SOURCE: Elephant Talk Communications

Elephant Talk Communications

July 05, 2011 04:02 ET

ValidSoft CEO Calls on Card Industry to Integrate Fraud Prevention and Privacy Into Consumer Products

LONDON--(Marketwire - Jul 5, 2011) - Patrick Carroll, CEO of ValidSoft (www.validsoft.com), called on banks and cards issuers to make fraud prevention an integral feature of their cards and payments products and services at a conference yesterday on "The Future of Cards and Payments."

"Not only is ensuring transaction security and customer's privacy the right thing to do for the customer, it can be the cornerstone of a powerful value proposition across all electronic channels, especially cards and banking-commerce," Carroll said in his presentation, "Competitive Differentiation Through Security."

ValidSoft is a wholly-owned subsidiary of Elephant Talk Communications, Inc. (OTCBB: ETAK) (http://www.elephanttalk.com/), an international provider of business software to the telecommunications and financial industries. ValidSoft is a global supplier of fraud prevention, authentication and transaction verification solutions across multiple banking channels.

Carroll issued his call to action in a keynote speech to a gathering in London of senior representatives of UK banks, card issuers, and merchant acquirers which is being held on July 4 and 5. ValidSoft is serving as a major sponsor of the event in order to raise awareness of key decision makers in the latest developments in fraud prevention and transaction security solutions.
The conference is organised by Marketforce. For details of the event, see http://marketforce.eu.com/Conferences/cards11/Programme/.

Carroll's presentation followed an expert panel discussion led by the National Fraud Authority and three retail banks. Carroll had the opportunity to provide insight input onto how security has increasingly moved up banks' and customers' agendas. Carroll explained how ValidSoft's solutions can not only help ensure strong security levels but also enable banks and card issuers to provide an integrated security solution in cards and payments products.

VALid-POS®, is a groundbreaking fraud prevention solution which uses patent pending technology to apply proximity correlation logic to confirm, in real time, whether a cardholder's mobile phone is within the proximity of the ATM or merchant terminal at which the card is being used. This practice minimises the number of incorrectly declined cross-border transactions and, subsequently, improves fraud discovery rates. These results in increased interchange fee revenue reduced case-management processing costs for Issuers, reduced fraud levels and, critically, a seamless customer experience with legitimate transactions approved rather than declined. Crucially, the proximity correlation logic utilised is not a Location Based Service and therefore does not incur the data protection and privacy issues associated with those services.

ValidSoft is the only security software company in the world to be awarded the European Privacy Seal for its product, VALid-POS®. The European Privacy Seal was awarded in March 2010 by EuroPrise, certifying its compliance with European Data Protection law.

About ValidSoft
ValidSoft is a subsidiary of Elephant Talk Communications, Inc. (OTCBB: ETAK), (www.elephanttalk.com) 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 parties to a transaction (Mutual Authentication), and the integrity of the transaction itself (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).

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).

Contact Information

  • Contact:
    Elephant Talk Communications, Inc.
    Mr. Steven van der Velden
    Tel: + 31 20 653 59 16
    Email Contact
    www.elephanttalk.com

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

    ValidSoft:
    Emmanuelle Filsjean
    Tel: +44 (0)20 3170 8999
    Email Contact
    or:
    Fishburn Hedges +44 (0)20 7839 4321
    James Gilheany and Paul Farrow
    Email Contact