Unique collaboration network to stop fraud and chargebacks wins over judges
TORONTO, Canada – October 21, 2016 – 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 2016 ACT Canada IVIE Award for Canadian Innovation Benefitting Merchants.
ACT Canada is the leading stakeholder association driving payment evolution and digital identity. ACT Canada merchant members judged that Ethoca Alerts, which provides merchants with a highly effective early warning on cardholder confirmed fraud and customer disputes transactions, merited the accolade at its third annual IVIEs in Toronto, Canada. This event celebrated innovation and excellence in secure payments and digital Identification.
The award recognizes the performance of Ethoca Alerts in tackling rampant inefficiencies in today’s chargeback process, which cost card issuers and merchants billions of dollars every year while creating a poor experience for cardholders. Ethoca’s flagship service solves this problem and allows merchants to immediately resolve disputes before ever reaching the costly chargeback stage.
“We are honored to be recognized in our home country for the innovation behind Ethoca Alerts,” said Keith Briscoe, Chief Marketing Officer for Ethoca, “There is no guesswork on our network, as all flagged transactions have been confirmed as fraud by the cardholder. Because our alerts arrive in near real-time – instead of weeks later – merchants can stop the fulfilment of fraudulent orders, avoid the chargeback and recover the cost of the goods, while saving time and money for issuers.”
Ethoca’s global collaboration network spans more than 40 countries, 555+ card issuer and 4,700+ merchants including the world’s largest card issuers and ecommerce brands.
This recent victory adds to a growing list of Ethoca award wins and nominations in 2016. This includes 2016 Merchant Payments Ecosystem (MPE) International Award (Germany), 2016 Card & Payments Award for Best Security or Anti-fraud Solution (UK), 2016 PayFORUM Award for Excellence in Anti-Fraud Solutions (France), Electronic Transaction Association (ETA) 2016 ETA Star Award for Technology Innovation (US).