Fraud prevention software group ValidSoft has formed a partnership with Ven, the global virtual currency managed by the Hub Culture Group.
Following a technical evaluation process, ValidSoft, which is a subsidiary of Elephant Talk Communications, was selected by Ven for its state-of-the-art, specialised purpose security architecture Secure Mobile Architecture for Real-Time Transactions( SMART) to underpin its consumer offerings in social networking and virtual exchange.
The derivative platform, known as SMARTvc, is aimed specifically at addressing inherent security needs in virtual currencies – subscription, management, administration – and ensuring the integrity of transactions resulting from the global usage of virtual currencies where authentication, privacy and/or data integrity is paramount. Ven will debut platform extensions featuring scalable security solutions later this year with an expanded set of consumer offerings with corporate partners.
“We are excited about our partnership with Ven and see incredible potential for ValidSoft solutions in the global use of Ven,” said Pat Carroll, chief executive officer (CEO) of ValidSoft. “We believe that virtual currencies are at an inflection point and will increasingly become an important aspect of global trading in general.
“Based on the wide range of uses for virtual currencies, the fraud community will increasingly focus their attention on such currencies and we believe we offer Ven and others the most advanced security protection available in the world today. Traditional security methods are inadequate and unsuitable for the world of virtual currencies, in particular where transactions will be increasingly carried out in the mobile world.”
Stan Stalnaker, founding director of Hub Culture, added: “As the scale of complexity in virtual currency economies explodes, we are determined to design and implement the most user friendly and secure capabilities to safeguard against inevitable attempts by fraudsters to take advantage of emerging financial exchange methods.”
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