Ethoca enables businesses that operate in card-not-present environments (Internet, phone, fax or mail) to make more informed decisions about their customer transactions.
Toronto (PRWEB) January 13, 2009
Ethoca, the leader in collaborative fraud management, today announces that the Global Fraud Alliance saw dynamic momentum in 2008 with the addition of a number of key members and partners.
Business' increasing understanding of the importance of sharing and collaboration to defeat fraud has expanded the Global Fraud Alliance to 49 members--37 of which joined in 2008 alone. Through the pioneering vision of these members, the Community has rapidly gained the critical mass necessary to create value from the pooling of their transactional experiences into a global cross-industry anti-fraud database.
The Power of The Community
The Global Fraud Alliance powered by Ethoca is purposefully built by the members, for the members. New members have not only engaged in the Community by adding order experience value, but also by referring new members to join alongside them in the fight against fraud. As a global community, members have joined from many countries and across multiple industries, including US-based e-commerce leaders like TigerDirect and online reseller, 2Checkout.com. In the travel industry, leaders such as booking site CostJet.com and major European discount airline Transavia.com took flight. Major international e-commerce players such as Ladbrokes (the world's largest online casino operator), and Dabs.com (a subsidiary of British Telecom and one of the largest consumer electronics e-tailers in the UK) also lent their size and influence to the Community. In total, nearly 50% of the new members were based in the US, with the other half coming from around the world. As the Community grows in size and reach, members empower one another and learn that collaborating is far easier than going it alone.
Ethoca continues to seek additional strategic partners to add value to the community. In 2007, The Royal Bank of Scotland signed on as an official partner, and 2008 saw the addition of 41st Parameter, a leading provider of Internet fraud intervention and detection services. 41st Parameter was instrumental early on by bringing new member 2Checkout.com into the Community. Partners both provide benefit to the Community by providing a range of plug-in optional services that members can use to enhance their fraud detection portfolio, and they also benefit from the community--by connecting into a global data pool that isn't available from any other source, their solutions are even more effective at detecting malicious activity and in turn can provide increased value to their customers. IMRG, the leading industry body for UK e-tailing, also came on as an official U.K. partner. Following an examination of alternative technologies, IMRG endorsed Ethoca's approach and encouraged its own members to join with others by harnessing the power of the Community.
The Voice of Community
In addition, Ethoca has made strategic advancements in community communication. With member experience spanning a variety of depths and industries, Ethoca explored a number of ways for participation within the Community beyond the secure sharing of transaction experiences. For example, Ethoca deployed new social networking tools, such as member story-telling and community recruitment videos hosted on YouTube and on the Ethoca Web site, ethoca.com. The Web site also now features two blogs including Fraud Intel, penned by Andre Edelbrock, and a United Against Fraud blog, a member-dedicated blog featuring stories from Community members.
To continue driving the Global Fraud Alliance forward, the Company has also tapped Dr. Armand Sarkissian, who will act as VP of Analytics to lead the development of models and analytics for Ethoca. Dr. Sarkissian brings to Ethoca skills for minimizing the financial impact of criminal activities related to application fraud, identification theft, credit card counterfeiting, online fraud, and other types of fraud.
Following a successful 2008, Ethoca is committed to keep momentum moving forward in each of these areas. The Company will be announcing a number of exciting developments in the coming year, as more large retailers, major banks and payment processors add to the growing impact of the Global Fraud Alliance.
"2008 has been a tremendous year for Ethoca and the Global Fraud Alliance, as we saw the addition of nearly 40 members, strategic partners and industry recognizable experts such as Dr. Sarkissian to the cause," said Andre Edelbrock, CEO of Ethoca. "New and existing members are realizing that by working together, there is much greater visibility into patterns of criminal activity that enable more effective detection and response to fraud. These additional partners and members put Ethoca firmly in the driver's seat to continue our rapid growth--and further the Community's reputation as a game-changer in the fight against fraud."
"Fraud is no longer an amateur's game. We are seeing various new ways in which businesses within the Community are now able to tackle fraud, such as reducing credit card charge-backs, improving customer service and cutting down on expensive manual reviews," said Keegan Johnson, president of Ethoca. "The community also holds promise for an even broader impact on thwarting online crime through recent memberships by domain name registrars who have the potential to sharply curtail spam and phishing. By detecting fraudulent domain registrations perpetrated by crime gangs using stolen credit cards, we can cut off the life support for these major social ills that plague consumers and businesses alike. In 2009, we will not be slowing down; fraudsters will continue to work together and thankfully, now the good guys can work together, too."
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 Alliance.
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 card-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.
Ethoca™ is a registered trademark of Ethoca Limited. For more information about Ethoca visit ethoca.com.