Ethoca will make prepaid cards safer in the UK

Tuxedo Money Solutions, one of the leading providers of prepaid cards in the UK has partnered with Ethoca, the leader in collaborative fraud management, and also the anti-fraud community in order to decrease fraud risks and to get higher profits.

"Fighting fraud on our own is expensive, and can cost us lost customers and profits. By working together with the wide range of online businesses partnered with Ethoca to stop fraud and reverse its growth, Tuxedo will sustain rapid growth without spending exorbitant amounts of our own time and money combating customer-not-present fraud," said Mark Simon, CEO, Tuxedo Money Solutions.

"We are excited to have Tuxedo join other leading prepaid card providers as a member of the anti-fraud community," said Andre Edelbrock, president and CEO, Ethoca. "The phenomenal growth in the use of prepaid cards means that providers will face an increasing onslaught by fraudsters trying to purchase e-money using stolen credit and debit card or bank account information or via other even more sophisticated scams, and then spending the stored cash before it can be traced. Tuxedo can reduce the cost and errors of combating fraud on its own by leveraging the shared experiences of Ethoca members, and contributing its own experiences. Collaborative fraud management is a win-win for businesses and their customers."

It is predicted that in the coming 5 years the European market of prepaid cards will be faced by a great growth, and is expected to increase 3 times, so the support of Ethoca is a keystone to success.