SOURCE: Elephant Talk Communications

Elephant Talk Communications

Elephant Talk Communications

September 08, 2011 04:11 ET

ValidSoft CEO Provides Insights and Solutions to Financial Data Breaches

Product Offers Real-time Detection, Prevention, and Resolution

LONDON--(Marketwire - Sep 8, 2011) - From the massive data breach suffered by Sony to a reported $13 million loss by FIS, ValidSoft ( CEO Patrick Carroll is pointing out that while headlines focus on how crooks obtained personal financial details, less attention is paid to how they use stolen data to extract money from customer bank accounts. (See

ValidSoft is a wholly-owned subsidiary of Elephant Talk Communications, Inc., (OTCBB: ETAK) (, an international provider of business software to the telecommunications and the financial industry. ValidSoft is a global supplier of fraud prevention, authentication and transaction verification solutions.

"We believe the key lies in real-time detection, prevention and immediate resolution enabled by the empowered customer, while shutting down the scope for fraudsters to benefit from their crime," commented Mr. Carroll. "At a time when many in the industry are betting on exponential growth in mobile payments, such real-time detection and prevention are essential. Neither banks nor customers should have to wait days, weeks, or months to find out that fraud is underway."

ValidSoft has a suite of products designed to detect and stop fraud, fast and accurately, in real time. Of key importance, ValidSoft operates invisibly to the consumer while using high-precision Proximity Correlation Analysis™ that operates at high speed within the transaction authorization process.

By correlating the cardholder's mobile phone with the origination of the card or bank transaction, ValidSoft determines if the card is in proximity to the transaction. To safeguard privacy, ValidSoft does not track the customer or retain data on the cardholder's location or movements.

So far, 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, certifying its compliance with European Data Protection law.

Adoption of ValidSoft continues to grow:

  • The company has an ongoing partnership with Visa Europe to allow Visa Europe to integrate ValidSoft solutions and services its European member banks as part of its processing platform.
  • ValidSoft has announced an agreement with Sogeti BeLux to help secure the mobile cloud in Belgium and Luxembourg.
  • ValidSoft is currently engaged in commercial discussions with a number of financial institutions, including the European arm of a major international financial institution concerning the provision of the VALid-POS® solution for card fraud prevention.

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 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 (

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 (

Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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; however, readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.

Contact Information

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

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

    Emmanuelle Filsjean
    Tel: +44 (0)20 3170 8999
    Email: Email Contact

    For UK and EU:
    Fishburn Hedges +44 (0)20 7839 4321
    Paul Farrow
    Email Contact