LONDON, Oct. 3, 2012 /PRNewswire/ -- ValidSoft ( www.validsoft.com), a global supplier of advanced telecommunications-based fraud prevention, authentication and transaction verification solutions, and a wholly-owned subsidiary of Elephant Talk Communications Corp. (NYSE: ETAK), today announced that it has joined the newly-formed Electronic Transactions Association Mobile Payments Committee.
ValidSoft joins some of the biggest players in the mobile payment sector, including the four US mobile carriers, as well as Google, Isis, VeriFone and Intuit, as part of the new Mobile Payments Committee, which was established in August 2012 by the Electronic Transactions Association.The aim of the Committee is to bring together companies active in the mobile payments ecosystem and tackle the complex business and policy issues around mobile payments and e-commerce transactions. Security and privacy are two key issues which are up for discussion, and the Mobile Payments Committee provides an excellent forum for ValidSoft to contribute and to lead the market in these key areas. Increasing multi-channel mobile payment offerings is great news for consumers, financial institutions and businesses, but they also offer criminals and fraudsters new opportunities, as is shown by recent statistics highlighting an increase in card-present and card-not-present fraud. Pat Carroll, CEO of ValidSoft, says, "As the Mobile Payments Committee convenes, security will be one of the central issues up for discussion, and ValidSoft is pleased to be playing a leading role in this area. An approach to security that works in line with customer expectations, but that also mitigates the risks of fraud is needed. As we demonstrated with our SMART® platform (Secure Mobile Architecture for Real-time Transactions) at FinovateFall2012 recently, a mobile-based, multi-factor approach is most effective, and this should combine both visible and invisible layers of security applied in real-time." Jason Oxman, CEO of the Electronic Transaction Association, says: "We and our members are delighted to welcome ValidSoft to the Mobile Payments Committee. We look forward to working with ValidSoft and all the other global companies participating in this important effort to promote an efficient, reliable and – above all – secure mobile payments ecosystem." ValidSoft Limited has been a wholly owned subsidiary of Elephant Talk since early 2010 and underpins our mobile/cloud security offering. The company is a market leader in providing solutions to counter electronic fraud relating to a variety of bank, card, internet and telephone channels. ValidSoft's solutions are used to verify the authenticity of both parties to a transaction (Mutual Authentication), the security of the relevant telecommunication channel used (Secure Communications), and the integrity of transactions itself (Transaction Verification) for the mass market, in a highly cost effective and secure manner while being very easy to use. The company counts several leading worldwide service providers and institutions amongst its customers. These companies benefit from a very substantial reduction in false positives, thereby freeing up resources to combat actual fraud, as well as a substantial elimination of the fraud itself, all in real time. ValidSoft is the only security software company in the world that has been granted two European Privacy Seals. Visit www.validsoft.com. Elephant Talk Communications, Corp. (NYSE: ETAK), formerly (NYSE Amex: ETAK) is a leading international provider of mobile networking software and services. The Company's mission is to provide a single service, fully enabling and securing the mobile cloud. Elephant Talk empowers Mobile Network Operators (MNOs) and Mobile Virtual Network Operators (MVNOs) by providing a cloud based mobile communications infrastructure, operating software and managed services, based mostly on company developed and owned software. We enable these Mobile Operators and Virtual Network Operators by offering a full suite of products, delivery platforms, support services, superior industry expertise and high quality customer service without substantial upfront investment.