UPG plc acquired Accept Cards Limited and Accept Card Rentals Limited. The Accept Cards business does not provide card processing services direct – instead it works independently of acquirers, in partnership with merchants to match their specific card processing requirements to the acquirer best suited to their needs. The Accept Cards business has a significant number of excellent partnership relationships with membership organisations, professional practices and independent banks to provide a best in class service to their clients. UPG is one of the UK’s largest independent Payment Gateway and Payment Service Providers (PSP). The company serves merchants of all sizes directly and through the gateway services provided to a number of other independent PSP’s.
ValidSoft, a global supplier of telecommunications-based fraud prevention, authentication and transaction verification solutions, and a wholly owned subsidiary of Elephant Talk Communications, has achieved its third European Privacy Seal from EuroPriSe for its “VALid-SSD” SIM-swap fraud prevention solution. ValidSoft is the only security software company in the world to have achieved three EuroPriSe Privacy Seals, awarded after a rigorous legal as well as technical assessment and evaluation process to show that a product is compliant with EU data protection standards and embraces the ‘privacy by design’ approach. The VALid-SSD detection and prevention application is designed for bank use to address SIM card fraud. This is a type of ‘Pseudo-Device-Theft’ which enables fraudsters to maliciously redirect mobile telephone calls and SMSs in order to defeat Out-Of-Band authentication systems and other anti-fraud measures involving customer contact via the mobile phone.
ValidSoft telecommunications-based fraud prevention, authentication and transaction verification solutions, and a wholly-owned subsidiary of Elephant Talk Communications, has joined the newly-formed Electronic Transactions Association Mobile Payments Committee. ValidSoft joins some of the biggest players in the mobile payment sector, including the four US mobile carriers, as well as Google, Isis, VeriFone and Intuit, as part of the new Mobile Payments Committee, which was established in August 2012 by the Electronic Transactions Association. The aim of the Committee is to bring together companies active in the mobile payments ecosystem and tackle the complex business and policy issues around mobile payments and e-commerce transactions.
ValidSoft advanced telecommunications-based fraud prevention, authentication and transaction verification solutions partnered Spindle innovative m-commerce and alternative payment solutions for merchants and consumers. With this, ValidSoft will provide Spindle custom-built, advanced multi-layered, multi-factor authentication and transaction verification technologies: SMART (Secure Mobile Architecture for Real-time Transactions), which will be integrated into Spindle’s RhinoVerify security solution. Spindle specializes in frictionless finance and alternative and mobile commerce payment platforms for merchants and consumers. The Spindle portfolio includes “RhinoPay,” a simple, mobile, secure payment solution which enables person-to-person, person-to-business, business-to-person, and business-to-business payments. It is accessible universally through any networked or mobile device and delivers superior flexibility by enabling payments through credit and debit cards, check, closed loop, and ACH transfers.
ValidSoft telecommunications based fraud prevention, authentication and transaction verification solutions of Elephant Talk Communications forged a global partnership with Utiba mobile payments and mobile financial services solutions. Following the successful completion of stringent technical trials, ValidSoft’s industry-leading, special purpose security architecture for mobile payments, SMART (Secure Mobile Architecture for Real-time Transactions), derived from its advanced VALid-4F platform, has been selected by Utiba and will be integrated into Utiba’s market-leading suite of mobile financial services. With this, Utiba’s more than 40 Mobile Network Operators (MNOs) and banking customers worldwide will be able to offer advanced, user-friendly authentication options using ValidSoft’s proprietary technology.
ValidSoft subsidiary of Elephant Talk Communications can now detect fraud faster and more accurately. With this, it uses real-time, high-precision Proximity Correlation Logic that operates at high speed within the transaction authorization, invisibly to the consumer. The ValidSoft platform is powerful enough to support up to 400,000 lookups per second. By correlating the cardholder’s mobile phone with the origination of an ATM or POS transaction, ValidSoft determines if the cardholder is in proximity to the transaction. With respect to privacy, ValidSoft operates an anonymous, encrypted service for which it received the prestigious European Privacy Seal (EuroPriSe).
On CEOLive, ValidSoft CEO Patrick Carroll touted the company’s “privacy by design” features as positioning the company well to respond to worldwide concerns over fraud and privacy. Carroll also pointed out that the growth of NFC and “tap and go” payments using cell phones rather than credit cards would lead to a five-fold increase in electronic transaction volumes and favors ValidSoft’s multi-factor authentication approach to fraud prevention. ValidSoft’s Card Fraud prevention and detection authentication, designed to take place in 400 milliseconds, includes “something you have” (a mobile phone) coupled with “somewhere you are (or not).” ValidSoft’s fraud prevention solutions are attractive due to the fact that their privacy considerations are “built-in, by design” and help protect against the most sophisticated security attacks by being globally organized, multi-layered, and effective 24 hours a day/7 days a week, while remaining invisible to users.
ValidSoft fraud prevention, authentication and transaction verification solutions, has announced an agreement with RMS IT Security IT security solutions provider. RMS IT Security will be the first channel partner in the UK to provide ValidSoft’s “VALid” Four-Factor Authentication solutions set. ValidSoft is a wholly-owned subsidiary of Elephant Talk Communications, an international provider of business software to the telecommunications and financial industries. The “VALid” authentication solution addresses risk through an extensible Out-of-Band (OOB) authentication model that can not only vary the authentication strength, but can also implement additional authentication factors through the combination of its own proprietary voice biometric technology coupled with Proximity Correlation Logic (PCL).
ValidSoft CEO Patrick Carroll has announced a range of new activities and cited several competitive advantages for ValidSoft during a recent conference call for shareholders of its parent company, Elephant Talk Communications. Carroll announced ValidSoft fraud detection, fraud prevention, authentication and transaction verification solutions, is working with a European governmental agency to improve the unemployment benefits systems through recipient Self-Certification. This project is using ValidSoft’s unique four-factor authentication model that uses voice biometrics, with an automated dialer to authenticate the identity of each individual. The self-certification approach generates significant cost savings and efficiencies to the government agency and also helps identify potential fraud in the system.
ValidSoft has announced that CEO Patrick Carroll was interviewed by CDTV.net, a financial news service based in New York. ValidSoft is a wholly-owned subsidiary of Elephant Talk Communications, an international provider of business software to the telecommunications and the financial services industry. The interview is available at http://www.cdtv.net/users/content/stock-market-investing-preventing-credit-card-fraud-pat-carroll-validsoft. In the interview, Carroll said that ValidSoft plans to expand its advanced, comprehensive fraud solutions technology to customers around the globe in 2011. Key to ValidSoft’s technology is its wholly telecom-based security solutions, Carroll noted. The company’s partnership with Elephant Talk has enabled ValidSoft to leverage Elephant Talk’s highly sophisticated mobile technology.
With increased consumer spending timeframes- such as the holidays or SuperBowls- comes increased opportunity for stolen card details, for which Visa Europe recently signed a contract with ValidSoft subsidiary of Elephant Talk Communications to combat. ValidSoft is a leading provider of electronic fraud detection and prevention, and specializes in card related fraud detection, prevention and resolution. With this partnership, ValidSoft will provide its card fraud detection and prevention technology “VALid-POS,” as well as “VALid” authentication capability. The “VALid-POS” instantly correlates origination of a purchase or withdrawal using a card, to the proximity of the card owner through the card owner’s cell phone, without ever tracking the user.
UK merchants predict positive eCommerce growth in 2011 with only 2% expecting a decline. On average, 1.9% of 2010 orders accepted later resulted in fraud (compared to 1.6% in 2009), although this figure does vary by market sector. Furthermore, 59% of respondents expect fraud management budgets to remain stagnant in 2011, with 10% expecting to have less available. Meanwhile, merchants continue to expand with nearly 60% of UK merchants now accepting online orders from abroad. This, according to the seventh annual “UK Online Fraud Report” survey by Visa’s “CyberSource,” also indicates 59% of merchants say a delivery address is a good indicator of suspicion while 58% are more concerned about the IP address.