can view a copy of the digital certificate, complete with validated merchant information. Customers can then be confident in knowing that a trusted bank, Wells Fargo backs the site, and that purchases will be made in a secure environment.
"The Wells Fargo Brand is well known to their customers, merchants, and others throughout the North America as a leading provider of e-commerce solutions. Wells Fargo's SureServer will accelerate the move of many customers to become e-commerce users," said Peter Hussey, President of CyberTrust. "CyberTrust is bridging the gap between e-commerce and secure e-commerce, helping Wells Fargo to make it easy and secure for Wells Fargo merchants and customers to take advantage of the well-respected and, most importantly, trusted Wells Fargo brand."
Beginning June 1, 1999, Wells Fargo's SureServer digital certificates will be available to both current Wells Fargo merchant account holders and non-Wells Fargo merchants. To demonstrate their commitment to promoting Internet security and making 1999 a safe holiday shopping season, Wells Fargo will be offering free, trial certificates for a limited time when an Internet merchant account is opened. Merchants can apply for Wells Fargo's SureServer digital certificate at www.wellsfargo.com/biz/merchant or call 800/262-2893.
Industry projections indicate Internet retail shopping volume in the U.S. in 1999 could grow to anywhere from $13 billion, according to Ernst & Young, to close to $20 billion, according to Forrester Research. That compares with an estimated $2.5 billion in Internet spending in 1997, according to Forrester Research. Some forecasters, including Ernst & Young and Intel Corp., predict annual Internet sales could approach $1 trillion by 2002.
CyberTrust is the most experienced enabler of secure extranets and e-commerce for companies extending their high-value business relationships to the Web. CyberTrust's certificate-enabled extranet solutions support privilege-based user access, data confidentiality, audit trails, and digitally signed-binding transactions. Through CyberTrust Authorized PartnerS (CAPS) and global alliances network, CyberTrust offers the industry's most complete suite of public key infrastructure-based products, outsourced service and consulting. CyberTrust is a GTE company headquartered in Needham Heights, MA, with offices in London, England, and Sapporo, Japan. You can learn more about CyberTrust at www.cybertrust.com.
With 1998 revenues of more than $25 billion, GTE is a leading telecommunications provider with one of the industry's broadest arrays of products and services. In the United States, GTE provides local service in 28 states and wireless service in 17 states, as well as nationwide long-distance, directory, and internetworking services ranging from dial-up Internet access for residential and small-business consumers to Web-based applications for Fortune 500 companies. Outside the United States, the company serves customers on five continents.
Beginning in February 1995, Wells Fargo was one of the first banks in the U.S. to make secured online credit card payment available to merchants. Wells Fargo is one of the few major banks in the country that works with start-up companies venturing into e-commerce. The Electronic Payment Services Division is the unit of Wells Fargo responsible for processing standard credit card and debit card transactions, as well as credit card payments over the Internet. Formed in 1960, the unit has 80,000 customers throughout the U.S. Wells Fargo processed $20 billion credit card purchases in 1998, versus $11 billion in 1996. Debit card transactions processed in 1997 grew to $4 billion, versus $2.6 billion in 1996. Wells Fargo processes secure Internet payments for over 2,500 online merchants.
Founded in 1852, Wells Fargo today is a $202 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through 5,836 stores and other distribution channels in all 50 states and Canada.
