SOURCE: Elephant Talk Communications

Elephant Talk Communications

October 19, 2010 04:00 ET

UK Software Technology Firm ValidSoft Can Help Stem U.S. Bank Fraud

LONDON--(Marketwire - October 19, 2010) - In the wake of a major international cyber crime network that the FBI cracked earlier this month in which the 90 member suspects hacked into U.S. computers -- stealing around $70 million (http://www.bbc.co.uk/news/world-us-canada-11457611), ValidSoft (www.validsoft.com), a global supplier of authentication and transaction verification solutions and a subsidiary of Elephant Talk Communications (OTCBB: ETAK) (www.elephanttalk.com), has introduced VALid®, fraud prevention technology for combating malicious cyber attacks that captures passwords, account numbers, and other data used to log onto online banking accounts. 

"There's a fraud problem in the U.S. to the tune of $200 billion losses annually to the financial and retail industries," said Pat Carroll, ValidSoft Chief Executive Officer. "Threats from underground crime fraudsters are on the rise. The good news is that banks and companies that use VALid® can make sure that the bank and the customers are really who they say they are. The technology guards against transactions being tampered with. It's a single, consistent approach across all electronic channels."

VALid® works by offering a mutual, multi-factor authentication and transaction verification process that combats fraud across multiple banking channels (Web, phone and call centre). It protects banks' customers that use online banking, M-banking, telephone banking and contact centers.

"The technology's Transaction Verification not only authenticates the customers, but also ensures the integrity of the transaction detail itself. This counters even the most sophisticated electronic fraud. This solution increases consumer confidence, reduces operational costs and protects the integrity of electronic transactions," said Carroll. 

About Elephant Talk Communications
Elephant Talk Communications, Inc. (OTCBB: ETAK) is an international provider of business software and services to the telecommunications and financial services industry. The company enables both mobile carriers and virtual operators to offer a full suite of products, delivery platforms, support services, superior industry expertise and high quality customer service without substantial upfront investments from clients. Elephant Talk provides global telecommunication companies, mobile network operators, banks, supermarkets, consumer product companies, media firms, and other businesses a full suite of products and services that enables them to fully provide telecom services as part of their business offerings. The company offers various dynamic products that include remote health care, credit card fraud prevention, mobile internet ID security, multi-country discounted phone services, loyalty management services, and a whole range of other emerging customized mobile services. For more information visit www.elephanttalk.com.

About ValidSoft
ValidSoft is a subsidiary of Elephant Talk Communications, Inc. (OTCBB: ETAK), and is a market leader in providing solutions to counter electronic fraud relating to card, the internet, and telephone channels. ValidSoft's solutions are at the cutting edge of the market and are used to verify the authenticity of both consumers and institutions (Mutual Authentication), and the integrity of transactions (Transaction Verification) for the mass market, in a highly cost effective and secure manner, yet easy to use and intuitive. For more information please visit www.validsoft.com.

Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to the Company's plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission (SEC), copies of which are available from the SEC or may be obtained upon request from the Company.

Contact Information

  • Contact:
    ValidSoft
    Claire Hope
    Manager PR & Marketing
    Tel: + 44 020 31708125
    Email Contact

    Investors:
    Alliance Advisors, LLC
    Thomas P. Walsh
    Tel: + 1 212-398-3486
    Email Contact