Visa Europe has entered into a contractual arrangement with ValidSoft for the provision of its fraud-prevention solutions, VALid-POS, an advanced card fraud detection and prevention solution, and VALid, ValidSoft's multi-factor authentication platform.
The agreement will allow Visa Europe to integrate and market the solutions as services to its member banks as part of its European processing platform.
According to ValidSoft, VALid-POS uses telecommunication technology accessing the global mobile phone network to confirm, in real time, whether a cardholder’s mobile phone is within the proximity of the ATM or merchant terminal at which the card is being used.
VALid is a telecommunications based (Voice and SMS) solution that uses two separate channels designed specifically for combating the most advanced fraudulent techniques such as Man-in-the-Middle and Man-in-the-Browser, along with the more traditional attack vectors.
VALid integrates with VALid-POS where additional location based information is required for authentication, or where automated resolution is necessary, said ValidSoft.
ValidSoft CEO Pat Carroll said ValidSoft is absolutely delighted to be working in partnership with Visa Europe.
"Our solutions are at the forefront of technology innovation and we believe the convergence of payments and mobile telecommunications aligns with the underlying principles of VALid-POS: proximity correrelation of a transaction to a mobile phone," Carroll said.