Collaborative Ecommerce Fraud Detection Approach Cuts Costs
Posted on Mon, Jan 25, 2010 @ 05:34 PM
Ethoca describes how in executive brief and webinar
New York, NY (PRWEB) January 25, 2010 -- Ethoca Ltd., provider of Ethoca360 ecommerce fraud detection services, has opened registration for a Feb. 18th webinar, “Six Steps to Cut Your Total Cost of Online Fraud by Up to 70%" and released an executive brief, “
How to Lower Your Total Cost of Fraud.” The brief and webinar look at conventional efforts to cut online fraud.
Online retailers receive credit card orders when the customer is not present – through their website, by fax, by catalog, or by telephone -- and their efforts to fight fraud can quickly reach a point of diminishing returns.
Powered by the world's largest and most authoritative private pool of high quality e-commerce transaction data, Ethoca360 fraud detection services
help you lower your total cost of fraud. Ethoca’s brief and webinar illustrate the advantage of using other retailers’ past experiences to check the legitimacy of card-not-present orders. In this way, an online retailer can cut down on:
- Money lost to fraudulent transactions
- Cost of managing the anti-fraud effort
- Cost of lost business when legitimate customers are refused, or asked to wait or prove their identity
Members of the Global Fraud Alliance, a worldwide coalition of online retailers, and other card-not-present businesses, support this approach. They pool their transaction data into a global repository managed by an independent third party, in full compliance with PCI DSS security standards and the strictest privacy laws and regulations. This pooled data resource contains hundreds of times more data than individual Alliance members have on their own.
By employing this data to screen transactions using predictive analytics – both statistical and behavioral – members can improve their
fraud detection accuracy by up to 10 times, and occasionally even more. That means:
- Customers have a more positive shopping experience
- Fewer rejected good orders (increased revenue)
- Fewer falsely accepted bad orders (decreased fraud losses)
- Lower costs to manage fraud
Included in the eleven page executive brief is a checklist that CEOs, CFOs and top risk officers can use to take stock of their efforts to fight online credit card fraud. After taking stock, CEOs can request a free Opportunity Assessment Analysis from Ethoca.
About Ethoca360 Services
Powered by the world's largest and most authoritative private pool of high quality e-commerce transaction data, Ethoca360 fraud detection services help you lower your total cost of fraud by rejecting fewer legitimate orders, accepting fewer bad orders (fraud), and lowering fraud management costs.
About Ethoca
Ethoca is a pioneer in card-not-present fraud management. Since launching its service in March 2006, Ethoca has signed up more than 50 member companies. The list includes British Airways, TigerDirect, CompUSA, World Wrestling Entertainment, Arcadia, Dabs a number of premier online gaming enterprises and many small to midsize online retailers. Learn more at www.ethoca.com