Fraud prevention leader doubles transactions processed in 2019; massive volume allows unparalleled visibility into purchasing and fraud trends, protecting its global coalition of merchants & their customers
JARKATA, Indonesia, June 10, 2019 /PRNewswire/ -- Forter, the leader in e-commerce fraud prevention, today announced it has processed a record US$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 US$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.
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.