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. (NYSE MKT: ETAK), has joined the FIDO (Fast Identity Online) Alliance, which is dedicated to creating standards for simple, open, scalable and widely compatible strong authentication systems.
ValidSoft joins many of the largest and most progressive brands in the payments industry in supporting the FIDO Alliance, which already includes global leaders PayPal, Lenovo, MasterCard and Google as members. FIDO's shared goal is to develop industry standards that increase compatibility and reduce reliance on usernames and passwords to authenticate online users, approaches that are both easily compromised and notoriously difficult to remember. Passwords would instead be replaced by 'low-friction' authentication methods embedded in device hardware, a philosophy already reflected in ValidSoft's multi-factor mutual authentication, identity and transaction verification solutions which also incorporate features such as voice biometrics and location proximity.
Pat Carroll, Chairman of ValidSoft, says: "We're pleased to support FIDO Alliance's efforts to create and implement simpler and higher authentication standards that will help protect people from ever more sophisticated fraud. Thanks to our unique security 'by design' approachand our ability to leverage advanced telecommunications capabilities and real-time invisible checks that do not involve the customer,we are allowingpayment processors to provide stronger verification and authentication, without negatively impacting the consumers' experience."
Michael Barrett, FIDO Alliance President and Chief Information Security Officerof PayPal, an eBay (Nasdaq:EBAY) company says:"We are excited to welcome ValidSoft as our newest member. The FIDO vision of universal strong authentication promises better security, enhanced privacy, more commerce and expansion of services throughout digital industries. ValidSoft's contribution to our Alliance supports our industry goal to make user authentication easier and safer for all parties."