Toronto, Ontario, Canada; and Austin, TX - Ethoca, the industry standard for collaboration-based technology solutions that help card issuers and online merchants increase card acceptance and stop ecommerce fraud, today announced that it has won two awards at the 2015 CNP Expo in Orlando, Florida. The first award is Best Overall Fraud/Security Solution (Judges’ Choice) and the second is Best Chargeback Management Program (Customer Choice). The 4th Annual CNP Awards – part of the CNP Expo – is the only program honouring the companies, programs and solutions that have distinguished themselves in the card-not-present (CNP) space during the past year.
Candidates for this year’s Best Overall Fraud/Security Solution Judges’ Choice awards were vetted by a panel of risk management and security experts from Petco, W. Capra, Shoe Carnival, Glenbrook Partners and GEICO. The winner was selected after weighing each candidate’s ability to help ecommerce merchants combat various forms of online fraud compared to competing solutions. The winner of the Best Chargeback Management Program Customer Choice award was selected based on votes collected from ecommerce merchants across the globe. Ethoca previously won the Best Chargeback Management Program Judges’ Choice award in 2014.
Fraud and chargebacks are disruptive to all the participants in the payments chain and create a poor experience for customers. While card issuers and merchants each employ highly sophisticated fraud tools, they usually function in silos without the benefit of shared intelligence that can further optimize their effectiveness in reducing fraud, eliminating chargebacks and increasing acceptance. Ethoca’s card issuer and merchant collaboration network changes that.
The Ethoca Collaboration Network, which has grown to 29 card issuing banks, 500+ credit unions and more than 2,100 merchants globally, closes the fraud intelligence gap that has existed for years. Ethoca Alerts provides merchants with an unparalleled source of cardholder confirmed fraud and customer dispute information that arrives in hours or days – not weeks later through the slow and inefficient chargeback process. This gives merchants a critical window to stop the fulfilment of fraudulently purchased goods and issue a refund to avoid the chargeback altogether.
“We are thrilled to receive the Best Chargeback Management Program and Best Overall Fraud/Security Solution awards at this year’s CNP Expo,” said Andre Edelbrock, CEO and Co-founder at Ethoca. “At Ethoca, our goal is simple: to make ecommerce simply about commerce. That means eliminating unnecessary fraud losses and chargeback costs, as well as the poor customer experience that drives down acceptance. It’s gratifying to see our customers turning out in force to vote for us in the Chargeback category and I would like to thank them for taking the time to make their voice heard. We’re also humbled to be selected by the judges as Best Overall Fraud/Security Solution. Our peers in the Fraud category are some of the industry’s most effective fraud platforms and tools. We’re excited to see that collaboration has come of age and stands shoulder to shoulder with the leading fraud fighting innovations in the industry.”
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. 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 intelligence and card acceptance insight available and actionable in real time. Our suite of services delivers significant revenue growth and cost saving opportunities to our card issuer and merchant customers around the world. Nine of the top ten ecommerce brands, seven of the top nine U.S. card issuers, three of the top five UK card issuers and more than 2,100 ecommerce businesses around the world rely on Ethoca solutions and the network that powers them. To find out more, please visit us online at www.ethoca.com.