Ethoca “Switches On” Free Collaborative Anti-Fraud Service for Online Merchants
Posted on Tue, Apr 20, 2010 @ 05:16 AM
Negative Signals service screens card-not-present transactions to establish whether there are matches indicating chargebacks, high transaction velocity or other unwanted negative activities linked to pending orders
(RETAIL FRAUD SHOW, LONDON, UK – APRIL 20, 2010) – Ethoca Limited, providers of Ethoca360 card-not-present (CNP) fraud detection services, has announced today at Retail Fraud Conference 2010 that it has switched on Ethoca360 Negative Signals, its new and innovative free service based on its flagship Ethoca360 Signals technology. This means that users all around the world will see immediately which orders match negative data that is held in the Global Fraud Alliance repository, improving the accuracy of their fraud screening processes regardless of tools used today.
The new Negative Signals service is available for free and is the first and only one of its kind. Although a commercial grade service, Ethoca decided to make it freely available to all online merchants in an effort to accelerate market adoption, build broader industry collaboration and help stem the massive losses that are suffered to online fraud each year. For merchants who sign up now and until further notice, Ethoca has committed to keeping the Negative Signals version of Ethoca360 Signals free forever.
The Negative Signals service screens card-not-present transactions to establish whether there are matches indicating chargebacks, high transaction velocity or other unwanted negative activities linked to pending orders. It is designed to be an additive service, complementary to all existing fraud screening tools and methodologies. Merchants may use it to augment automated fraud scoring either through direct integration by their fraud service provider or via custom rules they can add themselves, or as decision support when manually reviewing orders. Offering single order, batch checking and real-time capabilities, Ethoca’s free Negative Signals service is an exciting innovation for online fraud management, as there has never before been a quality resource of this nature available to merchants at no charge to help fight fraud.
“We are delighted to announce at the Retail Fraud Conference 2010 that Ethoca360 Negative Signals, our new free fraud-detection service, has now been switched on for all our users,” explained Andre Edelbrock, CEO and Co-founder, Ethoca. “Our goal in making this negative service free to merchants selling in a card-not-present environment is to point the spotlight on high-risk transactions that would otherwise have been missed. By rolling out this service we are all a step closer to making fraud a problem of the past.”
Andre Edelbrock, CEO, Ethoca and Keegan Johnson, President, Ethoca will be hosting a free session for conference attendees within the MasterClass agenda entitled “How to Reduce Card-Not-Present Fraud and Safely Accept More Online Orders Through Collaboration” – 9.45am-10.30am, Tuesday 20th April 2010 in the MasterClass Theatre. For more information visit: http://www.retail-knowledge.com/RF2010/agenda.html
More information can be found, and applications for this free service are now being accepted at http://www.ethoca.com/negative-signals/
About Ethoca
With offices in Dublin, Toronto, and New York, Ethoca provides anti-fraud services to businesses taking credit card orders online, by fax, through catalogs and by telephone. Ethoca pioneered and mastered the concept of collaborative fraud management to fight online credit card fraud. Learn more here.