How can I Protect my Business from Fraudulent Transactions?
The problem that businesses encounter when fraudulent transactions are made is the communication gap between card issuers and merchants. Notifications of a fraudulent credit transaction takes on average 3-6 weeks causing businesses to frequently lose physical goods on fraudulent orders. Using a service like Ethoca will provide your business with alerts quickly outside of the payment process.
What is Ethoca?
Ethoca is an alert network that works with both card issuers and online merchants to provide real-time secure notifications regarding fraudulent transactions. With immediate and secure notification the merchant can halt delivery of goods and services preventing losses due to fraud. Ethoca alerts catches up to 73% of fraudulent credit card transactions leading to 9 of the top 10 online retailers to avail of their fraud prevention services.
How do Ethoca’s Alerts work?
The key to Ethoca’s functionality is that it works outside the payment network. By working with both sides, the card issuer and the merchant, Ethoca can provide secure information and notification in real-time. According to Forrester, US online retail sales will reach $370 billion by 2017 underscoring the need for effective fraud detection services that work outside the payment process, like Ethoca. With the news that Visa will incorporate its premium fraud detection services, such as CyberSource, Ethoca’s detection ability and secure notification will only improve in effectiveness moving forward.
What does Visa’s Cooperation with Ethoca Mean for my Business?
Visa’s integration with Ethoca’s service platform will expand fraud detection services before merchants fulfill their orders. Ethoca will integrate real-time information from Visa’s confirmed fraud transaction detection in order to send secure alerts to merchants. Visa, one of the world’s largest card issuing companies, will broaden Ethoca’s 73% detection rate and improve the speed and breadth of the 24-72 hour notification window required for merchants to cancel delivery of goods and services.
Ethoca’s alerts are critical to protect your business and your bottom line. Fraudulent transactions can cripple small businesses that can’t absorb losses as easily as huge companies. With Visa incorporating their fraud detection into Ethoca’s secure network, online retailers only stand to benefit from availing of this fraud prevention tool.
Protect your business today!