By joining Ethoca's collaborative fraud management community, POSATEL INC is showing its customers that it's serious about protecting their assets
Dublin, Ireland and Montreal, PQ, Canada (PRWEB) March 5, 2008
Ethoca, the leader in collaborative fraud management, today announced that POSATEL INC, a Canadian processing software company specialized in the provision of complete prepaid solutions at point of sale, is the latest to join the fast-growing global network of companies working together to fight fraud.
With one of the largest independent networks of Point of Sale (POS) terminals in Canada, Montreal-based POSATEL offers prepaid debit and payroll credit cards, providing consumers with the convenience of a cashless form of payment that limits spending to available funds and does not require access to a bank account. But with the rapid growth of prepaid cards - estimated at $63.4 billion business in the U.S. alone and expected to grow to $236 billion by 2009 - comes growing risk. Prepaid cards are a popular target for misuse, including fraudulent activation at point of sale.
"POSATEL's mission is to provide retailers and consumers with fast, convenient payment solutions that offer significant benefits over conventional payment methods. To do that, we must confront the challenge of fraud head on. Ethoca's service will keep us one step ahead," says Charbel Fraifer, President, POSATEL INC. "Ethoca's Collaborative Fraud Management network is the next frontier because it facilitates sharing experiences - not just with merchants and other payment processors, but cross-industry with anyone doing business online or in a Customer-Not-Present environment. POSATEL selected Ethoca to help us and our retail customers reduce fraud because we believe collaboration is the smartest way to level the playing field against fraudsters who've been working together for years. By letting retailers share experiences, not data, Ethoca has hit the nail on the head."
Online business leaders in industries ranging from gaming, retail, reverse logistics, payments, consumer electronics and others see Ethoca's collaborative fraud management service as a way to inform their decisions and enhance their profitability on thousands of transactions every day. Ethoca is the only service that allows companies to benefit from the payment experiences of other companies. Accepting more of the "right" types of transactions increases revenue, and declining the "wrong" ones reduces losses and non-payment. According to recent research, better fraud management can result in e-businesses recovering more than $30 billion in previously foregone annual revenue.
"By joining Ethoca's collaborative fraud management community, POSATEL INC is showing its customers that it's serious about protecting their assets," said Andre Edelbrock, Ethoca's President and CEO. "Ethoca will enable POSATEL to make better informed decisions because they'll be continuously learning from the experiences of others in the Ethoca network. We have created the first truly global cross-industry effort to halt and reverse the growth in online fraud through our collaboration technology. If you sell online, it doesn't matter what kind of business you are, you will increase your returns with Ethoca. That's why we're turning competitors into collaborators."
About Ethoca Limited (http://www.ethoca.com):
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 (i.e., business by 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. Businesses submit transaction data to Ethoca and can use summary history and analysis based on the collaborative data of Ethoca's clients 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 POSATEL (http://www.posatel.com)
POSATEL INC is a Canadian processing software company that provides retailer-consumer financial solutions consisting of transaction processing, information processing and facilitation. With one of the largest independent networks of POS terminals in Canada, POSATEL specializes in the development, deployment and integration of POS solutions for electronic delivery. For more information, visit http://www.posatel.com.