Ecommerce Payments and Fraud Expert Steve Durney Joins Ethoca to Accelerate Card Issuer Participation in Industry’s Leading Collaboration Network
TORONTO, CANADA; AUSTIN, TX; and LONDON, UK – November 5, 2014 – Ethoca, the industry standard for collaboration-based technology solutions that help card issuers and online merchants increase transaction acceptance and stop ecommerce fraud, today announced that Steve Durney has been named as Senior Vice President, Issuer Relations. This is a pivotal role as Ethoca continues to invest in accelerating the global expansion of its collaboration-based network and increase the value for all card issuer and merchant participants.
As a banking industry veteran with deep expertise in fraud and customer disputes, Steve has been responsible for sponsoring and implementing new innovations to help card issuing banks reduce fraud losses, drive card acceptance and create a frictionless ecommerce experience for cardholders.
Steve has held numerous fraud and dispute operations roles at major banks over the course of a 20 year career, most recently assessing and implementing a wide range of fraud mitigation and process optimization solutions. One of his most important objectives was how to drive card issuer and merchant collaboration to reduce the financial and reputational impacts resulting from fraud and customer dispute frustration. Throughout his career, Steve has served as a champion of innovation to maximize fraud loss recoveries and customer dispute resolution. He was most recently with J.P. Morgan Chase & Co. as the Director of Operational Strategy.
“Coming from two decades in the banking and fraud sectors, I have lived and breathed the impacts of fraud and customer dispute losses, as well as the tremendous disruption they create across the entire ecommerce ecosystem,” said Durney. “It became increasingly clear to me that collaboration with merchants must play a key role in helping banks recover losses from fraud and create a better experience for cardholders. I sought out Ethoca because I wanted to play a direct role in driving the adoption of Ethoca’s comprehensive, collaboration-based solutions across the industry. As the largest – and most global – network in the marketplace, Ethoca is delivering the most value to both card issuers and merchants. Because I have been there and done it myself, I know I can help other card issuers get the same benefits. I can also help to drive the innovation that takes collaboration with Ethoca to the next level: more acceptance and a better experience for all cardholders.”
Ethoca’s network currently includes 24 card issuers globally, including seven of the top nine U.S. card issuers, seven UK issuers (including three of the top five), five Canadian issuers and a top three card issuer in Australia. Over the last quarter alone, new card issuers and data sources for both confirmed fraud and customer disputes – combined with hundreds of new merchants joining the network – have resulted in a 90% increase in the number of fraud and customer dispute alerts Ethoca is sending to merchant customers. This growth is driven by the Ethoca ‘Network Effect’: as more merchants and card issuers join the network, more value is created for all participants, in turn driving greater global participation and financial benefits.
“Card issuers around the world have realized that collaboration through Ethoca is making ecommerce simply about commerce – and some of them, like Steve, want to be on the front lines leading the charge with us,” said Andre Edelbrock, Chief Executive Officer and Ethoca Co-Founder. “His decision to come aboard is further validation that Ethoca is attracting top talent, proven performers who want to make vital contributions that move the industry forward. And true to the way collaboration through Ethoca creates mutual value for both card issuers and merchants, Steve’s ability to influence other leading card issuers to use Ethoca will also immediately increase value for the 1,600+ merchants that already participate in Ethoca’s growing network.”
About Ethoca – Ethoca is making ecommerce simply about commerce. We are the leading, global provider of collaboration-based technology that enables card issuers, ecommerce merchants and online businesses to increase card acceptance, stop more fraud, recover lost revenue and eliminate chargebacks. Through the Ethoca Network – the first and only of its kind in the industry – we are closing the information gap between card issuers and merchants. This unique capability makes fraud intelligence and card acceptance insight available and actionable in real time. Our suite of services delivers significant revenue growth and cost saving opportunities to our card issuer and merchant customers around the world. Nine of the top ten ecommerce brands, seven of the top nine U.S. card issuers, three of the top five UK card issuers and more than 1,600 ecommerce businesses around the world rely on Ethoca solutions and the network that powers them. To find out more, please visit us online at www.ethoca.com.