ValidSoft joins mobile payments committee
03 October 2012 | 2146 views | 0
ValidSoft, a global supplier of advanced telecommunications-based fraud prevention, authentication and transaction verification solutions, and a wholly-owned subsidiary of Elephant Talk Communications Corp. (ETAK), today announced that it 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. Security and privacy are two key issues which are up for discussion, and the Mobile Payments Committee provides an excellent forum for ValidSoft to contribute and to lead the market in these key areas.
Increasing multi-channel mobile payment offerings is great news for consumers, financial institutions and businesses, but they also offer criminals and fraudsters new opportunities, as is shown by recent statistics highlighting an increase in card-present and card-not-present fraud.
Pat Carroll, CEO of ValidSoft, says, "As the Mobile Payments Committee convenes, security will be one of the central issues up for discussion, and ValidSoft is pleased to be playing a leading role in this area. An approach to security that works in line with customer expectations, but that also mitigates the risks of fraud is needed. As we demonstrated with our SMART® platform (Secure Mobile Architecture for Real-time Transactions) at FinovateFall2012 recently, a mobile-based, multi-factor approach is most effective, and this should combine both visible and invisible layers of security applied in real-time."
Jason Oxman, CEO of the Electronic Transaction Association, says: "We and our members are delighted to welcome ValidSoft to the Mobile Payments Committee. We look forward to working with ValidSoft and all the other global companies participating in this important effort to promote an efficient, reliable and - above all - secure mobile payments ecosystem."