[August 16, 2011] ValidSoft Develops Technology to Prevent Cybercriminals From Cashing in on Fraudulent Activities Tweet Aug 16, 2011 (Close-Up Media via COMTEX) -- At a time when cybercriminals worldwide are hacking into banks, credit cards, phones, and customer databases, ValidSoft announced it has developed the technology to detect and prevent fraudulent activity in milliseconds, while preserving consumer privacy. "Fast and accurate detection of fraudulent activity, with no inconvenience, embarrassment, or intrusion into consumer privacy, are among the most effective solutions to cyberfraud," said Patrick Carroll, CEO of ValidSoft. "It's impossible to stop all thefts of account data, but it is possible to stop criminals from using information they have stolen. That's where ValidSoft has a valuable role to play." According to a release, in addition to detecting fraud faster and more accurately, ValidSoft 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 Point of Sale (POS) transaction, ValidSoft determines if the cardholder is in proximity to the transaction. If the cardholder's cell phone is in New York but the card is presented in Mexico, it's likely a fraudulent transaction. With respect to privacy, ValidSoft operates an anonymous, encrypted service. ValidSoft is a provider of solutions to counter electronic fraud relating to card, the Internet, and telephone channels. ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]