In a press release, Mastercard said Ethoca enables merchants and card issuers to collaborate in real time to fight digital commerce fraud. “Advancements in technology are enabling us to transform the experience for our customers,” said Ajay Bhalla, president of cyber and intelligence solutions for Mastercard. “Ethoca is a strong addition to our multilayered cyber strategy, helping customers take immediate action against fraud and eliminate chargebacks before they can occur. In turn, consumers are provided with a better checkout experience every time they shop at a participating site.”
Mastercard said Ethoca's products add to the payment company's focus on driving greater protection online, and will be integrated with Mastercard's suite of fraud management and security products. Ethoca's network hooks up more than 5,000 merchants and 4,000 financial institutions around the world. When a fraudulent transaction is flagged, near real-time information is sent to the merchant, which can then stop delivery or reverse the transaction to avoid the chargeback process. Both sides benefit from reduced operational costs because fraud is stopped at the source, Mastercard said in the press release.
Ethoca's platform will be combined with MasterCard's data insights and artificial intelligence to help merchants and card issuers more easily identify and stop potentially fraudulent purchases and false declines.
“Mastercard is a natural home for Ethoca,” said Andre Edelbrock, CEO of Ethoca. “For more than a decade, we’ve connected eCommerce businesses with banks to make the payments system simpler and more secure. We are excited to have the opportunity to bring our services to more places and people, ultimately contributing to the best possible online payment experience.”
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