SOURCE: Elephant Talk Communications

Elephant Talk Communications

Elephant Talk Communications

August 11, 2011 04:12 ET

ValidSoft Technology Can Prevent Cybercriminals From Cashing In on Their Fraudulent Activities

LONDON--(Marketwire - Aug 11, 2011) - At a time when cybercriminals worldwide are hacking into banks, credit cards, phones, and customer databases, this company has the technology to detect and prevent fraudulent activity in milliseconds, while preserving consumer privacy. ValidSoft (www.validsoft.com), a London-based subsidiary of Elephant Talk Communications, Inc. (OTCBB: ETAK) (www.elephanttalk.com), has the technology, today, as the U.S. Congress and financial industry groups are considering solutions that are fast, accurate, and protect privacy.

"Fast and accurate detection of fraudulent activity, with no inconvenience, embarrassment, or intrusion into consumer privacy, are among the most effective solutions to cyberfraud," said Patrick Carroll, ValidSoft, CEO. "It's impossible to stop all thefts of account data, but it is possible to stop criminals from using information they have stolen. That's where ValidSoft has a valuable role to play."

As the U.S. Congress explores solutions to curb cyberfraud, Carroll urged legislators and regulators to consider the European approach that ensures consumer privacy from the outset. With this consideration at the forefront, ValidSoft is the only security company in the world that has been awarded the stringent European Privacy Seal for its Card fraud prevention solution, VALid-POS®, Carroll said.

In addition to detecting fraud faster and more accurately, ValidSoft uses real-time, high-precision Proximity Correlation Logic™ that operates at high speed within the transaction authorization, invisibly to the consumer. And, the ValidSoft platform is powerful enough to support up to 400,000 lookups per second.

Specifically, how does it work?

By correlating the cardholder's mobile phone with the origination of an ATM or Point of Sale (POS) transaction, ValidSoft determines if the cardholder is in proximity to the transaction. If the cardholder's cell phone is in New York but the card is presented in Mexico, it's likely a fraudulent transaction. With respect to privacy, ValidSoft operates an anonymous, encrypted service for which it received the prestigious European Privacy Seal (EuroPriSe).

The need for transaction security could not be greater, as pointed out by technology analyst Noah Shactman of the Brookings Institution in a recent Washington Post op-ed: http://www.washingtonpost.com/opinions/a-crime-wave-in-cyberspace/2011/07/21/gIQAYfbIUI_story.html

In response to cyber threats, the Obama Administration has sent to Congress its comprehensive cybersecurity proposal: http://www.bloomberg.com/news/2011-05-12/white-house-releases-proposed-cybersecurity-legislation.html

In Congress, judiciary subcommittees in both the U.S. House and Senate have held hearings this year with an eye to finding solutions to cybersecurity and privacy protection. See: http://judiciary.house.gov/hearings/printers/112th/112-38_66541.PDF

http://judiciary.senate.gov/hearings/hearing.cfm?id=e655f9e2809e5476862f735da16e1bbe

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: Email Contact

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