Ethoca Wins Most Innovative Online Solution at Fraud Awards 2018
Toronto, Canada and London, UK. 5 October 2018 – , the industry standard for collaboration-based technology solutions that enable card issuers and online merchants to improve customer experience, increase card acceptance and stop ecommerce fraud and disputes, has won Most Innovative Online Solution at the 2018 Fraud Awards in Leicester, UK. Hosted by global conference and media company Retail Risk, the event celebrates the very best individual and team performances, innovative new products and winning industry strategies.
This year, the judges analyzed a record number of entries, noting the particularly high standards and fierce competition for the top spots. Building on its success at the 2017 awards, Ethoca took home the innovation prize for its new Integrated Solution Suite. The layered defensive system, comprised of three products working in sequence – Ethoca Eliminator, Ethoca Alerts and Enhanced Representments – reduces fraud and chargebacks while simultaneously improving transaction acceptance and the customer experience.
Speaking on the award win, Keith Briscoe, Ethoca’s Chief Marketing & Product Officer, commented: “We’re delighted to have followed a triple award win at the Australian Fraud Awards with another win at its sister event in the UK. Skyrocketing levels of criminal fraud and friendly fraud are currently stifling the card-not-present ecosystem in the UK, creating a downward spiral of disputes and declines for merchants, issuers and cardholders alike.”
“Our mission is to tackle genuine fraud, disputes and friendly fraud at the source, while laying a new foundation for an improved transaction acceptance experience where no good customer is turned away. In the UK, six of the top ten UK card issuers rely on Ethoca solutions along with many leading retail brands. As more participants join the network, more intelligence is shared, and we step ever closer to our vision of truly frictionless ecommerce.”
The first layer of defense in Ethoca’s award-winning Integrated Solution Suite is Ethoca Eliminator. Eliminator resolves incoming friendly fraud disputes on the spot by providing cardholders with instant access to real time merchant intelligence the moment they call in to their bank, or directly via their desktop or mobile banking app. With cardholders now able to recognize their purchases through extended data including the digital receipt and rich order details, disputes are ‘deflected’ instantly, and cardholders enjoy a much better experience.
If cardholders continue to dispute a transaction, Ethoca Alerts then kicks in – sharing direct-from-source issuer data with merchants. This reduces the time it takes for merchants to be alerted to fraud and customer disputes from weeks to as little as a few minutes. Critically, it provides a unique opportunity to stop fulfillment and resolve the dispute through direct refund to the cardholder – avoiding chargebacks entirely.
Merchants with high friendly fraud rates and the necessary compelling evidence may choose to fight their chargebacks to recover their revenue. Enhanced Representments is Ethoca’s flexible platform that leverages the know-how of Ethoca’s chargeback experts and automates the representment process, so merchants get their money back faster and more efficiently – recovering revenue on up to 80% of all represented chargebacks.
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 from both fraud and customer service disputes. 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 and customer dispute insight available and actionable in real time.
Our suite of services delivers significant revenue growth and cost saving opportunities to more than 5,400 merchants in 40+ countries and more than 590 card issuers in 20+ countries. Eight of the top ten North American ecommerce brands, 14 of the top 20 North American card issuers and six of the top ten UK card issuers rely on Ethoca solutions and the network that powers them.
Chief Marketing & Product Officer, Ethoca