Reaffirms Company’s Commitment to Fight Phishing Through
Increased Awareness and Patented Technology

FREMONT, Calif., October 28, 2004 – ActivCard Corp (Nasdaq: ACTI), a global provider of strong authentication and trusted digital identity solutions for secure remote access, single sign-on and enterprise access cards, today announced its membership in the Anti-Phishing Working Group (www.antiphishing.org), a prominent industry coalition dedicated to combating phishing scams and online identity theft.

Phishing, as defined by Gartner Group, is a cyber-attack in which an attacker impersonates a trusted company or provider and sends out a bulk message (“the bait”), typically an email that directs consumers (“the phish”) to a fraudulent website to collect personal and financial information for identity theft.

Phishing is the most recent dangerous trend in fraud to hit online commerce, costing U.S. banks alone $1.2 billion in direct losses, increasing insurance rates and eroding consumer confidence in online transactions. The FBI calls phishing the “hottest and most troublesome” scam on the Internet, and the U.S. Department of Justice has created a special unit aimed at identifying and prosecuting the perpetuators of these scams. Phishing attacks have grown to target non-English speaking countries, such as France and Germany, a prime indication that this type of fraud is getting not only more sophisticated, but also gaining wide geographical spread.

“The Anti-Phishing Working Group is delighted to have ActivCard as a new
sponsoring member,” said Peter Cassidy, secretary general of the
Anti-Phishing Working Group. “The company's technological expertise and institutional experience in addressing security exposures across many industries will be especially important in understanding the next generation of phishing attacks and, in turn, will aid us to our goal of halting this criminal enterprise.”

“ActivCard is pleased to be united with other technology innovators, partners and customers in the Anti Phishing Working Group,” said Dominic Fedronic, chief technology officer at ActivCard. “As this problem proliferates to all corners of the globe, we find a group like this one to be very beneficial in sharing ideas and solutions to this complex security threat.”

At the Cartes & IT Security 2004 Show in Paris, France, ActivCard will be offering a free workshop entitled “STOP Phishing – How to Catch a Phish,” on November 4. Mehdi Bermy, ActivCard Financial Solutions Manager, will detail how ActivCard solutions provide direct answers to the growing menace of phishing in line with the needs of financial institutions around the globe.

“Through our ability to offer anti-phishing solutions, we contribute to the protection of personal financial information and credentials of our banking customers - helping to ensure they have the necessary strong authentication solution in place to keep their information and transactions secure,” continued Mr. Fedronic.

For more information on phishing solutions from ActivCard, please visit /en/solutions/3_6_1_phishing.php.

About The Anti-Phishing Working Group
The Anti-Phishing Working Group (APWG) is an industry association focused on eliminating the identity theft and fraud that result from the growing problem of phishing and email spoofing. The organization provides a forum to discuss phishing issues, define the scope of the phishing problem in terms of hard and soft costs, and share information and best practices for eliminating the problem.

About ActivCard
ActivCard (Nasdaq: ACTI) is a global provider of strong authentication and trusted digital identity solutions for secure remote access, single sign-on and enterprise access cards. Scalable systems and strong authentication solutions from ActivCard are deployed by organizations, from enterprises to governments, around the world. ActivCard provides organizations with industry-specific solutions offering increased security, reduced cost, and user convenience. The modular product design allows customers to add capabilities as required, preserving their investment. Headquartered in Fremont, California, ActivCard has sales and service centers in more than seven countries. For more information, visit www.activcard.com.

The statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties, including risks associated with changes in our management team, fluctuations in operating results, our history of losses, and other risks identified in our periodic filings with the United States Securities and Exchange Commission, including, but not limited to, those appearing under the caption "Risk Factors" in our most recent Annual Report on Form 10-K, and in our Quarterly Reports on Form 10-Q. Copies of these filings are available from ActivCard and on the SEC's website at www.sec.gov . Actual results, events and performance may differ materially from our forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ActivCard disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

ActivCard is a registered trademark and Return on Identity is a trademark of ActivCard in the United States and/or other countries. All other trademarks are the property of their respective owners in the United States and/or other countries.

US Contact:
Scott Leatherman
ActivCard Corp.
+1 (510) 574 1750
sleatherman@activcard.com

EMEA Contact:
Isabelle Joulot
ActivCard Europe
+33 (0)1 42 04 84 00
isabelle.joulot@activcard.fr