Elephant Talk Communications business software and services to the telecommunications and financial services industries announced ValidSoft wholly owned subsidiary has renewed the European Privacy Seal for the “VALid-POS” fraud detection and prevention product. This renewal provides further validation that “VALid-POS” can fight fraud while maintaining full privacy and can save banks hundreds of millions of dollars a year by helping to determine whether credit and debit card transactions are legitimate or fraudulent. ValidSoft recently signed a contract with Visa Europe for their fraud detection and prevention solutions “VALid-POS” -which works by correlating the origination of a purchase or withdrawal using a credit or debit card to the proximity of the card owner through the card owner’s cell phone- and “VALid.”