SOURCE: Elephant Talk Communications

Elephant Talk Communications

April 26, 2011 04:00 ET

ValidSoft's Anti-Fraud Solutions Are Highlighted by CDTV.net

CEO Notes Expansion Plans to U.S. and Globally

LONDON--(Marketwire - Apr 26, 2011) - ValidSoft has announced that CEO Patrick Carroll was interviewed by CDTV.net, a financial news service based in New York. 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 services industry. The interview is available at http://www.cdtv.net/users/content/stock-market-investing-preventing-credit-card-fraud-pat-carroll-validsoft.

In the interview, Carroll said that ValidSoft plans to expand its advanced, comprehensive fraud solutions technology to customers around the globe in 2011. Key to ValidSoft's technology is its wholly telecom-based security solutions, Carroll noted. The company's partnership with Elephant Talk has enabled ValidSoft to leverage Elephant Talk's highly sophisticated mobile technology, Carroll said.

At a time when bank and credit card fraud are soaring, banks continue to use risk engines that evaluate card users' historic purchasing patterns, Carroll said. Current technology used by banks produces an industry average 90 percent rate of false positives, Carroll pointed out. A false positive is when a bank incorrectly declines a legitimate transaction. ValidSoft, however, uses real-time proximity correlation technology based on the location of a card user and the user's mobile phone to determine if a card is "present" or "not present" in relation to the consumer's phone, Carroll said. ValidSoft is able to produce an accuracy rate of 95+ percent while maintaining the user's privacy, he said. Such improved accuracy helps prevent lost revenue to banks, to merchants, and helps avert negative consumer impacts, Carroll said.

Currently, ValidSoft has a contractual arrangement with Visa Europe to provide ValidSoft's fraud-prevention solutions, VALid-POS®, and VALid®, ValidSoft's multi-factor authentication platform. The agreement will allow Visa Europe to integrate and market the solutions as services to its member banks as part of its European processing platform. Visa Europe has about 4,000 member banks and processes about 24 billion transactions a year, ValidSoft has noted.

The timing of ValidSoft's and Elephant Talk's mobile security products is significant, Carroll said, as banks and consumers encounter new and more sophisticated attacks such as "spear phishing" which targets individual consumers, credit and debit card skimming, and as mobile devices are being used more frequently to complete transactions. In addition to Carroll's interview with CDTV.net, ValidSoft was the subject of a recent report on the Seeking Alpha financial news site by Dustin Moore, "ValidSoft Is Positioned to Lead Global Fraud Prevention" See: http://seekingalpha.com/article/263888-validsoft-is-positioned-to-lead-global-fraud-prevention.

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).

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