Europe's largest online dating service seeks to manage risk for increased profit.
Dublin, Ireland and Boulogne-Billancourt, France (PRWEB) January 31, 2008 -- Ethoca, the leader in collaborative fraud management, announced today that Meetic - Europe's largest online dating service - has joined Ethoca's global network of businesses aiming to expand their customer base and increase profits by deploying more capable customer-not-present transaction acceptance technology.
Founded in 2001, Meetic now has profiles from tens of millions of singles from more than 20 countries posted on its website, representing more visitors than any other online dating service in Europe or the UK. Services are available in 12 languages and can be accessed via internet, phone line or mobile phone. Fueled by growth through acquisitions and pervasive advertising, the company is experiencing exponential growth, and averaging more than 200,000 subscription purchase transactions per month.
Meetic selected Ethoca's collaborative fraud management solution to help it profit from better risk profiling, and offer alternative payment methods to high risk customers. Ethoca enables Meetic to generate higher profits from a precise ability to discriminate between low, medium and high risk customers. Rather than refuse service to higher risk customers, Meetic intends to offer alternative payment options that reduce or eliminate the risk.
Meetic's growth plans reflect significant opportunity in the online dating market. E-dating in Europe is not only growing quickly but outpacing growth in the US, says analyst firm JupiterResearch. Jupiter estimates that the European market will double from 2006 to 2011, growing from 243 million euros in 2006 to 549 million euros in 2011.
"We are very pleased to welcome Meetic to our global network. As Europe's largest online dating service, Meetic is blazing a new trail among social networking companies as it looks for a more sophisticated way to manage risk," said Andre Edelbrock, Ethoca's President and CEO. "Ethoca's unique cross-industry approach of sharing payment experiences and other unwanted activities is a very powerful model which enables all Meetic applicants to participate in their service, regardless of their payment history. It will mean that Meetic can continue to outpace the market rate of growth in their business. It is a perfect match for what Meetic is seeking."
Ethoca has secured industry leaders, both customers and partners, in many industries that range from retail and banking to online gaming, alternative payments and social-lending -- working together to reverse the growth of fraud. This rapidly growing and diverse customer base makes Ethoca the first global cross-industry solution to collaborative fraud management.
About Ethoca Limited (www.ethoca.com)
Headquartered in Dublin, Ireland, with offices in Toronto, Canada, Ethoca is the leader in collaborative fraud management. Ethoca enables businesses operating in any customer-not-present environment (i.e., business by internet, phone, fax or mail) to make more informed decisions about their customer transactions by sharing transaction experience data in a way that is secure, automated, effective and ethical. Businesses submit transaction data to Ethoca and can use summary history and analysis based on the collaborative data of Ethoca's clients to gauge the fraud-risk associated with any given transaction.
Ethoca's community includes a number of leading and recognized companies and payment and fraud solution provider partners from around the world.
Ethoca's clients increase profits by finding the optimal balance between allowed transactions and fraud-risk levels, and fraud management costs. Ethoca's use of independent third-party business process and data integrity audits ensures that the privacy and security of data is maintained. For more information about Ethoca visit www.ethoca.com.
About Meetic (www.meetic-corp.com)
Four years after its commercial launch, Meetic manages nine products (Meetic, Meetic Mobile, Ulteem, Superlov, Lexa, ParPerfeito, DatingDirect, Cleargay and eFriendsNet) and markets two highly complementary economic models in the dating market, one for use on the internet, the other for mobile phones. Meetic is established in 15 countries in Europe, Asia and Latin America, and available in 12 languages. From its inception, the group has pursued a clear leadership strategy focusing on quality, innovative marketing and technological expertise. Meetic works hard to optimize service quality and to satisfy every possible expectation of its subscribers. In 2006, Meetic posted sales of €78.8 million and net profit of €10.1 million. For more information, visit www.meetic-corp.com.
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