July 15, 2011 03:51 ET
LONDON--(Marketwire - Jul 15, 2011) - In a video interview on CEOLive, ValidSoft CEO Patrick Carroll touted the company's "privacy by design" features as positioning the company well to respond to worldwide concerns over fraud and privacy. Carroll also pointed out that the growth of Near Field Communication (NFC) and "tap and go" payments using cell phones rather than credit cards would lead to a five-fold increase in electronic transaction volumes and favors ValidSoft's multi-factor authentication approach to fraud prevention.
He added that ValidSoft's relationship with its parent company Elephant Talk Communications, Inc. (OTCBB : ETAK) will enable the companies jointly to provide services that manage and secure the mobile cloud. The interview is at http://www.vimeo.com/ceolive/validsoft. Carroll was interviewed by Mike Elliott on the topic, "Redefining Card Based and Electronic Fraud Prevention."
ValidSoft's Card Fraud prevention and detection authentication, designed to take place in 400 milliseconds, includes "something you have" (a mobile phone) coupled with "somewhere you are (or not)" i.e. the proximity of the transaction (ATM or POS) in relation to the card holders cell phone. Carroll also noted that ValidSoft's technology has been awarded the stringent European Privacy Seal by EuroPrise, which he expects will provide assurance to government regulators around the world that it is possible to enhance security through technology without impacting privacy.
Carroll said that ValidSoft's fraud prevention solutions are attractive due to the fact that their privacy considerations are "built-in, by design" and help protect against the most sophisticated security attacks by being globally organized, multi-layered, and effective 24 hours a day/7 days a week, while remaining invisible to users.
In discussing the market potential for ValidSoft's services, Carroll noted that in Europe approximately 78 percent of all consumer transactions are EUR 15 or less; there is a trend toward better, more efficient, and secure self-service transaction technologies; ValidSoft enjoys an advantage through its relationship with Elephant Talk that combines innovative telecom technologies with telecom infrastructure. For example, Elephant Talk's services have the capacity to process 400,000 transactions per second or 12.6 trillion transactions a year, Carroll said. An additional advantage is accuracy, Carroll noted. Current technologies used by card processors have up to a 98% false-positive rate while ValidSoft achieves virtually 100 percent accuracy in eliminating false positives, thereby enabling fraud discovery. ValidSoft's ability to detect fraud is 95%+.
ValidSoft, a subsidiary of Elephant Talk Communications, Inc. since 2010, is a market leader in providing solutions to counter electronic fraud relating to card, the Internet, and telephone channels. Elephant Talk is an international provider of business software to the telecommunications and the financial industry. 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, while remaining easy to use and intuitive. For more information, please visit www.validsoft.com.
About ValidSoftValidSoft 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 CommunicationsElephant 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).
