Ethoca Announced as Joint Finalist with Barclays for 2015 Card & Payments Award
TORONTO, Ontario, Canada; AUSTIN, TX; and LONDON, UK – January 21, 2015 – 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 it has been selected as a joint finalist with Barclays for a 2015 Cards & Payments Award.
Ethoca is a finalist with Barclays in the Best Security or Anti-fraud Development category. Ethoca and Barclays were selected based on fraud loss recovery results made possible through participation in Ethoca’s card issuer and merchant collaboration network.
The Ethoca Network helps card issuers to reduce the cost of fraud loss recovery and improve cardholder experience by putting timely, actionable confirmed fraud alerts into the hands of more than 1,800 merchants around the world. Merchants take action on alerts to stop the fulfilment of goods and services and avoid the costly chargeback process. For card issuers on Ethoca’s network, this significantly reduces the cost of fraud recovery by avoiding the high operational costs associated with the chargeback process, as well as losses on low value and 3D Secure transactions that are routinely written off. Banks also benefit by resolving their cardholders’ reason for dispute much faster, creating a much better customer experience.
Ethoca’s network currently includes 25 card issuers globally, including eight UK issuers (including three of the top five), seven of the top nine U.S. card issuers, five Canadian issuers and a top three card issuer in Australia. Over the last quarter of 2014 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.
“We are thrilled to be a joint finalist with Barclays for this prestigious award,” said Jamie Byles, Regional Director, Ethoca EMEA. “This is important, gratifying recognition that Ethoca’s network delivers proven results that are helping banks change the face of fraud in the UK.”
The Card & Payments Awards will take place on 5th February, 2015 in London.
About Ethoca – Ethoca is 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 1,800 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.