Ethoca – the leading provider of collaboration-based technology solutions that help card issuers and online merchants increase card acceptance and stop ecommerce fraud and disputes – announced today that it has won the distinction of Anti-Fraud/Security Solution of the Year at the Payments Awards 2017.
The Payments Awards – organized by FStech and Retail Systems – recognize cards and payments excellence and innovation. Winning entries come from those companies, individuals and organizations who have launched and/or implemented the most outstanding payments solutions, initiatives and projects during the past year. The winners were announced at a ceremony on Thursday 16 November 2017 at the prestigious London Marriott Hotel in Grosvenor Square.
Ethoca impressed judges with its Ethoca Alerts solution – a faster, more cost-effective and customer friendly alternative to the chargeback process. The service minimizes the time it takes for merchants to be alerted of confirmed fraud and customer disputes from weeks to days, hours or even minutes. The solution enables merchants to prevent the fulfilment of goods and services and/or proactively resolve the dispute with the customer, stopping chargebacks before they happen. 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.
Speaking on the award win, Keith Briscoe, Ethoca’s Chief Marketing Officer, commented: “The Payments Awards are highly respected in the cards and payments space and, over the years, has celebrated some truly outstanding pioneers in the field. It is a real honour for Ethoca to be recognized alongside such innovative organizations – many of which are partners – for the unique value we bring to merchants and issuers in Europe and beyond. Fraud and chargebacks disrupt the entire ecommerce ecosystem and can negatively impact order and transaction acceptance. Ethoca Alerts is tackling that disruption so merchants can focus on simply transacting with their customers and providing an exceptional experience.”
The Payments Award is the latest of several accolades won by Ethoca over the last 12 months. In October, the organization was honoured with a Retail Fraud Award in the Innovative Online Solution category. In March, it won the PayFORUM Grand Prix and Security Awards as well as the Overall Winner and Security Strategy honours at the FStech Awards. In February, the organization also received the Best Technology Initiative distinction (in conjunction with Accertify) at the 2017 Card & Payments 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 5,400 merchants in 40+ countries and more than 575 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.