Ethoca Wins Best Innovative Solution in Show Award
TORONTO, Ontario, Canada, July 18, 2013 – Ethoca, the leading collaboration-based technology company that helps card issuers and online merchants benefit from two-way intelligence to accept more transactions and stop more fraud, has won the prestigious Best Innovative Solution in Show Award at the 2013 Midwest Acquirer Association (MWAA) Conference in Chicago.
The MWAA’s Shark Attack innovation competition puts four payment card industry solution providers in front of a panel of industry judges and one celebrity participant – Daymond John, founder of iconic fashion brand FUBU and regular judge on a popular network entrepreneurial business TV show. Finalists have 20 minutes to present their industry innovations and then submit to hard-hitting questions from the judging panel. Ethoca’s flagship Ethoca Alerts service was selected as the winner on the basis of its innovative approach in helping online merchants and issuers benefit from two-way fraud intelligence to eliminate the costly impact of chargebacks. Judges also cited Ethoca’s achievement in building a global network that is rapidly gaining scale and widespread market acceptance.
“Enabling our customers to accept more transactions, take more fraud out of the system and eliminate chargebacks has always been a tremendous validation of Ethoca’s unprecedented network and our first service, Ethoca Alerts,” said Trevor Clarke, Ethoca Co-Founder, Executive Vice President, Issuer Relations and Shark Attack co-presenter. “We are thrilled to be this year’s winner of the MWAA’s Best Innovative Solution in Show Award – it’s a great validation of our network’s proven results and rapid acceptance in the market.”
Over the past two years, Ethoca has become widely recognized for building a collaboration-based network that closes the fraud intelligence gap between card issuers and merchants. Through the company’s unprecedented Ethoca Alerts service, online merchants can now directly benefit from issuers’ cardholder-confirmed fraud intelligence and, for the first time, take immediate action to stop fraud that has already been confirmed by Ethoca’s global network of card issuers. In addition to stopping immediate fraud, both issuers and merchants successfully avoid the costly chargeback process and further strengthen fraud screening tools to accept more good transactions and fight future fraud. In the U.S., nine of the top ten e-commerce brands and three of the four largest card issuers are part of Ethoca’s global network.
About Ethoca – Ethoca is the leading, global provider of a collaboration-based network and technology solutions that enable online merchants and card issuers to work together to stop fraud, accept more transactions and increase revenue. Ethoca closes the information gap between card issuers and merchants, making valuable cardholder insight and fraud intelligence securely available and actionable in real time. This unique capability delivers significant cost savings and revenue growth opportunities to the company’s global network of card issuer and merchant customers. To find out more, please visit www.ethoca.com.