Ethoca, the leading provider of collaboration-based technology solutions that help card issuers and online merchants increase card acceptance and stop ecommerce fraud and disputes, has won ‘Most Innovative Online Solution’ at the UK Fraud Awards 2019.
Hosted by Retail Risk, the awards celebrate the best anti-fraud and security technologies on the market today. The winners were announced during the UK Fraud Awards Gala Dinner on Thursday 3 October at the home of Leicester City Football Club, UK.
Ethoca won the award for Ethoca Eliminator, which is currently used by leading merchants and issuers around the globe. Ethoca Eliminator resolves incoming friendly fraud disputes on the spot by providing cardholders with instant access to real time merchant intelligence the moment they call in to their bank, or directly via their desktop or mobile banking app.
With cardholders now able to recognise their purchases through extended data, including the digital receipt and rich order details, disputes are ‘deflected’ instantly. Merchants avoid chargebacks and recover revenue that would have been lost, while card issuers reduce costs and improve the cardholder experience.
Over time, Ethoca Eliminator helps to retrain the cardholder and provide the clarifying information they need to recognise their own purchases – further reducing friendly fraud and creating a simpler payment journey with less friction. Also, because these legitimate cardholder transactions are no longer incorrectly coded as fraudulent, fraud models improve, resulting in fewer false declines.
Keith Briscoe, Ethoca’s Chief Marketing & Product Officer, commented: “We’re very proud of our win at the UK Fraud Awards and would like to thank the judges and our customers for supporting us.”
He added: “As online commerce grows so too does the need for increased collaboration between everyone in the payments ecosystem. This is why we continue to work on cutting edge innovations that deliver new, more efficient ways to help combat online fraud, improve customer experience and eliminate the need for chargebacks altogether.”
The win at the UK Fraud Awards, follows Ethoca’s two wins at the Australian Fraud Awards in August. The company won ‘Most Innovative Online Solution’ for Ethoca Eliminator and was also awarded ‘Vendor of the Year’.