Mastercard has announced a new support package, in partnership with Ethoca, to help Australian and New Zealand retailers tackle fraud and chargebacks. The offer includes free access to market-leading fraud and chargeback dispute resolution service, Ethoca Alerts until July 31, 2020.
Ethoca Alerts offers organisations a more efficient way to identify, manage and resolve fraud and chargeback disputes. In the past 12 months, Ethoca Alerts has helped businesses around the world prevent more than seven million chargebacks and nearly $310 million worth of fraud.
By facilitating the exchange of fraud data and chargeback intelligence between more than 5,000 leading banks and card issuers and more than 8,000 retailers, Ethoca Alerts provides businesses with greater transparency and near real-time notifications of active disputes.
This can often reduce the dispute process from up to six weeks to just days, hours or minutes. Additionally, retailers can minimise inventory loss, lower operational and dispute management costs.
Mastercard Australasia division president, Richard Wormald said Mastercard is committed to exploring new ways to support its customers and community with the ongoing challenges presented by COVID-19.
“Fraud and chargebacks can often incur significant costs to retailers of all sizes and the impact of these issues is only heightened in the current climate. As Mastercard continues on its mission to empower retailers both small and large to navigate this new normal, Mastercard is proud to play a part in helping local businesses tackle this issue so they can focus on what they do best.”
Ethoca Asia Pacific general manager, Brett Small said in this new norm, e-commerce has taken centre stage and many retailers may be facing card-not-present fraud and chargebacks for the first time.
“Ethoca’s goal is to drive both issues out of the ecosystem once and for all by enabling collaboration between banks and merchants to share vital intelligence that combats the problem. In making Ethoca Alerts available to qualifying retailers around Australia and New Zealand for no charge, Ethoca hopes to provide local businesses with a little relief as they adapt to their new way of working.”