SOURCE: Elephant Talk Communications

Elephant Talk Communications

April 08, 2011 08:30 ET

ValidSoft Presents Its Solution at "Payment Card Fraud" Event in New York

News Reports Cite the Growth of Sophisticated "Spear Phishing" Card Fraud

NEW YORK, NY--(Marketwire - Apr 8, 2011) - ValidSoft Limited, (www.validsoft.com) a wholly-owned subsidiary of Elephant Talk Communications Inc. (OTCBB: ETAK) (http://www.elephanttalk.com), announced that John Petersen, ValidSoft's global head of business development, will deliver a presentation today at the Princeton Club in New York on its advanced, comprehensive fraud solutions technology at a "deep-dive" event on the topic of "Payment Card Fraud" hosted by Janney Capital Markets. Petersen will be joined by Steven van der Velden, Chairman and CEO of Elephant Talk Communications. Van der Velden will outline the strategic impact of Telecommunications on the emerging Mobile Payments market.

Janney Capital Markets will hear about Elephant Talk and ValidSoft's strategic solution development around how truly mobile payment applications can work in the cloud, especially introducing Near Field Communication (NFC).

Recent events point to the need for enhanced bank and credit card security as sophisticated fraudsters target consumers with "spear phishing" email fraud. See: http://finance.yahoo.com/news/Banks-creditcard-issuers-warn-apf-754015157.html?x=0&sec=topStories&pos=main&asset=&ccode

"Our mission is to secure all transaction channels using leading-edge telecommunications-based technology," Petersen said. "ValidSoft's VALid-POS® technology can help stem the tide of fraud that is spreading worldwide. There is a strong need for solutions that are simple and relatively inexpensive to implement, are invisible to the consumer, and that are powerful and effective. We believe we have a portfolio of such products."

Petersen noted that ValidSoft's relationships cut across the financial services, management consultancy and telecom industries. As for the need for powerful anti-fraud solutions, Petersen cited 2008 data that the total cost of fraud to US institutions was in excess of $100 billion.

"The missing ingredient in fraud detection and protection is card proximity, and ValidSoft answers this need," Petersen said.

Petersen provided details on VALid-POS®, ValidSoft's real-time, out-of-band, card-present fraud detection and prevention solution. Designed to combat ATM and point-of-sale card fraud, it determines, in real-time, that a physical transaction involving a payment card is in proximity to a mobile phone linked to the payment cardholder. VALid-POS® is invisible to the card holder and can be used to combat cross-border and domestic card-present fraud. VALid-POS® creates a paradigm shift in eliminating false-positives and fundamentally changes how card-present fraud is managed today.

ValidSoft's technology:

  • Combats fraud across multiple electronic transaction channels: Card Present (ATM, POS); Card Not Present (Internet purchases); Online Banking; Telephone;
  • Combats the latest electronic fraud -- phishing, vishing, smishing, pharming, man-in-the-middle and man-in-the browser;
  • Ensures that the bank and the customer are really who they say they are;
  • Guards against transactions being tampered with;
  • Provides a single, consistent approach across all electronic channels;
  • Reduces the need to provide users with special equipment like tokens or card readers;
  • Matches the level of security to the risk, and;
  • Supports up to millions of users.

Petersen pointed out in his presentation that VALid-POS® works both domestically and internationally. He cited pilot programs in the UK and Australia demonstrating that ValidSoft's technology reduces transaction false positives from an industry average of 90% to single digit %.

In addition, ValidSoft is the only software security company in the world to be awarded the prestigious European Privacy Seal for its VALid-POS® solution, demonstrating total compliance with European data protection and privacy laws. VALid-POS® integrates with existing risk engines, operates in real-time, near real-time or batch and it operates in an invisible fashion to the cardholder, which reduces costs.

ValidSoft also has released its commercially available Four-factor authentication solution, VALid-4F. The technology is the world's first commercially available Four-factor authentication solution utilizing a single integrated platform. Four-factor authentication comprises the factors of "something you know," "something you have," "somewhere you are," and "something you are (or not)."

About ValidSoft
ValidSoft Limited, headquartered out of Tullamore, Ireland, is a wholly owned subsidiary of Elephant Talk Communications, Inc. (OTCBB: ETAK), and is a market leader in providing solutions to counter electronic fraud relating to cards, the internet, and telephone channels. ValidSoft's solutions are telecommunications based and are at the cutting edge of the market, utilising their access to the most sophisticated global telecommunications networks and expertise. The solutions are used to combat card-present and card-not-present fraud as well as electronic fraud on all channels, including the most advanced fraudulent attacks such as Man-in-the-Browser. The solutions are designed for mass markets, in a highly cost effective and secure manner, yet are easy to use, intuitive and leverage the most ubiquitous devices available. For more information please visit www.validsoft.com. ValidSoft is the first, and only Security Software company in the world to be certified to EuroPriSe standards.

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.

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