SOURCE: Elephant Talk Communications

Elephant Talk Communications

October 13, 2010 04:00 ET

ValidSoft Vice President Steve Gersten Presents at CUTech's Fall Forum

LONDON--(Marketwire - October 13, 2010) -  Senior executives from some of the leading credit unions in the US will gather in San Francisco from October 12-15 for the annual Fall Forum organized by the think tank CUTech (www.cutech.com). One of the featured invited presenters will be Mr. Steve Gersten, Vice President for North American Sales and Operations at ValidSoft (www.validsoft.com), a subsidiary of Elephant Talk Communications, Inc. (OTCBB: ETAK) (www.elephanttalk.com). Elephant Talk is an international provider of business software and services to the telecommunications and financial services industry.

In the October 13th presentation, Mr. Gersten will have three key messages for the credit union execs. The first is that, even as growing online and cell communications capabilities create enormous new opportunities for banking services, the same technological revolution is also opening the door wider to criminals. Card (Debit/Credit) related fraud is already a huge problem, for instance, costing financial institutions an estimated $200 billion per year, and growing. But now, thieves are finding new ways to steal credit card numbers, credit union account numbers, and other valuable information. Using automated calls to phones (a technique called "vishing") or text messages sent to consumers (dubbed "smishing"), the thieves can masquerade as credit unions, banks or other trusted providers, urgently requesting that consumers verify an account by divulging information. When the victim complies, the thieves can drain bank accounts or run up huge credit card bills. "It's an increasingly scary world out there for credit unions and other financial institutions," says Gersten.

Mr. Gersten's second message is that the fraudsters can be thwarted. The solution: new technology. "We have been able to create a whole suite of new authentication and verification technologies that dramatically reduce fraud," Gersten says.

How does a credit union know if a credit card transaction is legitimate? Steve Gersten will explain how ValidSoft's VALid-POS® software uses cell phone data to compare the location of a credit card purchase with the location of a customer's cell phone. If a credit card is suddenly being used to buy shoes in Milan when the owner's cell phone is still in London, then the purchases are probably fraudulent. Just as important, the software enables financial institutions to verify that transactions that might normally have been seen as suspicious are legitimate. "That saves hundreds of millions of dollars that banks now spend checking up on suspicious transactions," Gersten explains.

ValidSoft has a number of other authentication and fraud detection products as well, providing complete solutions to pervasive and increasingly sophisticated fraud methods. "We want executives to know that we have some very new and exciting technology that ensures that their valued customers are safe, whether using online banking, cell banking, telephone banking or card based transactions," says Gersten.

Mr. Gersten's third message is that these new technologies aren't just for big banks. Indeed, as credit unions compete with banks for customers, they can get a leg up by being leaders in implementing these new technologies. "Credit Unions must provide a complete security solution," says Gersten. "We believe our technology is just what they need."

About CUTech

CUTech is a leading provider of technology products and services to the credit union industry including mobile and custom developed software applications; technology research, consulting, and merger services. Our goal is to help Credit Unions achieve and maintain market leadership and improve operational efficiency while enhancing the member experience. For more information about CUTech visit us at www.cutech.com or call (925) 224-7700.

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.

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 consumers and institutions (Mutual Authentication), and the integrity of transactions (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.

Forward-Looking Statements

Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to the Company's plans and objectives, projections, expectations and intentions. 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. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission (SEC), copies of which are available from the SEC or may be obtained upon request from the Company.

Contact Information

  • Contact:
    Jodi Torres
    CUTech, Inc.
    Tel: +1 925-224-7700
    Email Contact

    Claire Hope
    Manager PR & Marketing
    Tel: + 44 020 31708125
    Email Contact

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