Non-repudiation of Internet based electronic financial transactions has traditionally relied on Digital Certificates, a form of
Public Key Infrastructure. The sophisticated fraudulent technique known as Man-in-the-Browser, however, has shown how easily
Digital Certificates can be compromised, hitherto considered a complex and expensive exercise. This means that Digital Certificates
can no longer be regarded as a form of non-repudiation since they are now vulnerable to Man-in-the-Browser attacks.

VALid can achieve non-repudiation of transactions in the most practical and user-friendly fashion through a layering of techniques
and technologies. These include Strong Authentication, Transaction Verification, recording of transaction authorization, optional
voice biometric technology and Transaction Data Signing. The combination of these techniques provides a comprehensive and practical
method of ensuring both the origin and integrity of any transaction, in a user-friendly and transparent fashion that protects the
interests of Bank and customer alike.

For further information, please download the white paper labelled "Transactional Non-repudiation: A new fraud landscape necessitates a new approach".