- Published: 05 December 2010
- Written by Investor Ideas
Visa Europe-ValidSoft Agreement Is Primary Focus of Advisory Service
SCHIPHOL, THE NETHERLANDS--(12/06/10) - Elephant Talk Communications Inc. (OTCBB:ETAK) (http://www.elephanttalk.com/) announced that Josh Levine, editor of Levine's MicroCap Investor newsletter, discussed in his November 24, 2010 update a contractual arrangement between Visa Europe and Elephant Talk's subsidiary ValidSoft Limited (http://www.validsoft.com/), for the provision of ValidSoft's fraud-prevention solutions, VALid-POS®, a card fraud detection and prevention solution, and VALid®, ValidSoft's multi-factor authentication platform. The agreement will allow Visa Europe to integrate and market the solutions as value-added services to its member banks as part of its European processing platform. To access the article, please visit the website at: www.levinesmicrocapinvestor.com.
VALid-POS® uses telecommunication technology accessing the global mobile phone network to confirm, in real time, whether a cardholder's mobile phone is within the proximity of the ATM or merchant terminal at which the card is being used. This practice minimizes the number of inappropriately declined cross-border transactions, and subsequently, improves discovery rates. This results in reduced case-management processing costs for the issuer, reduced fraud levels and, critically, a greatly improved customer experience with legitimate transactions approved within one second.
In his MicroCap Investor newsletter on November 24, 2010, Levine said that Visa Europe is the European payment system for the Visa brand which is operated by over 4,000 members such as banks and other service providers, from 36 countries across Europe.
Levine said the agreement was announced in a press release issued by Visa Europe. Subsequent to this release Elephant Talk announced ValidSoft's entry into this agreement in an 8-K filed with the Securities and Exchange Commission on November 29, 2010.
Levine said that market researchers reported card-not-present fraud cost the U.S. financial industry $52 billion in 2008 and that card-present credit card and debit card fraud cost the U.S. financial services industry an additional $50 billion in 2008.
Levine included in his newsletter a quote from Steve Chambers, Visa Europe's Chief Information Officer, who said in the company's press release, "Security is fundamental to Visa Europe's business and we feel that the solutions offered by ValidSoft can help us in our continuous efforts to address the increasingly sophisticated methods used by criminals."
About Elephant Talk Communications
Elephant Talk Communications, Inc. (OTC.BB:ETAK - News) 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.
About ValidSoft
ValidSoft is a subsidiary of Elephant Talk Communications, Inc. (OTC.BB:ETAK - News), 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 consumers and institutions (Mutual Authentication), and the integrity of transactions (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.
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.
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