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FORM 4 OMB APPROVAL
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/ / Check this box if no OMB Number:3235-0362
longer subject to Section Expires: September
16. Form 4 or Form 5 obligation 30, 1998
may continue. See Instruction 1(b). Estimated average
burden hours per
response.........1.0
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act
of 1934, Section 17(a) of the Public Utility Holding
Company Act of 1935 or Section 30(f) of the
Investment Company Act of 1940
(Print or Type Responses)
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1. Name and Address of Reporting Person*
HUNT T.KENDALL
________________________________________________
(Last) (First) (Middle)
1901 SOUTH MEYERS ROAD, SUITE 210
________________________________________________
(Street)
OAKBROOK TERRACE ILLINOIS 60181
________________________________________________
(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
VASCO DATA SECURITY INTERNATIONAL, INC. (VDSI)
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3. I.R.S. or Social Security Number of Reporting Person,
(Voluntary)
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4. Statement for Month/Year
September 1998
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_X_ Director _X_ 10% Owner
_X_ Officer (give title ___ Other (specify
below) below)
Chairman, President and Chief Executive Officer
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7. Individual or Joint/Group Filing (Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
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TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED
OF, OR BENEFICIALLY OWNED
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1. Title of Security (Instr.3)
A. Common Stock, par value $.001 per share
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2. Transaction Date (Month/Day/Year)
A. September 4, 1998
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3. Transaction Code (Instr.8)
Code V
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A. P
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4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
Amount (A) or (D) Price
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A. 500 A $4.25
3,000 A $4.375
2,000 A $4.3125
4,500 A $4.625
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5. Amount of Securities Beneficially Owned at End of Month
(Instr. 3 and 4)
A. 10,216,225
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6. Ownership Form: Direct (D) or Indirect (I) (Instr.4)
A. Direct
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7. Nature of Beneficial Ownership (Instr. 4)
A. Direct
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see
Instruction 4(b)(v).
(Over)
SEC 1474 (7-97)
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FORM 4 (continued)
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TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED (e.g.,
PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE
SECURITIES)
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1. Title of Derivative Security (Instr. 3)
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2. Conversion or Exercise Price of Derivative Security
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3. Transaction Date (Month/Day/Year)
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4. Transaction Code (Instr. 8)
Code V
---- -
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5. Number of Derivative Securities Acquired (A) or Disposed of
(D) (Instr. 3, 4 and 5)
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6. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
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7. Title and Amount of Securities Underlying Securities
(Instr. 3 and 4)
Title Amount or Number of Shares
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8. Price of Derivative Security (Instr. 5)
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9. Number of Derivative Securities Beneficially Owned at End of
Month (Instr. 4)
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10. Ownership Form of Derivative Security: Direct(D) or Indirect
(I) (Instr. 4)
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11. Nature of Indirect Beneficial Ownership (Instr. 4)
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Explanation of Responses:
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/s/ T. KENDALL HUNT September 08, 1998
_______________________________ _______________
**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 18 U.S.C. 1001 and 15
U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be
manually signed. If space provided is insufficient,
see Instruction 6 for procedure.
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SEC 1474 (7-97)
