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 a 2016 PayFORUM Award for Excellence in Anti-Fraud Solutions. The award was announced on March 16 at a ceremony held during the PayFORUM 2016 conference in Paris, France.
The annual PayFORUM Awards recognize the most innovative products and solutions in France and abroad whose success is proven with major customers in the banking and payments industry. From more than 140 applicants, Ethoca and handful of other companies were chosen by a jury of industry experts as winners in their respective categories.
“We are thrilled to receive this prestigious award,” said Keith Briscoe, Chief Marketing Officer for Ethoca. “As a top ten global ecommerce market and one of the top three in Europe, France is a priority for us. In the past 12 months, we have added two of the top seven French issuers to our global collaboration network, as well as many of the country’s leading online merchants. They continue to benefit from lower fraud and chargeback volumes, increased transaction acceptance, reduced costs and a much better experience for cardholders inconvenienced by fraud. As more issuers and merchants in the region join the network, the value will continue to increase for all participants.”
The award recognizes 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.
In 2015 Ethoca sent more than 3,240,000 alerts to merchants, the value of which exceeded €320,820,932. As a result, more than 887,000 fraudulent orders were stopped and more than 1,580,000 chargebacks were eliminated.
This recent victory adds to a growing list of Ethoca award wins and nominations in 2016. In February Ethoca won the 2016 Merchant Payments Ecosystem (MPE) International Awardand the 2016 Card & Payments Award for Best Security or Anti-fraud solution (in conjunction with Santander UK). In March Ethoca was nominated in the Judge’s Choice and Customer Choice categories for the Best Chargeback Management Program and Anti-Fraud Solution at the 2016 CNP Awards.