SOURCE: ValidSoft

ValidSoft

June 28, 2011 04:07 ET

ValidSoft Renews Its Core Authentication Patent

LONDON--(Marketwire - Jun 28, 2011) - ValidSoft has renewed its core patent, the transaction authentication system known as VALid®, which is currently in force for ValidSoft's customers. VALid® offers strong, mutual, multi-factor authentication and transaction verification that combats fraud across multiple banking channels. For telephone banking, the solution also provides voice verification through ValidSoft's voice biometrics solution, VALid-SVP™. The patent renewal was filed with the United Kingdom Intellectual Property Office. 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 the financial industry.

Patrick Carroll, ValidSoft CEO, said, "ValidSoft's patents and pending patents are a testament to our company's culture of innovation. We look forward to growing the market for ValidSoft's powerful and integrated suite of effective products to stop credit, debit card, and bank fraud across all electronic transaction channels. Our technology helps counter even the most sophisticated electronic fraud while increasing consumer confidence, improving customer experience, reducing operational costs, and protecting the integrity of electronic transactions."

Patrick Carroll continues: "ValidSoft's innovation can provide banks' risks managers with essential proof points and robust solutions to improve their fight against fraud. We aim to remain a trusted partner of choice for banks worldwide."

ValidSoft's wide-ranging product suite:

  • Combats the latest electronic fraud -- phishing, vishing, smishing, pharming, man-in-the-middle and man-in-the browser;
  • Verifies that the bank and the customer are really who they say they are;
  • Provides a single, consistent approach across all electronic channels;
  • Does not require consumers, banks, or merchants to use special equipment such as tokens or card readers;
  • Matches the level of security to the risk; and
  • Supports millions of users.

Specifically, VALid-SVP™ voice biometric engine includes:

  • Text-dependent and text-independent voice verification models;
  • A secure voice print database manager;
  • An enrollment module with control of voice print quality; and
  • Real-time and interactive extension capabilities for smooth operation.

ValidSoft also has a number of inventions which are patent-pending worldwide. These patent-pending inventions include the Card False-Positive Prevention System (known as the Anonymous Correlation System) and the Card Present Security System (known as VALid-POS®).

In addition, in the first half of 2011, ValidSoft filed for an international patent regarding an invention, the SIM- Swap-Detection System (part of ValidSoft's Device Hijack Detection solutions). This particular invention detects fraudulent SIM Card swapping, which is a method commonly used by fraudsters to compromise out-of-band transaction authentication. ValidSoft is the only known security solution provider in the world that can address this issue with its proprietary technology. Pat Carroll explained: "When financial institutions rely on using the mobile phone for out-of-band authentication, they rely on the integrity of that mobile phone account and need to know, for example, that the SIM card has not been compromised -- swapped -- by an attacker. This risk is reduced by our SIM-Swap Detection System."

ValidSoft has doubled its R&D capabilities in the past six months, and is currently in the process of filing patents for a range of additional, unique, anti-fraud technologies.

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