PSCU Partners with Ethoca
PSCU is incredibly excited to announced their partnership agreement with Ethoca, the leading global provider of collaboration-based technology solutions for card issuers and merchants, to help reduce losses from CNP fraud.
According to the Ecommerce Foundation, global B2C ecommerce turnover grew from approximately $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, which includes credit unions, maintain growing concerns pertaining to the cost to recover CNP fraud losses.
Aite Group figures 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, cover over 205,000 merchant descriptors.
These merchants act on alerts immediately by stopping the fulfillment of fraudulent orders and issuing cardholders a refund.
“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.”