LONDON, Sept. 3, 2014 /PRNewswire/ -- ValidSoft UK Limited ("ValidSoft") (www.validsoft.com), a global supplier of transaction authentication solutions utilized by financial services companies, governments and business automation sectors and a subsidiary of Elephant Talk Communications Corp. (NYSE MKT: ETAK), today announced that it has been awarded an unprecedented fourth European Privacy Seal. The 4th seal is for ValidSoft's Zero Latency Correlation process. Zero Latency Correlation (Valid-ZLC®) enables ValidSoft to securely extract 'Device Trust' data directly from a device application as part of a mobile fraud prevention solution.
According to the EuroPrise report, "The Experts concluded that overall, Valid-ZLC® both improves the efficacy of anti-fraud measures by banks and ensures protection of individual privacy and data protection, in a way that fully meets European data protection standards." See: https://www.european-privacy-seal.eu/ws/EPS-en/ValidSoft-VALid-ZLC.
"This unprecedented fourth Privacy Seal underlines the strength of our product and process portfolio and is a further encouragement for our clients to upscale their battle against financial fraud," stated Paul Burmester, CEO of ValidSoft. "ValidSoft has recently had its existing seals audited and successfully renewed, and combined with this latest award, we are demonstrating our continuing commitment to the delivery of solutions built on a data privacy by design approach, a requirement for building both client and end user confidence in 'User Authentication' and 'Device Trust' products. Being awarded these privacy seals assists us in commercializing and monetizing our products."
According to FICO, in 2013 card fraud has reached unprecedented levels around the world, with European card fraud surpassing €1.5 billion in 19 European countries studied. Current detection and prevention technology is predominantly based on risk engines that typically analyse historical transactions and spending patterns/activity. This approach limits the amount of transactions that can be checked for fraud and forces the banks to strike a compromise between declining genuine transactions and allowing fraudulent transactions to be processed.
The Zero Latency Correlation capability in Valid-ZLC® allows for the correlation between where the user's bank card is being used and where the user's trusted device is located, without any delays (latency), such as those that can occur during correlation checks using GPS location or by products that rely on real-time mobile network interrogation. It is specifically developed for integration into smart phone-based Apps. Because it provides the cloud service with "always-on" proximity awareness, the network latency associated with mobile network lookups, performed at the time of execution of a transaction, is eliminated. The process is done without infringing on any privacy and/or data protection regulation.
About EuroPriSe Privacy Seals:
EuroPriSe Privacy Seals are awarded after a rigorous legal as well as technical assessment in an independent evaluation process to show that a product is compliant with EU data protection standards and embraces the 'privacy by design' approach. The EuroPriSe Privacy Seal programme was set up with the support of the European Commission. It is the only accreditation programme to promote such high standards of data protection and privacy compliance. It is also the only programme capable of ensuring financial services institutions and consumers that the strongest and most sophisticated security solutions do not need to compromise privacy.
About ValidSoft UK Limited:
ValidSoft, a subsidiary of Elephant Talk Communications Corp., secures transactions using personal authentication and device assurance. We help our customers to reduce fraud losses and improve customers' experience. As part of our multi-factor authentication, ValidSoft integrates its leading Voice Biometric engine into multivendor solutions or as a standalone system. ValidSoft serves multiple clients in the financial, government and business automation sectors and is the only company to have been granted four European Privacy Seals, reflecting its commitment to promoting strong data privacy. Visit: www.validsoft.com.
About Elephant Talk Communications Corp.:
Elephant Talk Communications Corp. (NYSE MKT: ETAK), is a global provider of mobile proprietary Software Defined Network Architecture (ET Software DNA® 2.0) platforms for the telecommunications industry. The Company empowers Mobile Network Operators (MNOs), Mobile Virtual Network Operators (MVNOs), Enablers (MVNEs) and Aggregators (MVNAs) with a full suite of applications, superior industry expertise and high quality customer service without the need for substantial upfront investment. Elephant Talk counts several of the world's leading Mobile Network Operators amongst its customers, including Vodafone, T-Mobile, Zain and Iusacell. Visit: www.elephanttalk.com.
Contacts:
Investor Relations:
Steve Gersten
Capital Markets Group
813-926-8920
steve@capmarketsgroup.com
Public Relations:
Michael Glickman
MWG CO.
917-596-1883
mike@mwgco.net
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SOURCE ValidSoft; Elephant Talk Communications Corp.
