2014 Winner: Ethoca

2014 Winner: Ethoca

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Ethoca, a global fraud-prevention technology provider based on collaborative information sharing, earned itself a Judges Choice award for Best Chargeback Management Program this year. Founded in 2005 and headquartered in Toronto—with offices in Austin, London and Dublin—the company offers one of the most innovative chargeback management programs in the industry. Ethoca Alerts strives to aid merchants in their effort to stop fulfillment of goods and services tied to fraudulent accounts on orders they are actively processing. The company says it has vastly reduced the amount of time it takes for merchants to be alerted of confirmed fraud. What often takes others three to six weeks, the company says, takes Ethoca Alerts days, hours or even minutes. Ethoca says it achieves its high level of efficiency by tapping into the mutual intelligence possessed by both issuers and merchants, essentially serving as a bridge between the two. Using a secure, automated platform, the company says it offers issuers and merchants “two-way access to mutual intelligence that is proven to stop fraud losses, eliminate chargeback costs, and accept more transactions and recapture lost revenues.” The company also points out that in many industry segments, fraud-based disputes account for 50-75 percent of chargebacks, a number that makes Ethoca stand out as the only source for confirmed fraud data in the industry that comes directly from the issuing banks on the network. Among the benefits of Ethoca’s chargeback management program for merchants are reduced chargeback-related processing expenses and the recovery of their goods and services in instances where the shipment/delivery of the service can be stopped. Additionally, the company says, merchants’ customers naturally benefit too. As an example, Ethoca Alerts allows merchants to refund fraudulent transactions and often avoid the chargeback process altogether, thereby eliminating the inconvenience of a chargeback claims process for the customer. Currently, more than 600 global merchants use Ethoca Alerts. Of the approximately 565,000 alerts sent to merchants in 2013, around 270,000 chargebacks were eliminated altogether.

  1. Award Text 1 Best Chargeback Management Program – Judges Choice

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