TORONTO & LONDON–(BUSINESS WIRE)–Ethoca, the industry standard for collaboration-based technology solutions that help card issuers and online merchants increase card acceptance and stop ecommerce fraud and disputes, today announced that it has won the award for most Innovative Online Solution at Retail Risk’s Fraud Awards 2017.
The judges, including loss prevention experts from Amazon, JD Sports and KPMG, received a record number of entries and selected Ethoca as the leader in this category. The winners were announced at a gala dinner on 5 October at the home of former English Premier League Champions, Leicester City.
“It’s an honour to be recognised for our achievements in fighting fraud and reducing chargebacks for merchants and issuers around the globe,” said Keith Briscoe, Chief Marketing Officer, Ethoca. “Fraud and chargebacks add friction to the entire ecommerce ecosystem – driving up costs, damaging the customer experience and reducing transaction acceptance. Ethoca Alerts tackles these problems so merchants and issuers can focus on what matters most – creating a frictionless payment experience for their customers. Next in our sights is solving the rampant friendly fraud/false claims problem, and recovering the billions lost every year to false declines. These solutions are currently in pilot with our card issuer and merchant customers.”
These awards recognise the performance of Ethoca Alerts – a faster, more cost-effective and customer friendly alternative to the chargeback process. It provides an early warning on fraud and disputes that have already been confirmed between cardholders and their issuing bank, giving merchants the opportunity to stop fraud, halt the delivery of goods and services, and refund cardholders to avoid impending chargebacks. Card issuers who use the service benefit by avoiding chargeback processing costs and recovering fraud losses – including 3D Secure and low-value transaction write-offs – much more quickly and inexpensively than ever before.
Ethoca can now add the Retail Fraud Awards to its growing list of accolades in 2017. In February, Ethoca won the 2017 Card & Payments Award for Best Technology Initiative (in partnership with Accertify). In March, Ethoca won up the PayFORUM Grand Prix Award and the PayFORUM Security Award as well as the Overall Winner and Security Strategy honours at the FStech Awards.
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 5400 merchants in 40+ countries and more than 570 card issuers in 20+ countries. Seven of the top ten ecommerce brands, 14 of the top 20 North American card issuers, and two of the top five UK card issuers rely on Ethoca solutions and the network that powers them.