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News

European Privacy Seal for Anti-Fraud Software

ValidSoft : 26 April, 2010  (New Product)
VALid-POS from ValidSoft gains seal of compliance with European privacy regulations regarding card-not-present fraud protection
ValidSoft has been granted the European Privacy Seal in regards to its anti-fraud technology software, VALid-POS. The privacy seal guarantees compliance with European data protection and data privacy legislation regulations. ValidSoft is the first security software company in the world to receive the privacy seal. The awarding of the seal places ValidSoft in a position to provide legitimate and compliant services for the prevention of card fraud worldwide.

ValidSoft's anti-fraud technology, known as VALid-POS combats both cross-border and domestic card present fraud, covering both Point-of-Sale and ATM devices. The technology works by establishing whether a transaction is authentic based on customer and transaction proximity, without tracking the individual. ValidSoft's patent pending solution not only reduces false-positive card declines (situations where legitimate credit card transactions are denied) by as much as 95%, it also detects fraudulent transactions in real-time. VALid-POS automated solution is invisible to the card user and takes less than half a second to advise the bank.

The EuroPriSe European Privacy Seal certifies that IT products are privacy compliant with European data protection regulations. The award offers a transparent European privacy certificate that fosters consumer protection & civil rights, trust in IT, and privacy by marketing mechanisms. The certificate aims to facilitate an increase of market transparency for privacy relevant products and an enlargement of the market for Privacy Enhancing Technologies and finally an increase of trust in IT.

Steven van der Velden, Chief Executive Officer of ValidSoft parent company, Elephant Talk Communications said "Elephant Talk's goal is to identify and eliminate credit & debit card fraud without having to track the location of individuals. We are not aware of any other company in the world that can do this in an anonymous and privacy compliant manner. Our offering provides users with the strongest anti-fraud technology on the market, while at the same time providing them the utmost privacy. We believe that receiving this verification from an independent third party will allow us to move forward as we commercialise this technology with global banks and financial institutions on a large scale."

Card fraud continues to pose a major world-wide problem for issuing banks, costing approximately $100 billion globally. These figures also mask the costs associated with managing the false-positives. False-positives are the transactions blocked by the banks that are actually legitimate. ValidSoft's research shows that the vast majority of blocked transactions are false-positives and if banks are to improve the experience for their customers, and reduce their operating costs then the banks need to address this issue.

To enable the solution to provide this leading edge technology, the telecommunications is provided by ValidSoft's parent company, Elephant Talk Communications Inc. The award of the European Privacy Seal is equally important to the mobile network companies to ensure that the use of the data to provide the proximity of the mobile phone to the card transaction has to meet similar stringent rules regarding data protection and privacy.

"Our organisation is pleased to provide an independent evaluation confirming that VALid-POS provides banking customers complete privacy during the process," stated, Kirsten Bock, Head of EuroPriSe at ULD. "In order to be awarded the Seal, VALid-POS had to be assessed on its fulfilment of a range of detailed requirements including data avoidance and minimisation, transparency, compliance with data protection, and technical organisation measures. To date, no other security solutions provider has been able to obtain this difficult approval."

Pat Carroll, CEO of ValidSoft said "We believe VALid-POS will become the de-facto standard for card fraud and false positive prevention. Our customers and mobile network operators can have complete confidence that implementations are totally compliant with European Data Protection and Data Privacy legislation. Consumers should be pleased that ValidSoft's software not only prevents financial transaction fraud but remains in compliance with all privacy laws throughout Europe. Failure to comply with this legislation could have serious negative consequences for institutions and mobile network operators."
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