Posted by Paul Paetz on Wed, Apr 15, 2009
Top-drawer pre-paid card provider M-Cube Media sees the Ethoca-powered Global Fraud-Fighting Community as a breakthrough means to combat fraud, and wants to be out front in the fight. Mashallah H. M. Ali, M-Cube’s CEO, says the collaborative efforts of fraudsters have to be met with equally collaborative efforts on the part of online merchants.
“Fraudsters are working together to attack online merchants and the integrity of our payment systems, and everyone affected needs to collaborate in the effort to fight back,” says Ali.
The noted business innovator says M-Cube will use Ethoca’s revolutionary collaborative fraud management technology to be out in front of the fraudsters who target customer-not-present transactions. M-Cube Media has been a leader in new solutions for the pre-paid card industry, so it is natural the company has become a leader in confronting fraud, as well.
M-Cube customers range from the UK’s Aspinall Foundation which innovatively protects western lowland gorillas in Africa through cardholder loyalty rewards, to Ireland’s Ryanair, a leading international air carrier.
Posted by Paul Paetz on Sun, Feb 15, 2009
CEO of TigerDirect Advocates for Social Approach to Solve Vexing Customer-Not-Present Fraud ProblemGilbert Fiorentino is a co-founder of TigerDirect, a top 10 consumer electronics and computer equipment etailer (#6 on the Hitwise list), but despite the size they’ve grown to, credit card fraud still irks Gilbert in a very personal way, as though the cybercriminals TigerDirect confronts every day were stealing the cash right from his wallet. You get the feeling listening to him that he’d gladly confront them in a dark alley.
He says the reason retailers are losing the battle against cyberfraud is that the criminals are working together, selling stolen card numbers and sharing their code scripts and “best practices” for committing fraud, while the merchants work alone. Gilbert contends that if every single merchant joined together to share what they know, online fraud could be completely eliminated, and even enthusiastically encourages (even wishes for) his competitors to join the Global Fraud Fighting Community.
He tells his story in the attached video.
Posted by Paul Paetz on Thu, Dec 11, 2008
It’s so great to see our newest member Tahoe Mountain Sports getting the
word out about the Community.
Nice to see it get picked up by the Outdoor Industry Association.
Thanks David!
Also, David shared some great insights in a video on the Community channel on YouTube. Watch embedded clip below, or use the link above to see it.
Posted by Andre Edelbrock on Mon, Dec 01, 2008
tekgems commented on the heels of 2checkout.com joining the Community. I know there are probably a lot of merchants wondering if there is a way to leverage other merchants’ experiences through a central database. Simple answer…there is.
Here’s the link to his post.
Watch a video of Kristin Dach, CFO of 2Checkout.com, discussing why she believes it takes a community of online merchants to work together to defeat fraud.
Click this link if you can't see the embedded video above.
Posted by Andre Edelbrock on Mon, Nov 17, 2008
The problem is that the ‘we’ is often the bad guys.
For example - criminals around the world are benefiting from being better organized and using the Internet to work together. In the UK, banking losses due to fraud soared to £301.7m in the first half of 2008 compared to £263.6m in the same period last year, according to the latest figures from UK banking association APACS. Card-not-present fraud (a category that includes e-commerce fraud as well as phone and mail order scams) rose 18% to reach £161.9m in that same period.
So with the good guys losing the battle of the organized to the bad guys, you and I as consumers and businessmen pay a price…literally as the APACS numbers show.
But all good things must come to an end. Banks and businesses have had enough. The power shift, in favor of the good guys, has begun, as in the same way the criminals have leveraged the power of organizing and the Internet, businesses and banks around the world are now working together to fight fraud head-on.
Watch the following video clip of Gilbert Fiorentino, CEO of TigerDirect, to see just how mad online retailers are getting, and what they're prepared to do about it.
Click this link if you can't see the embedded video above.
Watch what happens when hundreds organize…boom…new rules indeed.
Click here to read Seth Godin’s post on this.