Finovate Debuts: Alerts from Ethoca Foils Fraudsters

Finovate Debuts: Alerts from Ethoca Foils Fraudsters

EthocaHomepage

Card-not-present (CNP) fraud and chargebacks cost retailers and issuing banks billions of dollars and lost time. To mitigate these losses, Ethoca created a network to help both parties reduce fraud and customer-dispute losses.

At FinovateFall 2015, the company launched Ethoca Alerts, a platform that facilitates real-time communications about fraud and customer disputes. When card issuers confirm fraud with the cardholder, Ethoca sends an alert to the merchant within minutes or hours—instead of days or weeks—through the charge-back process. This allows merchants to stop fulfillment of fraudulent orders, avoid costly chargebacks, increase transaction acceptance and prevent further losses.

Company facts:

  • HQ: Toronto, Ontario, Canada
  • Founded: 2005
  • Network contains:
    • 44 global, direct card issuers
    • 500+ credit unions
    • 7 of top 10 U.S. banks
    • 2 of top 5 U.K. banks
    • 7 of top 10 U.S. ecommerce brands
    • 2,400+ merchants

The process

Card issuers have three methods to upload customer-dispute data and to confirm fraud:

  1. Upload manually (pictured below)
  2. Send files via Secure File Transfer Protocol (SFTP)
  3. Send files directly via Ethoca’s API

 

IssuerUploads

Ethoca sends fraud alerts to merchants via web portal notifications or through the issuer’s platform (if integrated via an API). After receiving the alert, the merchant issues a refund and stops the shipment, if possible. Next, the merchant reports the outcome to the issuer, who no longer needs to resort to the charge-back process.

The screenshot below shows the merchant portal where the retailer views the transaction details supplied by the card issuer and enters the outcome as seen in the yellow box.

MerchantOutcomes

Two major benefits for the issuing bank are worth highlighting:

  1. Issuers are able to recover write-off losses on low-value transactions which are typically not worth charging back.
  2. Issuer-liable 3D secure losses, which are usually not recoverable, can be reclaimed since the merchant can reverse fraudulent transactions.

What’s next

Ethoca is seeking to bring the solution across the globe to South America and Africa, as well as expand existing coverage in Asia-Pacific, Europe, and North America. The company currently has a partnership with Accertify, and is working to integrate with more fraud-solution platforms in the future.

Watch Julie Fergerson, SVP of industry solutions, and Steve Durney, SVP, issuer relations, as they debut Ethoca Alerts at FinovateFall 2015:

Finovate Alumni News

On Finovate.com

  • “Finovate Debuts: Alerts from Ethoca Foils Fraudsters”
  • “BBVA Compass to Leverage BlackRock-owned FutureAdvisor”

Around the web

  • Fenergo forges strategic partnership with Markit and kyc.com, bringing its client lifecycle management solution to FIs.
  • Union Bank & Trust to leverage Digital Payments Guardian from Prairie Cloudware to power its new bank-branded mobile wallet.
  • SunTrust Bank selects the Enterprise Risk Case Management (ERCM) solution from NICE Actimize.
  • Former FDIC chair Sheila Bair gives Blooom a “ringing endorsement” during a recent visit.
  • Jack Henry & Associates promotes former president David Foss to CEO; Jack Prim transitions to executive chairman of the board.
  • Emailage and Quatrro Processing team up to provide end-to-end, anti-fraud and chargeback-management solutions to merchants.
  • Pymnts talks to Kashoo about connecting with SMEs that procure through Amazon Business.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

FinovateEurope Sneak Peek: Ethoca

FinovateEurope Sneak Peek: Ethoca

Ethoca_homepage_Dec2015b

FEU2016_logo_withdateA look at the companies demoing live to 1,500 fintech professionals. Get your tickets to join us in London!

Ethoca_hi-res_logo_FEU16

Ethoca Alerts eliminates fraud and chargebacks through a merchant-issuer collaboration network that allows participants to share fraud and customer-dispute intelligence in real time.

 

Features:

  • Eliminate chargebacks and control chargeback ratios
  • Stop the fulfillment of fraudulent orders
  • Drive higher acceptance

Why it’s great
Ethoca Alerts provides an unparalleled source of cardholder-confirmed fraud and customer-dispute information that arrives much faster than the inefficient chargeback process.

Presenters:

Ethoca_J_Fergerson_2Julie Fergerson, SVP, Industry Solutions
With 20-plus years of experience, Fergerson is one of the industry’s foremost experts on internet payments fraud.

 

 

Ethoca_S_DurneySteve Durney, SVP, Issuer Relations
After spending 20 years working with a top-3 issuer, Durney is an expert in fraud prevention, dispute recovery, and cost reduction.

Finovate Alums Earn Top Honors at U.K. Emerging Payments Awards

Finovate Alums Earn Top Honors at U.K. Emerging Payments Awards

Three Finovate/FinDEVr alums won top honors at the Emerging Payments Awards in London, United Kingdom, earlier this month.

HyperwalletLogoHyperwallet won in the “Best Corporate/Government Payments Programme” division with its Paylution Global Disbursements Program. In a statement, CEO Brent Warrington highlighted the scalability and flexibility of the Hyperwallet platform, and reported that more than five million independent workers are currently using the technology. Hyperwallet demonstrated its RESTful API and embedded payout widget at FinDEVr 2015 in San Francisco in October.

Revolut_logo_high-resIn partnership with Optimal Payments, Revolut won the “Best Emerging Payments Startup” category. Optimal Payments and Revolut teamed up back in July to launch a multi-currency MasterCard and mobile app that helps travelers take advantage of the best exchange rates available. Revolut made its Finovate debut this year at FinovateEurope 2015 in London.

Clover_logoClover Mobile won “Best Payment Technological Innovation” for its Future-Proof mPOS. Clover Mobile was launched in the fall of 2014, a year after Clover was acquired by First Data. Clover made its Finovate appearance at FinovateSpring 2012 in San Francisco.

The other four Finovate/FinDEVr alums that made it to the finals were:

The event’s overall Industry Contributor Award went to IrisGuard for its EyeBank Iris Recognition electronic payment platform. The platform has been deployed to help bring “sustainable financial inclusion” to those in the Syrian refugee program. As of June 2015, the program had enrolled more than 1.6 million refugees.

Now in its eighth year, the Emerging Payments Awards help recognize creative and business talent in the payments industry. The Awards are run by the Emerging Payments Association, which has also provided the Prepaid Awards since 2006. The Association said that this year’s Emerging Payments Awards was its largest event to date.


If you’re in the United Kingdom and love fintech, then make sure FinovateEurope 2016 is on your calendar. Our two-day conference returns to London, February 9 and 10, 2016.

 

 

 

 

Ethoca’s Alerts Help Online Merchants Avoid Chargebacks

Ethoca’s Alerts Help Online Merchants Avoid Chargebacks

EthocaLogoThis post is part of our live coverage of FinovateFall 2015.

Ethoca is demonstrating how its Alerts help online merchants stop fraud:

Ethoca Alerts is an award-winning service used by thousands of ecommerce merchants and online businesses to stop fraud, eliminate chargebacks, and increase acceptance. Leveraging Ethoca’s global collaboration network, it provides the industry’s largest source of cardholder-confirmed fraud and customer-dispute data, direct from the card-issuer source.

Ethoca Alerts arrive in near real time rather than weeks later through the normal chargeback process. Merchants now have advance notification of impending chargebacks and can take immediate action to stop them at the source, eliminating unnecessary costs and poor customer experience.

Presenters: Steve Durney, SVP, issuer relations, and Julie Fergerson, SVP, industry solutions

IMG_0587

IMG_0595

Metrics: Ethoca is headquartered in Toronto, Ontario, Canada, with international offices located in Austin, Texas; London, England; Dublin, Ireland; and France. Ethoca has 100+ employees.

HQ: Toronto, Ontario, Canada
Product launch: 2011
Website: ethoca.com

More Than 30 Alums Make Hot Topics 100 Most Influential People in Fintech

More Than 30 Alums Make Hot Topics 100 Most Influential People in Fintech

HotTopics_Fintech100_2015

If you drew up a list of the 100 most influential men and women in fintech, how many of them would be alumni of our Finovate/FinDEVr conferences?

The answer is about a third, according to Hot Topics, which released its list of the top 100 fintech influencers this week.

“More transactions taking place online mean more opportunities to help consumers manage their money in digital form: enter the fintech platforms,” wrote Joel Watson for Hot Topics. “Whether it be securing mortgagees, getting a loan, transferring money abroad, spending money in an ecommerce store, or one of a thousand other applications, the marketplace is fiercely competitive and growing all the time.”

See if you agree with who made the cut, who was overlooked, and who deserves at least an honorable mention.

Hot Topics is an online community of more than 300 entrepreneurs, corporate executives, venture capitalists, journalists, bloggers and other professionals interested and involved with technology.

 

Finovate Alumni News

On Finovate.com

  • “Finovate Debuts: Emailage Detects Fraud Through User’s Email Address”
  • “Finovate Debuts: FundAmerica Helps Crowdfunders Stay Compliant”
  • “TIO Networks Garners $1.7 Million From Secondary Stock Offering”

Around the web

  • CashStar names Katherine Edenbach as its new corporate controller.
  • E-SignLive by Silanis picked as a KMWorld Trend-Setting Product of 2015.
  • CIO cites Avoka’s win of most innovative customer solution during Citi’s demo day in London.
  • Aquiline Capital Partners reveals an investment in Fenergo, an Irish-client, lifecycle-management specialist.
  • Intuit to sell off Quicken with no plans to divest Mint or Mint bills.
  • Holvi launches app for iOS and Android.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateFall Sneak Peek: Ethoca

FinovateFall Sneak Peek: Ethoca

EthocaHomepage

The Sneak Peek series looks at the innovators demoing live on stage at FinovateFall 2015. Be sure to pick up your tickets to our annual autumn conference, and we’ll see you in New York!

EthocaLogoEthoca Alerts helps merchants eliminate chargebacks through a global collaboration network that provides the industry’s largest source of confirmed fraud and customer dispute data.

Features:

  • Eliminate chargebacks
  • Mitigate fraud loss
  • Increase card acceptance

Why it’s great
Ethoca is the world’s largest global collaboration network, connecting 30+ issuing banks and over 2,100 merchants worldwide.

Presenters
EthocaPresenter
Julie Fergerson, SVP, Industry Solutions
Fergerson is a leading expert on internet payments fraud with more than 20 years’ experience in the online payments and fraud management industry.
LinkedIn

EthocaPresenter2Steve Durney, SVP, Issuer Relations
Durney has two-plus decades of experience in assessing and implementing a wide range of loss mitigation, cost efficiency, and process solutions.
LinkedIn

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