FICO joins forces with Ethoca to improve CNP Fraud management capabilities

FICO joins forces with Ethoca to improve CNP Fraud management capabilities
18.01.2017 09:30 am

FICO joins forces with Ethoca to improve CNP Fraud management capabilities

Security , Fraud Detection

Ethoca, the industry standard for collaboration-based technology solutions that enable card issuers and online merchants to increase card acceptance and stop e-commerce fraud and disputes, today announced a partnership with Silicon Valley analytic software firm FICO. Card issuers using the industry-leading FICO® Falcon® Fraud Manager will be able to easily connect to Ethoca’s Global Collaboration Network to maximise the recovery of card not present (CNP) fraud losses and avoid the costly, inefficient chargeback process.

Card issuers face increasingly high volumes of costly fraud claims and dispute cases that strain operating margins and create a poor cardholder experience. Ethoca’s flagship service – Ethoca Alerts – works hand in hand with FICO’s Falcon software to provide a comprehensive CNP fraud solution that spans every stage of the fraud lifecycle: protection, prevention, alerting, investigation and recovery.

Through this partnership, FICO will provide a flexible range of simple connection options so card issuers can easily participate in Ethoca’s Global Collaboration Network. Issuers who rely on FICO Falcon Fraud Manager can elect to take part in Ethoca’s network through direct integration. While Falcon uses advanced analytics to evaluate and score card transactions for potential fraud, Ethoca Alerts kick in once CNP fraud has been confirmed between a cardholder and their bank. Cases of confirmed fraud reported by card issuers are marked in Falcon and fraudulent CNP transactions are advised to Ethoca for immediate distribution as alerts to more than 5,000 merchant customers globally, covering more than 194,000 merchant descriptors.

Ethoca’s merchant customers act on alerts immediately by stopping the fulfilment of fraudulent orders and issuing cardholders a refund. This faster, more efficient process takes just hours instead of the weeks of delay typical of the chargeback process and prevents criminals from monetising their crimes. Card issuers now eliminate operational costs associated with chargebacks and speed the recovery of dispute and fraud losses, while ensuring a better experience for cardholders.

“At FICO, we’re continuing to strengthen the arsenal of analytics-driven solutions we deliver to our clients and their ecosystem,” said Robert Duque-Ribeiro, Vice-President and General Manager for Fair Isaac Advisors at FICO. “Our partnership with Ethoca broadens our complement of fraud management solutions and expands the partnership between issuers and merchants. This first step in our partnership gives card issuing banks access to the largest card issuer-merchant collaboration network in the world. That means they are now able to recover issuer-liable fraud losses like 3D Secure transactions and low-value transactions they would normally write off, while making the recovery of merchant-liable CNP fraud transactions faster and much more cost-effective. Crucially, the speed with which the Falcon and Ethoca transmission can be effected now enables the card payment system to frustrate and prevent the criminals getting access to value, not simply stop the transaction.”

“Our partnership with FICO is yet another example of Ethoca’s commitment to making collaboration a no-brainer for the world’s leading card issuers and merchants,” said Trevor Clarke, EVP, Business Development, Ethoca. “FICO’s Falcon fraud software is trusted by card issuers looking to reduce fraud losses, mitigate reputational risk and ensure good customers are minimally impacted by false declines. Ethoca shares that vision, and adds a new layer of value – recovery – that can be delivered only through more effective collaboration between card issuers and merchants. Through this partnership, everyone in the payment lifecycle gets more value and enjoys a better experience – except the fraudster.”

FICO® Falcon Fraud Manager is the world’s leading card fraud payment solution, and protects more than 2.6 billion payment cards worldwide.

Related News

RSA Security Finds Thousands of Domains Containing Words “Coronavirus” and “COVID-19” Were Registered in January 2020

RSA Security’s Fraud & Risk Intelligence (FRI) Unit has today released details of recently-uncovered scams and cybercriminal activity, providing a snapshot of the cyber-... Read more »

Trezeo launches new products to expand its safety net for independent workers

Trezeo today announced a major extension to its existing offering, that enables independent workers to access a wider range of urgently needed product ‘bundles’. Trezeo’s... Read more »

Erste Bank Hungary Improves and Secures the Remote Banking Experience with OneSpan Mobile Security

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that Erste Bank Hungary, a subsidiary of Erste Group Bank AG, one of the... Read more »

Semafone bolsters security with new PCI DSS certification for Cardprotect Relay+

Semafone®, the leading provider of data security and compliance solutions for call and contact centres, has achieved global... Read more »

Emirates NBD COVID-19 Coronavirus Precautionary Measures

Given the developing situation around the Coronavirus – COVID-19 outbreak, the safety and wellbeing of our customers, our employees and the community, remains our top priority... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel