Tuxedo Joins with Ethoca to Reduce Prepaid Card Fraud

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UK Provider Prepares for Triple-digit Growth in Prepaid Card Market

Fraud Detection Services

The Ethoca360 data repository grows daily as members continue to contribute data. Ethoca's fraud detection services let you tap the previous experience of others.

Only Ethoca allows companies to benefit from the payment experiences of other companies.

Ethoca, the leader in collaborative fraud management, today announced that Tuxedo Money Plus Limited, a provider of prepaid cards and other innovative stored value products in the UK, has partnered with Ethoca and the anti-fraud community to help reduce risk and increase revenues.

Other news facts:

  • The Tuxedo MasterCard® Prepaid card service from London-based Tuxedo Money Solutions offers a secure way to shop online, make payments and purchases at over 25 million merchants, and withdraw cash from over 1.3 million ATMs, making it one of the most attractive multi-purpose cards available.
  • The European prepaid card market is projected to undergo explosive growth in the next five years. In a report sponsored by MasterCard Worldwide, researchers anticipate a total of 2.3 billion prepaid card transactions per annum by 2010, representing a €75 billion spend across 360 million prepaid cards - an increase of 110% per annum over the next five years.
  • Online business leaders in industries ranging from gaming, retail, payments, reverse logistics, consumer electronics and others see the power of community as a way to inform their decisions and enhance their profitability on thousands of transactions every day. Only Ethoca allows companies to benefit from the payment experiences of other companies.

Quotes:

  • "As the prepaid card market continues to grow at triple-digit rates, Tuxedo is preparing itself for a massive uptick in both customer and transaction volumes," said Mark Simon, CEO, Tuxedo Money Solutions. "Fighting fraud on our own is expensive, and can cost us lost customers and profits. By working together with the wide range of online businesses partnered with Ethoca to stop fraud and reverse its growth, Tuxedo will sustain rapid growth without spending exorbitant amounts of our own time and money combating customer-not-present fraud."
  • "We are excited to have Tuxedo join other leading prepaid card providers as a member of the anti-fraud community," said Andre Edelbrock, president and CEO, Ethoca. "The phenomenal growth in the use of prepaid cards means that providers will face an increasing onslaught by fraudsters trying to purchase e-money using stolen credit and debit card or bank account information or via other even more sophisticated scams, and then spending the stored cash before it can be traced. Tuxedo can reduce the cost and errors of combating fraud on its own by leveraging the shared experiences of Ethoca members, and contributing its own experiences. Collaborative fraud management is a win-win for businesses and their customers."

About Ethoca:
Working in partnership with forward-thinking businesses, individuals and law enforcement, Ethoca is making e-commerce safer and more profitable by building the first international Collaborative Anti-Fraud Community.

To be more successful in combating fraud, companies must collaborate within and across industries by securely sharing transaction experiences in a way that is not a competitive threat. Ethoca enables businesses that operate in customer-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.

EthocaTM is a registered trademark of Ethoca Limited. For more information about Ethoca visit http://www.ethoca.com.

About Tuxedo:
Tuxedo Money Solutions is one of the UK's leading prepaid card providers. Its first prepaid proposition was the Blue Diamond Card launched in March 2007, the first ever all-in-one card package to be sold over the counter in local retail stores throughout the UK. More recently it has teamed up with the Sun, Britain's best selling newspaper, to offer the Sun Tuxedo MasterCard Prepaid card. Tuxedo offers businesses the opportunity to produce co-branded prepaid cards of their own. Tuxedo's strengths lie in the technology that underpins the operation of its cards and the flexibility of marketing solutions it offers to its partnering brands. Mark Simon joined Tuxedo as CEO in June 2007 to lead Tuxedo into the next exciting phase of development. For more information, visit http://www.tuxedocard.com.

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UK/EUROPE: Matthew Cross, Axicom
Ethoca
+44 (0) 208 392 4079
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NORTH AMERICA: Rebekah Donaldson, Busine
Ethoca
530-231-5397
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