Dallas, Texas (July 11 , 2011) – StockGuru shines its Spotlight ValidSoft, a wholly-owned subsidiary of Elephant Talk Communications, Inc., (OTCBB: ETAK) (http://www.elephanttalk.com/), which asks that regulators set strong privacy standards for the use of data from customers’ mobile phones — and require that third parties not be permitted to use the data without formal certification that the standards have been met. ValidSoft, a global supplier of fraud prevention, authentication and transaction verification solutions, is calling on the mobile telephone industry and its European regulators to increase privacy protections for the use of data from customers’ mobile phones. “The data from mobile phone traffic are enormously valuable in preventing certain types of financial fraud,” explained ValidSoft CEO Pat Carroll. “But we must be absolutely sure that customers’ privacy is protected.” The Company closed at $3.94 on July 11, 2011, trading on volume of 546,746 shares.
ValidSoft’s own products demonstrate how important mobile traffic data are to preventing fraud — and how the company is deeply committed to preserving privacy. The company’s VALid-POS® technology, for instance Proximity Correlation Logic (PCL™), helps to determine whether or not credit/debit card transactions like purchases and cash withdrawals are legitimate. If someone’s credit/debit card transaction and cell phone are not in proximity, then criminals may be at work. But if the mobile phone is in proximity to the card transaction, then the transaction is probably legitimate.
Making use of PCL™ using mobile phones can save banks and other institutions hundreds of millions of dollars by reducing the number of incorrectly declined transactions. This is in turn, also increases the fraud detection rate.
But the knowledge of people’s locations could be misused by third parties, potentially severely compromising the privacy of the individual. To prevent misuse, ValidSoft designed strict privacy protections into VALid-POS®. The success of that effort was recognized in March 2010, when ValidSoft was the first security company in the world to be awarded the EuroPriSe European Privacy Seal. “All of our products have data protection and privacy at their core, as we believe privacy by design will be increasingly important in providing telecommunications-based security products,” CEO Carroll said.
The problem is that such privacy protections are still voluntary. As a result, the current market offers no safeguards that third-party solution providers or their end customers, typically financial services and government organizations, are using this data lawfully and in accordance with EU data protection legislation.
That’s why ValidSoft is calling on the mobile telecom industry and regulators to require that security products meet a standard validated by the impartial EU certification body, EuroPriSe, which would ensure that privacy protections are designed into products.
This call for an accepted industry certification comes when ValidSoft is taking a leading role during the July 11-13, 2011, Privacy Laws & Business conference on ‘Aligning privacy accountability with your business strategy’ at the University of Cambridge, UK. At the conference, representatives from Google, Microsoft, Zurich, and others will debate the privacy concerns raised by the use of customer data. On July 12, Pat Carroll will be on a panel with the director of privacy for Microsoft Europe where he will discuss the commercial benefits of privacy by design.
About ValidSoft
ValidSoft is a subsidiary of Elephant Talk Communications, Inc. (OTCBB: 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, Inc. (OTCBB: ETAK) 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).
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