"The Ethoca solution compliments other counter fraud tools, thereby adding another line of defence to a retailers’ arsenal and making e-Retail a much less attractive target." - Andrew McClelland, Director of Business Development, IMRG & ISIS
(PRWEB) April 20, 2010
Ethoca Limited, provider of Ethoca360 fraud detection services, today announced that IMRG, the UK’s e-retail member community, has chosen to offer accredited retailers its free “Negative Signals” service as part of the ISIS program. ISIS (Internet Shopping Is Safe) is an initiative set up by the IMRG to promote consumer confidence in online shopping. ISIS-Accredited retailers now account for approximately two thirds of all UK online shopping outlets.
Consumers cite a lack of retailer-awareness and fear of online fraud as key barriers to not shopping online. Whilst the established online traders and high street retailers have solid brand exposure to comfort the customer, smaller e-Retailer's often do not. Use of the ISIS Mark confirms identity and will indicate to those with whom retailers are conducting business that they are using ISIS's standards. Both large and small retailers suffer from lost sales due to fear of fraud however, making Ethoca's free Negative Signals service an important contribution to the ISIS program.
Ethoca360 Signals is a fraud detection service that checks transactions in real-time against the Global Fraud Alliance (GFA) repository – a rapidly growing database of over 500 million historical transaction experiences compiled collaboratively by Alliance members – and identifies matches and patterns that indicate either fraud risk or a probable good order through intuitive colour-coded "Warning Signals". Warning Signals that indicate fraud risk are referred to as "Negative Signals", while good transaction histories create "Positive Signals".
Through ISIS, the IMRG now offers Ethoca's new service which makes the "Negative Signals" from Ethoca360 Signals available for free to participating members. The Retailer Resource Centre collates a variety of high value advice and services to members wishing to bolster their fraud prevention measures, develop their customer proposition, enhance their business continuity plans and promote confidence in online shopping.
“Negative Signals” is designed to be an additive service, complementary to all existing fraud screening tools, processes and methodologies. Merchants may use it to augment automated fraud scoring either through direct integration by their payment or fraud service provider, via custom rules they can add themselves, or as decision support when manually reviewing orders. Offering single order, batch checking and real-time capabilities, Ethoca’s free negative signals service is an exciting innovation for online fraud management, as there has never before been a quality resource of this nature available to merchants at no charge to help fight fraud.
“The IMRG and Ethoca have worked in partnership for a number of years now and so we’re delighted to extend that relationship under the ISIS program. Because of the strong efforts of the IMRG and its ISIS accreditation scheme, customers purchasing goods and services branded under the ISIS Mark can do so with confidence, knowing that merchants have passed an accreditation process and are committed to continuously improving the safety of online shopping through services such as Ethoca's free Negative Signals product.” said Andre Edelbrock, CEO, Ethoca. “The Retail Fraud Conference seems the perfect occasion to announce this availability as the industry’s biggest players get together in the spirit of collaboration with the end-user retail community.”
”We're tremendously excited to be able to offer the free "Negative Signals" service to ISIS accredited merchants through our Retailer Resource Centre", said Andrew McClelland, Director of Business Development at IMRG & ISIS. "Nearly half of all consumers who do not yet shop online cite fear of fraud as a primary reason, so this is a vital free service to offer our accredited members. Not only does it help deter fraud, which is an important cost-saving, but improves the perception that merchants are doing all they can to make online shopping the safest of all retail channels. If all ISIS-accredited retailers were to take advantage of this free service, it would contribute to a significant reduction in fraud and bolster overall consumer confidence and perception of safety of the online channel. The strength of this development is that the Ethoca solution compliments other counter fraud tools, thereby adding another line of defence to a retailers’ arsenal and making e-Retail a much less attractive target."
Andre Edelbrock, CEO, Ethoca and Keegan Johnson, President, Ethoca will be hosting a free session for conference attendees within the MasterClass agenda entitled “How to Reduce Card-Not-Present Fraud and Safely Accept More Online Orders Through Collaboration” – 9.45am-10.30am, Tuesday 20th April 2010 in the MasterClass Theatre. For more information visit: retail-knowledge.com/RF2010/agenda.html
More information can be found, and applications for this free service are now being accepted at http://www.ethoca.com/negative-signals/
With offices in Dublin, Toronto, and New York, Ethoca provides anti-fraud services to businesses taking credit card orders online, by fax, through catalogs and by telephone. Ethoca pioneered and mastered the concept of collaborative fraud management to fight online credit card fraud. Learn more at ethoca.com.
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