41st Parameter Inc a provider of internet fraud intervention and detection services and technology, announced a strategic partnership with Ethoca in collaborative fraud management.
It’s in assessing card-not-present transaction risk.
The approach combines an e-commerce industry fraud screening solution, FraudNet, from 41st Parameter, which utilises device characteristic technology and pending transaction information to detect and prevent fraud; and the Global Fraud-Fighting Community powered by Ethoca, which focuses on shared transactional history data from e-commerce vendors.
By partnering, FraudNet customers subscribing to the Global Fraud-Fighting Community gain access to Ethoca’s collaborative database through FraudNet’s interface, providing further means for investigators to cross-reference potential instances of fraud. This generates an additional level of intelligence for fraud detection, prevention and risk management on an international scale in one integrated solution, according to the firms.
"Access to Ethoca’s worldwide member-based community offers our customers streamlined visibility to an extensive list of transactional history, which is extremely valuable to investigators when further assessing a flagged transaction’s fate," said Bob Lewis, CEO of 41st Parameter. "41st Parameter believes fighting fraud is a team effort where solution providers and merchants should work together and this partnership is a step in the right direction toward a unified, global fight against online fraud."
2Checkout.com (2CO), provider of turnkey e-commerce solutions and payment processing for 30,000 businesses around the world, is both a FraudNet user and member of the Global Fraud-Fighting Community, and endorsed the partnership. "Ethoca augments FraudNet’s capabilities by providing a rich repository of merchant experience data that isn’t available from any other source," says Kristin Dach, CFO of 2Checkout.com. "This creates a robust solution that limits fraudulent activity for 2CO merchants while also improving the overall customer experience for both the merchant and the consumer."
"Ethoca was founded on the belief that knowing more about your customers enables better fraud prevention and that only through collaboration can merchants get a 360-degree picture of whom they’re dealing with," said Andre Edelbrock, CEO of Ethoca. "With 41st Parameter’s FraudNet, which is an outstanding product that has helped merchants prevent the loss of millions of dollars of fraud, we look forward to enabling our members to get more out of their collaboration efforts. It’s a true win-win-win."
