ValidSoft Limited Highlighted in Conservative Speculator Report on Security Technology
SCHIPHOL, THE NETHERLANDS--(Marketwire - 03/15/11) - ValidSoft (http://www.validsoft.com) announced today that the company, producer of software that helps banks instantly determine which transactions are legitimate and which are fraudulent, has been featured in Larry Oakley's Conservative Speculator newsletter. The article is available at wallstreetcorner.com. ValidSoft is a subsidiary of Elephant Talk Communications (OTC.BB:ETAK - News) (http://www.elephanttalk.com).
Visa Europe has entered into a contractual agreement for ValidSoft's innovative technology called VALid-POS™ which instantly, seamlessly validates credit card and bank card transactions, reducing false positive declines to less than 10%. ValidSoft's technology works by correlating the proximity of the origination of the card transaction to that of the consumer's cell phone in real time using the global telecommunications network. Privacy of the cardholder's location is maintained vis-à-vis the Issuing Bank. ValidSoft is the only software security company in the world to be awarded the European Privacy Seal for VALid-POS™, certifying its compliance with stringent European Data Protection and Data Privacy legislation. Visa Europe's contractual agreement also includes ValidSoft's fraud prevention solution for e-commerce and internet banking, VALid™. For details, see visaeurope.com
ValidSoft is working on launching its entire portfolio of solutions in North America in 2011, according to Patrick Carroll, ValidSoft CEO.
In his article in the Conservative Speculator, Oakley highlights the scope and size of Visa Europe's network of banks, financial transactions, and provides an update from ValidSoft CEO Carroll on the techniques scammers are using to target consumers and their transactions. These include Man-in-the-Browser (MitB) and Man-in-the-Middle attacks, "vishing" or "voice phishing" in which fraudsters call consumers in an attempt to get them to reveal valuable personal information, and "smishing" or Short Message Service (SMS) text message phishing in which text messages are used to entice consumers to give up personal information.
Oakley cited a study by Javelin Research in 2009 which found that the cost of electronic fraud in the U.S. to the financial services industry is $128 billion per year and is expected to increase three-fold over the next three to five years, based on data from the Gartner Group.
In order to place in context the size of the potential market for transaction validation products such as those developed by ValidSoft, Oakley cited data in his article from various sources that electronic fraud costs banks more than $100 billion a year due to fraudulent transactions, including the high cost of false positive fraud alerts. ValidSoft's own estimations place such costs at around $350 billion across the globe.
About ValidSoft
ValidSoft Limited, headquartered out of Tullamore, Ireland, is a wholly owned subsidiary of Elephant Talk Communications, Inc. (OTC.BB:ETAK - News), and is a market leader in providing solutions to counter electronic fraud relating to cards, the internet, and telephone channels. ValidSoft's solutions are telecommunications based and are at the cutting edge of the market, utilising their access to the most sophisticated global telecommunications networks and expertise. The solutions are used to combat card-present and card-not-present fraud as well as electronic fraud on all channels, including the most advanced fraudulent attacks such as Man-in-the-Browser. The solutions are designed for mass markets, in a highly cost effective and secure manner, yet are easy to use, intuitive and leverage the most ubiquitous devices available. For more information please visit www.validsoft.com.
VALid-POS® was originally awarded the European Privacy Seal in March 2010, certifying its compliance with European Data Protection law and enabling Issuers to implement on an opt-out basis only -- ValidSoft is the first, and only Security Software company in the world to be certified to EuroPriSe standards. |
