ValidSoft Joins FIDO Alliance to Support the Creation and Adoption of Simpler, Stronger Authentication Methodologies
LONDON and OKLAHOMA CITY, Dec. 3, 2013 /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 MKT: ETAK), has joined the FIDO (Fast Identity Online) Alliance (www.fidoalliance.org), 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 in corporate 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' approach and our ability to leverage advanced telecommunications capabilities and real-time invisible checks that do not involve the customer, we are allowing payment processors to provide stronger verification and authentication, without negatively impacting the consumers' experience."
Michael Barrett, FIDO Alliance President and Chief Information Security Officer of PayPal, an 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."
ValidSoft provides advanced mobile- and cloud-security solutions. ValidSoft has developed a custom-built sophisticated multi-factor authentication platform (SMART) for the mobile world, which takes full advantage of mobile telecommunication channels and devices and includes a leading proprietary voice biometric engine. These solutions combat electronic fraud and safeguard consumer privacy across internet and mobile banking, credit/debit-card and (mobile and fixed line) telephony channels. ValidSoft's solutions are used to verify the authenticity of both parties to a transaction (Mutual Authentication), ensure the fidelity of telecommunication channels (Secure Communications), and confirm the integrity of transactions themselves (Transaction Verification) in each case in a manner which is scalable for the mass market, cost-effective, secure and easy to use and deploy. The company counts some of the world's largest financial institutions among its customers. ValidSoft is the only security software company in the world that has been granted three European Privacy Seals. Visit: www.validsoft.com.