41st Parameter Teams With Ethoca to Enhance Transaction Risk Assessment and Protect E-commerce
Posted on Tue, Nov 11, 2008 @ 05:00 AM
Strategic partnership focused on data sharing for the greater good of joint customers and their fight against fraud
SCOTTSDALE, Ariz. and TORONTO, Nov. 11 /PRNewswire/ -- 41st Parameter(R) Inc., the leading provider of internet fraud intervention and detection services and technology, today announced a strategic partnership with Ethoca(TM), the leader in collaborative fraud management. With this agreement, joint customers gain additional insight to aid in assessing card not present transaction risk.
The strategic partnership couples two unique methods to fighting fraud. The approach combines the e-commerce industry's most effective fraud screening solution, FraudNet from 41st Parameter which utilizes device characteristic technology and pending transaction information to detect and prevent fraud; and the Global Fraud Alliance powered by Ethoca, which focuses on shared transactional history data from a global network of e-commerce vendors. Both methodologies produce proven results and together will further advance success in the ongoing fight against fraud.
By partnering, FraudNet customers subscribing to the Global Fraud Alliance gain access to Ethoca's collaborative database directly through FraudNet's user-friendly interface, providing further means for investigators to cross-reference potential instances of fraud. This generates an additional level of intelligence for fraud detection, prevention and risk management on an international scale in one integrated solution.
"Access to Ethoca's worldwide member-based community offers our customers streamlined visibility to an extensive list of transactional history which is extremely valuable to investigators when further assessing a flagged transaction's fate," said Bob Lewis, CEO of 41st Parameter. "41st Parameter believes fighting fraud is a team effort where solution providers and merchants should work together and this partnership is a step in the right direction toward a unified, global fight against online fraud."
2Checkout.com (2CO), provider of turnkey e-commerce solutions and payment processing for 30,000 businesses around the world, is both a FraudNet user and member of the Global Fraud Alliance, and was quick to endorse the partnership between 41st Parameter and Ethoca. "Ethoca augments FraudNet's capabilities by providing a rich repository of merchant experience data that isn't available from any other source," says Kristin Dach, CFO of 2Checkout.com. "This creates a robust solution that limits fraudulent activity for 2CO merchants while also improving the overall customer experience for both the merchant and the consumer."
"Ethoca was founded on the belief that knowing more about your customers enables better fraud prevention and that only through collaboration can merchants get a 360-degree picture of whom they're dealing with," said Andre Edelbrock, CEO of Ethoca. "With 41st Parameter's FraudNet, which is an outstanding product that has helped merchants prevent the loss of millions of dollars of fraud, we look forward to enabling our members to get more out of their collaboration efforts. It's a true win-win-win."
About Ethoca
Working in partnership with forward-thinking businesses, individuals and law enforcement, Ethoca is making e-commerce safer and more profitable by building and powering the Global Fraud Alliance.
To be more successful in combating fraud, companies must collaborate across and within industries by securely sharing transaction experiences in a way that is not a competitive threat. Ethoca enables businesses that operate in customer-not-present environments (Internet, phone, fax or mail) to make more informed decisions about their customer transactions, by sharing transaction experience data in a way that is secure, automated, effective and ethical. Community members see reduced fraud, lower fraud-related costs, increased revenue from fewer wrongly rejected orders and improved customer satisfaction rates.
Ethoca(TM) is a registered trademark of Ethoca Limited. For more information about Ethoca visit www.ethoca.com.
About 41st Parameter
41st Parameter is the leader in fraud intervention, providing proven solutions to help protect brands and customers, reduce fraud losses, and make the Internet a safer place to conduct business. Through a combination of risk management and loss prevention experience; leading technology coupled with human interaction and best practices, 41st Parameter produces solutions with an unprecedented level of detection capability, decreasing the anonymity of the Internet and providing valuable insight to every online transaction and customer interaction. 41st Parameter makes the process of detecting and preventing fraud easier and more effective, reducing both expenses and potential losses. For more information, visit www.the41st.com.