Forter,
the leader in e-commerce fraud prevention, today announced it has
processed a record $100 billion in e-commerce transactions, a milestone
no other online fraud decisioning platform has achieved to date. In
turn, Forter has increased the dollar amount of processed transactions
by 100 times over the past three years, and doubled the amount since
January 2019 alone.
By processing massive volumes of transactions, it allows Forter to have
the most comprehensive view of both consumer and fraud behavior across
enterprises and industries worldwide, including luxury, travel,
hospitality, on-demand services, food delivery and digital/e-commerce
verticals. Merchants that are part of Forter’s global network—including
well-known brands such as Nordstrom, leading online travel companies
like Priceline, and fast-growing consumer start-ups such as AWAY
Travel—benefit from the sheer size and varied nature of the
organizations within this network.
For example, once a credit card is stolen, fraudsters attempt to use the
card as much as possible over a short period of time. In order to
protect against this, Forter is able to quickly leverage its massive
volume of transactional data and award-winning technology to detect
potential threats and block them across its global network in a split
second, in essence immunizing the entire network—helping to prevent
thousands of dollars in losses. Amid regulatory changes around payments
and data security, such as GDPR and PSD2, Forter’s ability to detect and
prevent fraud throughout the entire customer lifecycle becomes even more
valuable to block various types of fraud while meeting regulatory
compliance.
In another problematic scenario, users with new credit cards and/or
updated address details tend to be at a greater risk of being
inaccurately declined by merchants, negatively impacting the purchasing
experience. With Forter’s extensive view of consumer behavior, even with
updates to payment or personal information, a customer is immediately
recognized as legitimate, allowing them to checkout seamlessly. It’s
with this large network spanning various industries that Forter is able
to protect more organizations and their customers worldwide in a faster
and more accurate manner compared to any other fraud prevention provider.
“The reality is, size matters when fighting fraud. With Forter’s network
being five times the size of the largest global retailer, there is
immense power in joining a global coalition of merchants for increased
visibility, intelligence and protection, resulting in the ultimate end
goal of a frictionless customer experience,” said Michael Reitblat,
co-founder and CEO, Forter. “Fraud is unpredictable and chaotic, and
merchants need resources to provide accuracy, adaptability and
consistency, while remaining consumer-first. Top brands across the globe
trust us to help them achieve it all, and today’s $100 billion milestone
is a testament to that.”
Forter provides an integrated, identity-based fraud
prevention platform that uses advanced machine learning technology
and fraud detection capabilities. It delivers the most accurate,
real-time and fully automated solution on the market today that is
focused on enabling revenue and supporting business performance by
solving the following challenges:
-
Accuracy–accurately distinguishes legitimate buyers from
fraudsters; -
Adaptability–automatically adapts to the dynamic nature of
fraud and to new types of purchasing experiences customers demand (ie.
BOPIS: buy online, pick-up in store); -
Consistency–delivers a consistent consumer experience from
login to check-out. For example, some customers are approved when they
check out with a credit card, but if they try and sign up for a
loyalty program, they are denied. Consistency is critical to consumer
experience.
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About Forter
Forter is the leader in e-commerce fraud prevention, protecting
merchants during each stage of the customer lifecycle. The company’s
identity-based fraud prevention solution detects instances of fraud and
abuse beyond transactions in real-time, such as attempts at account
takeover and return abuse.
A team of world-class analysts constantly update Forter’s machine
learning solutions with cutting-edge insights and research, ensuring the
proprietary algorithms adapt to the latest fraud trends in real-time. As
a result, Forter is trusted by Fortune 500 companies, online travel
businesses, and fast-growing digital disrupters to deliver exceptional
accuracy, a smoother user experience and elevated sales at a much lower
cost.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190604005551/en/