FStech-ValidSoft Survey Reveals Concerns and Opportunities for Payments Security
LONDON -- (MARKET WIRE) -- 12/21/11 -- A security survey of over 100 Chief Information Security Officers (CISOs) and heads of security by FStech magazine has revealed that 99% of those surveyed believe tackling card-related fraud is either essential or very important. The survey was sponsored by ValidSoft, a wholly-owned subsidiary of Elephant Talk Communications Corp. (NYSE Amex: ETAK) (www.elephanttalk.com), an international provider of business software to the telecommunications and the financial industry. ValidSoft UK Limited (www.validsoft.com) is a global supplier of fraud prevention, authentication and transaction verification solutions.
ValidSoft has a suite of products designed to detect and stop fraud, fast and accurately, in real time. ValidSoft operates invisibly to the consumer while using high-precision Proximity Correlation Analysis" that operates at high speed within the transaction authorization.
FStech concludes that bank security leaders believe consumer concerns about security are a significant issue, but addressing such concerns is often not seen as a potential marketing opportunity or area where consumer convenience can be enhanced.
"Key conclusions from our survey are that nearly half of information security officers, or 47%, believe that security is the most likely factor to prevent UK consumers from accepting the mobile wallet in the next year," said ValidSoft CEO Patrick Carroll.
"Clearly, banks and solution providers like ValidSoft have a major opportunity to strengthen mobile payments security and to educate consumers about improvements we are making."
For example, regarding technology that spans the gap between the bank and the retailer, the survey showed that 71% of respondents did not think that consumers were ready for the mobile wallet. When asked their opinion of how the public viewed efforts by banks to reduce fraud, 36% said consumers wanted banks to do more. As for solutions, 49% of security officers believe that voice biometrics has a role to play in tighter security, including mobile banking.
The security survey also found that respondents rated the following challenges in card fraud as essential or very important: reducing false positives, 74%; reducing cross-border fraud, 91%; and reducing domestic fraud, 90%.
The survey, which was conducted in autumn 2011, appears in the next edition of FStech, which is available in early December. For more details see:
ValidSoft is a subsidiary of Elephant Talk Communications Corp. (NYSE Amex: 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 (ETAK)
Elephant Talk Communications Corp. (NYSE Amex: 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).
FStech is one of the leading business titles for IT decision makers in the UK and European financial services sector. The title has an ABC certified circulation of 11,500 IT decision makers from across the continent, within banks, building societies, insurers, trading houses, exchanges and other financial institutions.
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Contact: Elephant Talk Communications Corp. Mr. Steven van der Velden Tel: + 31 20 653 59 16 Email Contact www.elephanttalk.com Investor Relations: Alliance Advisors, LLC Thomas P. Walsh Tel: + 1 212-398-3486 Email Contact ValidSoft: Emmanuelle Filsjean Tel: +44 (0)20 3170 8999 Email: Email Contact For UK and EU: Fishburn Hedges +44 (0)20 7839 4321 Paul Farrow Email Contact
Source: Elephant Talk Communications