SOURCE: Elephant Talk Communications
LONDON--(Marketwire - Jun 26, 2012) - 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 MKT: ETAK) (NYSE Amex: ETAK), today announced that its product VALid-POS® successfully had the European Privacy Seal renewed until 2014 by EuroPriSe. VALid-POS is a telecommunication-based, security solution designed to combat card transaction fraud at ATMs or points of sale.
This renewal confirms ValidSoft's ability to maintain the highest privacy standards in its products. The original award, in March 2010, followed extensive evaluation by independent experts and validation by an official certification body, EuroPriSe.
ValidSoft aims to redefine the prevention of fraud by providing banks, businesses and governments with strong, telephone-based, real-time systems to authenticate and verify transactions. Whether in "card present" (e.g. ATM-related), "card not present" (e.g. internet shopping), online banking or self-certification (e.g. provision of social benefits), it is intended to protect against the most sophisticated types of fraud.
Pat Carroll, founder and CEO of ValidSoft, said, "The renewal of this, our first of two Privacy Seals granted to ValidSoft, represents an important confirmation of our continuing ability to provide advanced solutions for ATM and point of sale fraud, and the on-going total commitment of ValidSoft to the highest levels of privacy and data protection standards for the customers of financial institutions."
Kirsten Bock, CEO of EuroPriSe, stated, "Banks, retailers and their customers can continue to benefit from the excellent documentation that underlies this product and which addresses privacy in a most comprehensive way. They can also be assured that ValidSoft meets data minimization measures."
ValidSoft was awarded its second Privacy Seal in September 2011 for VALid® Standard Edition v.3 (VALid-4F®, which applies to self-certification solutions, those being especially relevant to governments). EuroPriSe is an initiative set up by the European Union data protection authorities, and was launched in 2007 under the eTEN program of Directorate General (DG) Information Society and Media.
EuroPriSe is an initiative led by the Unabhaengiges Landeszentrum fuer Datenschutz (Independent Centre for Privacy Protection, ULD), Germany. EuroPriSe was funded with 1.3 million Euros by the European Commission's eTEN program. The EuroPriSe project consortium led by ULD included partners from eight European countries: the data protection authorities from Madrid (Agencia de Protección de Datos de la Comunidad de Madrid, APDCM), and France (Commission Nationale de l'Informatique et de Libertés, CNIL), the Austrian Academy of Science, London Metropolitan University from the UK, Borking Consultancy from the Netherlands, Ernst and Young AB from Sweden, TÜV Informationstechnik GmbH from Germany, and VaF s.r.o. from Slovakia. For more information please visit: www.european-privacy-seal.eu
ValidSoft is a subsidiary of Elephant Talk Communications Corp. (NYSE MKT: ETAK), (www.elephanttalk.com) and is a market leader in providing solutions to counter electronic fraud relating to card, the internet, and telephone channels. ValidSoft's solutions are at the cutting edge of the market and are used to verify the authenticity of both parties to a transaction (Mutual Authentication), and the integrity of the transaction itself (Transaction Verification) for the mass market, in a highly cost effective and secure manner, yet easy to use and intuitive. For more information, please visit (www.validsoft.com).
About Elephant Talk Communications
Elephant Talk Communications Corp. (NYSE MKT: ETAK), (www.elephanttalk.com) is an international provider of business software and services to the telecommunications and financial services industry. The company enables both mobile carriers and virtual operators to offer a full suite of products, delivery platforms, support services, superior industry expertise and high quality customer service without substantial upfront investments from clients. Elephant Talk provides global telecommunication companies, mobile network operators, banks, supermarkets, consumer product companies, media firms, and other businesses a full suite of products and services that enables them to fully provide telecom services as part of their business offerings. The company offers various dynamic products that include remote health care, credit card fraud prevention, mobile internet ID security, multi-country discounted phone services, loyalty management services, and a whole range of other emerging customized mobile services. For more information, visit (www.elephanttalk.com).
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to the Company's plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission (SEC), copies of which are available from the SEC or may be obtained upon request from the Company.