Anti-Fraud Collaborative Service Launches in the US
Ethoca, a European service where member businesses share intelligence about fraudulent transactions and other unauthorized online activity they come across, is now operating in the US. The expansion took place quietly, Ethoca representatives deciding not to create much hype about entering a new market.
According to DarkReading, Ethoca already has offices in Dublin, Ireland, and Toronto, Canada. It is a community-based collaborative service for online businesses in retail, gaming, airline, payment processing, prepaid card providers, travel and leisure, and dating services. Ethoca’s biggest customers are powerful names such as thee Royal Bank of Scotland while former U.S. Secretary of Homeland Security Tom Ridge is a member of its board of directors.
Member companies submit their transaction data to Ethoca, which acts as a clearinghouse and fraud assessment hub for all members — they basically get to vet a suspicious online order (address, phone number, credit card, IP address, and buyer name) with the experience of other members. “It’s like how a credit bureau works,” says Andre Edelbrock, Ethoca’s president and CEO, who calls the firm a fraud management services provider.
