Ethoca Wins Three Honors at Australian Fraud Awards 2018
Toronto, Canada and Melbourne, Australia – Ethoca, 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, announced today that it has won ‘Most Innovative Online Solution’, ‘Vendor of the Year’ and ‘Best Collaborative Solution – Highly Commended’ at the 2018 Australian Fraud Awards. Hosted by Retail Risk, a global conference series attended by loss prevention professionals, the Fraud Awards celebrate the best anti-fraud and security technologies on the market today.
Judges highlighted the innovative nature of Ethoca’s recently released Integrated Solution Suite. Comprised of three products working in sequence – Ethoca Eliminator, Ethoca Alerts and Enhanced Representments – this layered defensive system improves the customer experience while simultaneously reducing fraud and chargebacks and boosting transaction acceptance.
Speaking on the triple award win, Brett Small – Ethoca’s Regional Director for Asia Pacific – commented: “We’re delighted to be recognized not once, but three times at this year’s Australian Fraud Awards. The card-not-present industry in APAC is faced with increasing levels of criminal fraud and friendly fraud (also known as ‘false claims’), leading to significant pain for merchants, issuers and cardholders alike. In sectors like digital goods, false claims now reach upwards of 90% of all fraud volumes, which is having a significant impact on card acceptance.
“Our new Integrated Solution Suite tackles genuine fraud, disputes and friendly fraud at the source, reducing customer frustration and eliminating the need for expensive and time-consuming chargeback processes. Last year alone, merchants on our network were able to stop more than 4,687,000 chargebacks. As more issuers and merchants collaborate, more intelligence is shared, more fraud and chargebacks are eliminated and, most important of all, more good transactions are accepted.”
The first layer of defense in Ethoca’s 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’s presence in Asia-Pacific continues to expand, with customers now spanning 13+ countries in the region. This includes 18 leading card issuers and many of the area’s biggest ecommerce and retail brands – making Ethoca the largest and most wide-spread source of actionable customer dispute and fraud data in APAC.
Chief Marketing & Product Officer, Ethoca