To now apply this approach to our anti-fraud efforts is a logical step.
London, England (PRWEB) April 30, 2009
Ethoca, the leader in collaborative fraud management, announced today that The Arcadia Group, the UK-based retail group including brands such as Topshop, Burton and Dorothy Perkins has joined the Global Fraud Alliance to bolster its own and the community's efforts in the fight against fraud.
The Arcadia Group is a retail giant and UK high street institution with over 2,500 UK-based outlets and a history spanning most of the century. Naturally, their attention has been drawn to the online arena and with forecast growth of 50 to 60% for the coming year and an increasing number of orders placed abroad, they face a great opportunity accompanied by a potentially increasing threat.
As with many retailers that have moved online, card-not-present (CNP) fraud is a relatively new experience and as such, the information provided by the Global Fraud Alliance offers enormous benefits.
By utilising a vast pool of community transaction histories contributed by a wide array of companies, Ethoca are empowering The Arcardia Group to better understand the credibility of transactions; enabling them to reject the bad, and accept the good - all in a way that is not a competitive threat. Ethoca will enhance The Arcadia Group's current fraud-management practice to keep up with the speed of its fast-paced and growing business.
Ethoca is driving collaboration for fraud management in e-commerce and other card-not-present environments, including phone, fax or mail-order. By securely connecting its members to a collective pool of payment experience information, Ethoca enables its members to make more informed decisions about their customer transactions to reduce risk, resulting in higher revenues, lower direct fraud losses, and a reduced cost of managing fraud. It is the only service that will reduce the total cost of fraud regardless of solutions and processes already in place because it provides access to private data not available any other way.
"For growing online retailers like Arcadia, an increasing volume of orders is often accompanied by a greater than proportionate rise in fraud," said Andre Edelbrock, CEO, Ethoca. "By joining the community, Arcadia benefits from the experience of those who have already faced this challenge. With online retailers at all levels standing up and supporting Ethoca's battle against fraud, entire industries are starting to take notice."
"The Arcadia Group has long collaborated with its peers via industry bodies such as IMRG, as well as more informally through strong relationships," explained Richard Burchill, Head of Treasury and Card Services. "To now apply this approach to our anti-fraud efforts is a logical step and one which we expect to pay increasing dividends as word spreads about the Global Fraud Alliance."
Working in partnership with forward-thinking businesses, individuals and law enforcement, Ethoca is making e-commerce safer and more profitable by building the first global collaborative anti-fraud community.
Ethoca enables businesses that operate in card-not-present environments (Internet, phone, fax or mail) to make more informed decisions about their customer transactions, by providing access to risk metrics from member-contributed data, while maintaining the security and privacy of the underlying data pool. Because this private data is not available any other way, members of the Global Fraud Alliance enjoy an ever-increasing reduction in the total cost of fraud with reduced direct fraud losses, lower fraud-management costs, increased revenue from fewer wrongly rejected orders and improved customer satisfaction rates.
Ethoca™ is a registered trademark of Ethoca Limited. For more information about Ethoca visit ethoca.com.
About The Arcadia Group
Arcadia Group is the UK's largest privately owned clothing retailer with more than 2,500 outlets. We own seven of the high street's best-known fashion brands as well as the shopping concept Outfit, each with its own distinctive identity and market segment.
Their brands are to be found on all of the UK's high streets and in major shopping centres as well as online. Our e-commerce operation is significant and rapidly expanding. The Group also operates in over 30 countries across Europe, the Far East and Middle East via 420 international franchise stores.
Arcadia Group is privately owned by Taveta Investments Ltd, the investment vehicle owned by Sir Philip Green and his family.
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