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ValidSoft Showcases SMART at Finovate Fall, NYC
Date:10/25/2012

LONDON, Oct. 16, 2012 /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: ETAK) formerly (NYSE Amex: ETAK), announced that its successful participation in Finovate Fall, NYC, and the live solution it showcased in how to securely initialize a mobile based app, has been proven correct, unfortunately at the expense of a real bank and its customers.

(Logo: http://photos.prnewswire.com/prnh/20120917/MM75492LOGO)

(Logo: http://photos.prnewswire.com/prnh/20120917/MM75872LOGO)

ValidSoft demonstrated their SMART (Secure Mobile Architecture for Real-time Transactions) platform, using just a single example of how to initialize a downloaded banking app, including turning the smart-phone into a two-factor authentication device capable of encrypted end-point tunneling.  (To see the ValidSoft demo: http://www.finovate.com/fall12vid/validsoft.html).

Pat Carroll, ValidSoft CEO, commented:  "In this particular case, these breaches therefore had nothing to do with the medium being a smart-phone but everything to do with the process employed in deploying and activating the app. There is no real difference between this and Internet banking losses through reliance on PINs and passwords alone. In this and other instances that will surely follow, we need to look at the end-to-end process rather than casting a shadow over mobile banking in general." '/>"/>

SOURCE ValidSoft
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