At a time when large-scale identity data breaches like Equifax have become commonplace and average e-commerce fraud attack rates in 2017 remain 2.5 times higher than early 2015, online merchants need a more effective way to protect themselves against this disturbing new norm. Forter’s End-to-End solution provides this protection by relying on its extensive consumer database, whose universe is second only to Amazon’s, to detect fraudulent activity and to provide merchants with fully automated, highly accurate, real-time fraud decisions and fraud alert notifications beyond transactions, all before checkout.
Forter’s End-to-End solution offers merchants a unique benefit to fight fraud. “With our expanded platform, Forter gives retailers full fraud protection in one tool,” says Forter CEO and Co-Founder Michael Reitblat. “With our competitors, merchants are forced to purchase and combine several tools that are not fully automated, across multiple vendors, at a high cost,” explains Reitblat. “Forter’s End-to-End solution provides in one tool real-time fraud prevention against all types of fraudulent activity during each stage of the consumer lifecycle.” Forter offers streamlined simplicity- a fully automated, real-time, 100% guarantee on the approval/decline for each transaction, eliminating the need for manual reviews which interrupt and delay customer checkout. Forter’s highly accurate End-to-End solution also reduces false positives so more sales are approved, resulting is an overall better customer experience with fewer chargebacks that enables merchants to maximize revenue.
Forter is an industry-leading fraud prevention company that goes beyond transactions and chargeback coverage to protect every stage of the consumer lifecycle from fraudsters with the goal to drive merchant revenue. “We see three trends in fraud,” explains Reitblat. “The first trend is with the advent of EMV (chip) cards, fraudsters who were once copying magnetic stripes have moved to online fraud. The second is widespread data breaches and stolen consumer information that fraudsters now easily sell or trade online with each other often using cryptocurrency and bitcoin to facilitate. The third trend is the focus on the user experience being in real-time and seamless which also enables the fraudster to defraud quickly before being detected.” According to Reitblat, “Online merchants need protection in all three of these areas from all types of fraudulent activities that include account takeover, coupon/promotions abuse, referral abuse, loyalty program abuse, and multiple account creators. Forter’s End-to-End solution provides this complete fraud protection in real-time as it occurs and before checkout.”
Forter’s End-to-End solution is powered by a unique blend of artificial intelligence and human analysis that results in exceptional accuracy, tailored to the merchant. It works by using Forter’s patented algorithm and extensive database of historical buying behavior of individual consumers to assess a consumer’s online activity. By analyzing 6,000 data points in a fraction of a second, Forter’s End-to-End solution eliminates the need for manual reviews, making real-time decisions and notifications prior to checkout. Forter’s End-to-End solution is trained on the merchant’s data and uses team analyses of buying patterns and norms to build understanding into the system during integration so decisions are accurate from Day 1. Ongoing research continues to ensure optimization, incorporating model updates as it adapts to changing trends and norms, with the automation designed for scale. “Realizing that different merchants have different needs, Forter offers an enterprise-focused solution that utilizes different models tailored to the specific use and case of each merchant,” states Reitblat. “It is a hands-on approach to understanding each merchant’s various needs and ensuring the End-to-End solution is optimized.”
Forter is a leading e-commerce fraud prevention company that was founded in 2013 by CEO and Co-Founder Michael Reitblat, COO Liron Damri and Chief Analyst Alon Shemesh, with the goal of creating totally fraud-free e-commerce. In 2017 Forter had an unprecedented year, introducing its expanded platform and doubling its customer base which includes Fortune 500 retailers, online travel agencies, fast-growing e-commerce companies and disruptive startups, such as Fiverr and Away Travel. With its expanded offering, Forter protects all e-commerce needs across 132 countries, omnichannel, and multiple payment methods, processing more than 1 billion transactions each year, sextupling its transaction volume to $30B per year. Forter also raised more than $50M in venture capital funding from companies like Sequoia Capital, Scale Venture Partners, and NEA. In the past 12 months, Forter released its 5th Global Fraud Index and was recognized on the Forbes Fintech 50 list and Fast Company’s Most Innovative Companies list.