Elephant Talk Communications, Inc. to Enter the Credit Card Fraud Prevention Market
23 3월 2009 - 11:30PM
PR Newswire (US)
- Elephant Talk to Acquire Controlling Interest in ValidSoft
Limited SCHIPHOL, Netherlands, March 23 /PRNewswire-FirstCall/ --
Elephant Talk Communications, Inc. (OTC:ETAK) (BULLETIN BOARD:
ETAK) , an international telecom and multimedia content distributor
specializing in carrier grade mobile enabling platforms, today
announced that it has entered into a letter of intent to acquire
controlling interest in ValidSoft Limited. ValidSoft is an emerging
global leader in preventing electronic bank theft, credit card
fraud, and identity theft. Through its proprietary software,
ValidSoft provides strong mobile authentication, transaction
verification capabilities and location based services. ValidSoft's
software allows organizations to quickly implement solutions that
protect against the latest sophisticated fraud. This strategic
transaction will combine ValidSoft's best in class proprietary
software with Elephant Talk's telecommunication platform to create
the best electronic fraud prevention total solution on the market.
ValidSoft's patent pending software is primarily based on
accurately detecting real time electronic fraud while minimizing
false positives detection. A false positive causes many legitimate
transactions to be denied which results in a leading reason for
customer dissatisfaction with the card issuing bank. Since
ValidSoft can accurately detect electronic fraud, and eliminate up
to 95% of false positives, the software offers card issuing banks
significant operational cost savings, high customer satisfaction,
greater customer protection, higher transaction completion and
significantly reduced fraud. ValidSoft is a real-time, risk-based,
Out-of-Band Multi-factor Authentication and Transaction
Verification platform with solutions designed to help prevent fraud
across a variety of transaction types and channels including: Card
Present (ATM/POS), Card Not Present, Internet Banking, Telephone
Banking, Mobile Financial Services, Extranet, VPN, Remote Access,
Business Continuity. The Company provides a real-time, cost
effective solution for banks, online buyers and regulatory agencies
in securing all financial transactions, while greatly reducing
operational costs. Mr. Pat Carroll, CEO of ValidSoft, stated,
"Identity theft and electronic bank fraud account for many billions
of dollars in stolen currency every year. We are confident that
ValidSoft's fraud prevention software solutions combined with
Elephant Talk's global telecom network are the perfect way to
combat the worldwide fraud dilemma, and bring innovative products
to mobile phone subscribers. ValidSoft has received incredible
feedback from two major European banks that have piloted the
ValidSoft solution. Another benefit of our product is that a great
majority of the stolen funds from electronic fraud are used to
support organized crime and terrorist activities globally. Many
governments throughout the world are making it a top priority to
put a stop to these organization's activities and we believe our
solution can play a critical role in that endeavor." In addition to
providing secure transactions, ValidSoft, along with Elephant
Talk's converging services platform, will also specialize in
Location Based Services that allows for targeted mobile advertising
and instant mobile coupons to be provided to shoppers via their
mobile devices while they are in relevant retail locations. Users
will also be provided mapping/navigating services, instant rewards
programs, secure transaction services, anti-fraud plastic
card/phone matching services, security services, personal
protection and online medical applications. "These services will be
utilizing the existing network infrastructure whilst further
developments will take place leveraging emerging technologies such
as WIFI/WiMAX/4G, while at the same time addressing the new
security challenges that come with "anytime, anywhere
communications," stated Mr. Martin Zuurbier, CTO of Elephant Talk
Communications. "We will see more need for integrated security as
system and possibilities emerge within our mobile enabling
platforms proposals for the integration of Banking or Health Care
Services with for example Near Field Communication Services to
support identification, payment and personal (medical) records."
"ValidSoft will greatly increase the product and service offerings
that Elephant Talk can offer in the growing telecommunications
sector as we continue to rapidly grow our market share," stated Mr.
Steven van der Velden, CEO of Elephant Talk Communications.
"ValidSoft's software, in combination with our telecommunications
network infrastructure, can greatly reduce fraud thus save banking
institutions and governments billions of dollars in the immediate
future. Elephant Talk expects this acquisition will allow us to
offer an innovative proprietary solution which will increase our
global footprint and improve market share. By joining forces, we
believe that the (potential) customers and shareholders of both
companies will greatly benefit." About Elephant Talk Communications
Elephant Talk Communications is positioning itself as an
international telecom operator and enabler/systems integrator to
the multimedia industry by facilitating the distribution of all
forms of content as well as mobile and fixed telecom services to
global telecommunications consumers. The Company provides
traditional telecom services, media streaming, and distribution
services primarily to the business-to-business (B2B) community
within the telecommunications market where it has a presence. The
Company's global footprint as a fully licensed carrier, supported
by its propriety IN (Intelligent Network) and Billing/CRM (Client
Relationship Management) Systems, has been designed to offer
cutting-edge solutions to the increasingly competitive global
multimedia industry. Elephant Talk's telecommunications platform
eliminates the usual limitations caused by national borders,
networks, devices or media and, therefore, enables its B2B
customers to operate as independent telecom and multimedia
distribution organizations. Elephant Talk is also a system
integrator and developer for mobile telecom and content
distribution solutions; and, as a Mobile Virtual Network Enabler
(MVNE), the company has positioned itself as the premier
outsourcing partner for both Mobile Network Operators (MNOs) as
well as for Mobile Virtual Network Operators (MVNOs). At the same
time, Elephant Talk assists its MNO partners to more efficiently
provide a broad range of sophisticated services to their own
existing base of MVNOs. Elephant Talk is positioning itself as the
preferred MVNE partner of the larger, global Mobile Operators and
currently operates sophisticated networks in over a dozen markets
in Europe, Asia Pacific, and the Middle East. The Company was
ranked fifth on the Orange County 2008 Deloitte Technology Fast 50.
For more information, visit: http://www.elephanttalk.com/. About
ValidSoft ValidSoft provides products and services designed to meet
the needs of organizations operating in dynamic business
environments where e-channel applications provide competitive
advantage. The demands of today's business environment have
increased dramatically in recent years, driven by technologies such
as the Internet, card, e-Business and the penetration of mobile
phone technology into all aspects of business. ValidSoft solutions
provide Strong Authentication and Transaction Verification
capabilities allowing organizations to quickly implement solutions
that protect against the latest sophisticated fraud and are yet
simple and convenient for users. For more information, visit
http://www.validsoft.com/. Forward-Looking Statements Certain
statements contained herein constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. 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; however, readers
should review carefully reports or documents the Company files
periodically with the Securities and Exchange Commission. Contact:
Elephant Talk Communications, Inc. Mr. Steven van der Velden Tel:
+31 20 653 59 16 Or Investor Relations: Alliance Advisors Thomas
Walsh, 212-398-3486 DATASOURCE: Elephant Talk Communications, Inc.
CONTACT: Mr. Steven van der Velden of Elephant Talk Communications,
Inc., +31-20-653-59-16, ; or Investor Relations, Thomas Walsh of
Alliance Advisors, +1-212-398-3486, Web Site:
http://www.elephanttalk.com/ http://www.validsoft.com/
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