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Award Recognizes Achievement in Best Security or Anti-fraud Category
TORONTO, Ontario, Canada; Austin, TX; and London, UK – February 5, 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 and Santander UK have been named joint winners in the Best Security or Anti-fraud category at the 2016 Card & Payments Awards, held 4 February 2016 in London, UK.
The Card & Payments Awards recognise excellence and innovation in the UK and Irish card and payments industries. Each year many eligible organisations compete for one of the prestigious awards which are judged by an independent panel of industry experts. Ethoca and Santander UK were selected as winners in the Security or Anti-fraud category based on chargeback reduction performance and faster resolution of fraud cases made possible through participation in Ethoca’s card issuer and merchant collaboration network.
Santander UK recognised the challenges faced across the Industry to efficiently and effectively conclude card fraud claims whilst providing timely communication and intelligence to Merchants. Santander UK now puts reported fraud intelligence into merchants’ hands almost immediately. This allows merchants to stop the fulfilment of goods or services and issue a refund to avoid the chargeback process entirely. As a result, Santander cut chargeback volume by 40% and reduced fraud case resolution time from three weeks to a couple of days.
Karen Tyler, Director of Fraud at Santander UK, told us “By actively collaborating through Ethoca’s network, we have helped merchants to identify fraud and take mitigative action, reducing their financial losses, whilst driving improvement for our Customers. It’s gratifying that we are able to minimise the inconvenience and disruption that comes with a fraud incident, while also preventing fraudsters from benefiting from their crimes.”
“Santander’s experience with the Ethoca Network proves that collaboration between card issuers and merchants delivers results that can’t be achieved when both parties operate in isolation,” said Andre Edelbrock, CEO and Co-Founder, Ethoca. “We are proud to be recognised for defining the global collaboration standard that is helping banks like Santander UK ensure its cards stay at the front of the wallet while giving cardholders the best experience possible.”
Ethoca Alerts is 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.
To learn more about the Ethoca solution, download our case study.