ST. PETERSBURG, Fla.--(BUSINESS WIRE)--PSCU is proud to announce a partnership with Ethoca, the leading global provider of collaboration-based technology solutions for card issuers and merchants, to help reduce losses from card not present (CNP) fraud.
According to the Ecommerce Foundation, global B2C ecommerce turnover grew from $2.3 trillion in 2015 to $2.7 trillion in 2016, and the pace continues to accelerate. Coupled with the increasing shift in fraud to the CNP channel in the wake of the U.S. EMV migration, it is not surprising that all card issuers, including credit unions, are increasingly concerned about the cost to recover CNP fraud losses. Aite Group estimates these losses are on track to rise from $2.9 billion in 2014 to $6.4 billion in 2018.
PSCU turned to Ethoca for an alternative to recover these losses – including low value transaction write-offs and 3-D Secure transactions.
With Ethoca Alerts, cases of confirmed fraud reported by PSCU Owner credit unions are sent to Ethoca for immediate distribution to more than 5,200 leading ecommerce merchants worldwide, covering more than 205,000 merchant descriptors. These merchants act on alerts immediately by stopping the fulfillment of fraudulent orders and issuing cardholders a refund. This faster, more efficient process takes just hours instead of weeks, preventing criminals from monetizing their crimes. Credit unions can now expedite the recovery of fraud losses – all while ensuring a better experience for cardholders.
“PSCU engaged in a successful pilot of the Ethoca Alerts service and determined there was significant value and cost avoidance for our members,” said Jack Lynch, PSCU SVP and Chief Risk Officer. “As card not present fraud continues to rise, PSCU looks to the future and a continuing partnership to capitalize on the long-term value that comes from participating in Ethoca’s global collaboration network."
“Our partnership with PSCU means that not only will their hundreds of credit union Member-Owners benefit from the value of the Ethoca collaboration network, but so also will our thousands of other issuer and merchant participants,” said Jason Howard, EVP Sales at Ethoca. “As our network continues to grow and merchant adoption increases globally, PSCU is poised to get even more value from the Ethoca Alerts service in the future. It is our privilege to support PSCU’s credit unions at a time when fraud continues to increase and cardholder experience is top of mind.”
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation's leading credit union service organization (CUSO). The company was recognized as CUSO of the Year in 2016 by the National Association of Credit Union Service Organizations. PSCU’s products, financial services solutions and service model collectively support over 850 Owner credit unions representing more than 20 million credit, debit, prepaid, online bill payment and mobile accounts; protect over 2 billion transactions annually from fraud; and optimize credit union performance and growth. Comprehensive 24/7/365 member support is delivered through call centers located throughout the United States. For more information, visit www.pscu.com.
Ethoca is the leading, global provider of collaboration-based technology that enables card issuers, ecommerce merchants and online businesses to increase card acceptance, stop more fraud, recover lost revenue and eliminate chargebacks from both fraud and customer service disputes. Through the Ethoca Network – the first and only of its kind in the industry – we are closing the information gap between card issuers and merchants. This unique capability makes fraud and customer dispute insight available and actionable in real time. Our suite of services delivers significant revenue growth and cost saving opportunities to more than 5,200 merchants in 40+ countries and more than 565 card issuers in 20+ countries. Seven of the top ten ecommerce brands, 14 of the top 20 North American card issuers, and two of the top five UK card issuers rely on Ethoca solutions and the network that powers them.