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"Rush To Develop Mobile Wallet Leaves Consumers Vulnerable To Security Risks", Says ValidSoft CEO Pat Carroll

Stocks in this article: ETAK

At the Cartes conference Mr Carroll highlighted the opportunity that mobile payments and banking provide for proximity correlation, invisible layers and voice-based authentication. He also talked about the scope for including a "trust" factor – a protected channel that is created in real time and exists only for the duration of that transaction.

"The goal should always be to make enrollment, activations and transactions safe, but at the same time not to compromise the customer experience with overly complicated secured procedures. There is a delicate balance to be met if the mobile wallet is to be a secured as well as a commercial success."

Mr Carroll concluded: "The way to a European standard for the mobile wallet is a test of endurance rather than a sprint. The opportunities that will be generated through the development of mobile wallets are immense – it's not just a case of racing headlong in pursuit of quick market share."

Notes to Editors

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 among 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 three 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.

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