Our fraud management process must be effective in order to add value to our rapidly expanding business.
Dublin, Ireland and Medford, OR (PRWEB) March 31, 2008
Ethoca, the global leader in collaborative fraud management, announced today that Motorcycle Superstore -- the leading online US motorcycle accessory retailer -- has joined Ethoca's international network of fraud fighters intent on reclaiming their share of the $30 billion in annual revenue forgone globally because of current fraud prevention practices.
According to a recent study, the cost of online fraud in the U.S. surged more than 16% in 2007 to an estimated $3.6 billion. However, in the effort to manage their risk and control fraud losses, online retailers routinely reject 3 times as many orders as potentially fraudulent as actually are, giving up as much as $30 billion in potential revenue globally. This lost profit opportunity adds a substantial burden to the direct fraud costs that merchants suffer.
"Our fraud management process must be effective in order to add value to our rapidly expanding business." said Don Becklin, CEO of Motorcycle Superstore, Inc. "Ethoca's collaborative approach, working together with other companies to increase the accuracy of our fraud decisions, is the type of innovation Motorcycle Superstore has been waiting for."
Motorcycle Superstore has a single storefront offline at its Medford, OR headquarters, but does approximately 90% of its business online. Ranked 310 in Internet Retailer's Top 500 Guide to retail websites, Motorcycle Superstore is the number one online source of accessories for motorcycle enthusiasts with a broad selection of motorcycling gear. A companion site, MotorcycleUSA.com, is the premier source for news, reviews and "community services" for motorcyclists.
Ethoca's global collaborative anti-fraud network is rapidly gaining momentum as a cross-industry effort to put more teeth into stopping fraud. From online retail to electronic payments to online charities to gaming, global leaders in the world's major e-commerce markets see Ethoca's collaborative fraud management service as a way to gain access to information not available any other way that will enable them to make more informed decisions and enhance profitability. Ethoca is the only service that allows companies to learn and benefit from the fraud experiences of other companies - accepting more of the "right" types of transactions increases revenue, and declining the "wrong" ones reduces losses and non-payment.
"We are excited to welcome Motorcycle Superstore to the network. They are a recognized online retail leader, whose membership enhances the value proposition and strengthens the ROI for everyone, and further broadens the number of vertical retail markets supported by our service," said Andre Edelbrock, Ethoca's President and CEO. "As Motorcycle Superstore continues their rapid growth, collaborating with other merchants through our service will enable greater automation of the fraud management function, not only reducing the rate of fraud they experience, but ensuring it takes a smaller percentage of their time and operational budget to manage. With more accurate risk profiling, they will also be able to safely accept orders they would have previously rejected for a win-win-win scenario."
About Ethoca Limited
Headquartered in Dublin, Ireland, with offices in Toronto, Canada, Ethoca is the leader in collaborative fraud management. Ethoca enables businesses operating in any customer-not-present environment - business by internet, phone, fax or mail - to make informed decisions about their customer transactions by sharing transaction experience data with other companies in a way that is secure, automated, effective and ethical. Businesses submit transaction data to Ethoca and can use summary history and analysis based on the matched data of Ethoca's members to gauge the fraud-risk associated with any given transaction.
Ethoca's community includes a number of leading and recognized companies and payment and fraud solution provider partners from around the world.
Ethoca's clients increase profits by finding the optimal balance between allowed transactions and fraud-risk levels, and fraud management costs. Ethoca's use of independent third-party business process and data integrity audits ensures that the privacy and security of data is maintained. For more information about Ethoca visit http://www.ethoca.com.
About Motorcycle Superstore
Motorcycle Superstore, ranked as one of the Top 500 online U.S. retailers among Internet Retailer magazine's 2007 "Top 500," has been in business for over 10 years. Motorcycle Superstore offers a complete selection of motorcycle helmets, apparel, accessories and parts. For more information about Motorcycle Superstore visit http://www.motorcycle-superstore.com.