BRUSSELS, Feb. 21, 2013 /PRNewswire/ -- 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), participated at a high-level policy meeting on the issue of communicating E-Privacy and Trust in the online world, at the European Parliament in Brussels yesterday. Speaking at the meeting Pat Carroll, CEO of ValidSoft noted: "the EU leads the world in privacy matters, and rightly so, because privacy does matter and now is the time for the EU to lead the world through privacy sensitive innovation and smart technology developed in its own backyard".
The main focus of the meeting, which brought together political, policy, academic, industry and consumer worlds, was the growing lack of consumer trust in IT products and services caused by abuse of personal data and privacy infringements. Increasingly, individuals and businesses often need certainty when using privacy relevant IT products and services. Trustworthy and reliable guidance is needed to assist users and consumers to select a privacy and data protection compliant product or service. Commenting on ValidSoft's solutions, Pat Carroll highlighted the fact that all its products are developed with a "privacy by design" methodology and certified through the European privacy seal process – EuroPriSe (https://www.european-privacy-seal.eu/about-europrise).
EuroPriSe, a co-host of Wednesday's meeting with The Parliament Magazine, informed the assembled participants that it embraces the 'privacy by design' approach and undertakes a rigorous legal as well as technical assessment and evaluation process to show that a product is compliant with EU data protection standards. It was also highlighted that the current EU data protection proposals, which are being reviewed by the European Parliament and EU Governments, make explicit reference to the role of privacy seals to communicate trust and certainty. ValidSoft is the only software security company in the world with 3 European Privacy Seals (EuroPriSe).
In his presentation Pat Carroll noted that, 'Achieving product specific privacy seals from EuroPriSe is something we are very proud of. Not only does it cement our position as a global leader in data privacy and protection, but it puts us and our clients ahead of the game as the mobile/e-commerce market expands. Payment security is about balancing risk with usability, and at the same time building and maintaining trust and confidence - and that means taking a 'privacy by design' approach. Not only do our security solutions clearly meet the highest security standards, but they have privacy built in by design, further enhancing our security offering by improving customer usability and trust. Based upon the principle of "Low or No Friction", the ValidSoft solutions demonstrate that it is possible to achieve ease of use for the customer and the highest levels of security without compromising the privacy of the individual'.
ValidSoft also addressed the recent card fraud report from Europol (the European Union's law enforcement agency whose main goal is to help achieve a safer Europe for the benefit of all EU citizens), which highlights the fact that fraud on EU issued cards is running at around 1.5 billion Euro a year. Of this, 600 million Euro is attributed to card-present fraud, the vast majority of which is perpetrated outside of the EU in non EMV-compliant countries. Commenting on the proposal of Europol to 'block' transactions from non-EMV compliant countries to address these unprecedented levels of fraud, Pat Carroll commented: "the credit card world knows it's easy to stop fraud – simply decline more transactions – but that's not very consumer friendly!"
ValidSoft Limited has been a wholly owned subsidiary of Elephant Talk since early 2010, underpinning its mobile/cloud security offering. The company is a market leader in providing solutions to counter electronic fraud relating to a variety of bank, card, internet and telephone channels. ValidSoft's solutions are used to verify the authenticity of both parties to a transaction (Mutual Authentication), the security of the relevant telecommunication channel used (secure communications), and the integrity of transactions itself (Transaction Verification) for the mass market, in a highly cost effective and secure manner while being very easy to use. The company counts several leading worldwide service providers and institutions amongst its customers. ValidSoft is the only security software company in the world that has been granted three European Privacy Seals. Visit www.validsoft.com.
About Elephant Talk:
Elephant Talk Communications Corp. (NYSE MKT: ETAK), is a leading international provider of proprietary Software Defined Network (SDN) platforms for the telecommunications industry that empower Mobile Network Operators (MNOs) and Mobile Virtual Network Operators (MVNOs), Enablers and Aggregators with a full suite of Applications. This suite includes full OSS/BSS Systems, Delivery Platforms, Support and Managed Services, on-site, cloud, hybrid and S/PaaS solutions, including Network, Mobile Internet ID Solutions, Secure Remote Access Management, Loyalty Management and Transaction Processing Services, superior industry expertise and high quality customer service without substantial upfront investment. Elephant Talk counts several of the world's leading Mobile Operators amongst its customers including Vodafone, T-Mobile and Zain, and virtually all business is focused on tier 1 and tier 2 operators worldwide. Visit www.elephanttalk.com.
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