As a gaming company, fraud is far more than a chargeback. It is any unwanted activity that threatens our bottom line and impacts the integrity of the environment of our loyal players
(PRWEB) August 4, 2008
- Ethoca, the leader in collaborative fraud management, announced today that Paf has joined the Global Fraud-Fighting community working together to make e-commerce safer and more profitable.
- While most people think of fraud as activities such as the fraudulent use of credit cards resulting in chargebacks, it can also include any form of unwanted activity that impacts the bottom line or the integrity of a service offering. For example, Paf, a leading gaming company based in Åland, a region of Finland in Nordic, was experiencing a rash of "chip dumping," a practice that involves a player intentionally losing for the benefit of the remaining players in a group. By tapping into Ethoca, Paf gains access to an entire community of payment and other unwanted experiences--allowing the company to identify suspicious player behavior before it ever impacts Paf's profits or player community.
- Paf processes hundreds of thousands of transactions daily, which makes it a natural target for fraudsters. To combat the potential for fraud, Paf is currently making further investments in building out its fraud prevention team and has identified Ethoca as a crucial building block. Ethoca enables Paf to not only more effectively share its own internal fraud experiences, but also leverage a community of payment experiences to root out fraud.
- Paf is currently looking to expand its strong position in Northern Europe across the continent. In order for that expansion to be successful, Paf will need the capability to meet the varying fraud requirements in different countries. By joining with Ethoca and its members, Paf has access to the Global Fraud-Fighting Community with a strong presence across Europe. Relying on the power of community, Paf can rest easy knowing that it will have the best fraud measures in place for whatever region it chooses to enter.
- Ethoca is driving collaboration for fraud management in e-commerce and other customer-not-present environments, including phone, fax or mail-order. By securely connecting its members to a collective pool of member-provided payment experience information, Ethoca enables its members to make more informed decisions about their customer transactions in a way that is efficient, effective and ethical and not in any way a competitive threat.
- "As a gaming company, fraud is far more than a chargeback. It is any unwanted activity that threatens our bottom line and impacts the integrity of the environment of our loyal players," said Marko Hietala, head of fraud and forensics for Paf. "Paf has been building a powerful internal fraud team to tackle these activities and we see Ethoca as the perfect partner to keep chip dumping at bay."
- "Most fraud management practices involve a one-step decision making process that evaluates the company's own experiences. But this should be a two-step process that incorporates the payment experiences of others as well," said Andre Edelbrock, CEO of Ethoca. "Paf is among the leaders in the gaming industry that have realized fraud prevention should not be done alone and this is precisely where Ethoca shines. Ethoca can help companies improve checks against their own experiences but what makes the community so unique is the complete knowledge it provides from the experiences of others."
Working in partnership with forward-thinking businesses, individuals and law enforcement, Ethoca is making e-commerce safer and more profitable by building and powering the Global Fraud-Fighting Community.
To be more successful in combating fraud, companies must collaborate across and within industries by securely sharing transaction experiences in a way that is not a competitive threat. Ethoca enables businesses that operate in customer-not-present environments (Internet, phone, fax or mail) to make more informed decisions about their customer transactions, by sharing transaction experience data in a way that is secure, automated, effective and ethical. Community members see reduced fraud, lower fraud-related costs, increased revenue from fewer wrongly rejected orders and improved customer satisfaction rates.
EthocaTM is a registered trademark of Ethoca Limited. For more information about Ethoca visit http://www.ethoca.com.
We at Paf offer interesting challenges in the gaming industry in an international working environment. We provide safe and entertaining money games such as slot machines, bingo games, lotteries, poker, casino games, skill games and betting on the internet, onboard and on the Åland Islands. Founded in 1966, we are an association governed by public law on the Ålands Islands. In 2007, Paf Group's turnover was EUR 106 million with annual profit of 42 million. We are a steadily growing company with over 400 employees with offices in Mariehamn, Helsinki, Stockholm and Tallinn.