Visa Europe / ValidSoft fraud solution
London, 23 November 2010 – Visa Europe has
entered into a contractual arrangement with ValidSoft Limited for
the provision of its fraud-prevention solutions, VALid-POS®, a sophisticated card fraud detection
and prevention solution, 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.
VALid-POS®, a groundbreaking fraud prevention solution,
uses telecommunication technology accessing the global mobile phone
network to confirm, in real time, whether a cardholder’s mobile
phone is within the proximity of the ATM or merchant terminal at
which the card is being used. This practice minimises the
number of inappropriately declined cross-border transactions and,
subsequently, improves fraud discovery rates. This results in
reduced case-management processing costs for Issuers, reduced fraud
levels and, critically, a greatly improved customer experience with
legitimate transactions approved within one second.
VALid® is a telecommunications based (Voice and SMS) solution
that uses two separate channels designed specifically for combating
the most advanced fraudulent techniques such as Man-in-the-Middle
and Man-in-the-Browser, along with the more traditional attack
vectors.
VALid® integrates with VALid-POS®
where additional location based information is required for
authentication, or where automated resolution is necessary.
Steve Chambers, Visa Europe’s Chief Information Officer (CIO),
said: “Security is fundamental to Visa Europe’s business and we
feel that the solutions offered by ValidSoft can help us in our
continuous efforts to address the increasingly sophisticated
methods used by criminals. Visa Europe will never cease in
finding ways to protect the interests of our European member banks
and help them, in turn, protect those of their cardholders.”
Pat Carroll, CEO of ValidSoft
Limited, said: “We are absolutely delighted to be working in
partnership with Visa Europe. Our solutions are at the forefront of
technology innovation and we believe the convergence of payments
and mobile telecommunications aligns with the underlying principles
of VALid-POS®: proximity correlation of
a transaction to a mobile phone”.
About ValidSoft
ValidSoft Limited, headquartered out of
Tullamore, Ireland, is a wholly owned subsidiary of Elephant Talk
Communications, Inc. (OTC BB:ETAK), 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
http://www.validsoft.com/.
VALid-POS® was 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 only Security Software company in the world to be certified
to EuroPriSe standards.