CIO Bulletin

Forter - Providing a holistic fraud prevention solution for e-commerce merchants

As online shopping is going mainstream, hackers worldwide have become even more active in stealing information and carrying out financial fraud. Even though online payment is common these days, some websites don’t use the most advanced security protocols, leading to monetary loss or even identity theft. The hackers can further use the stolen information to carry out other transactions as well. As a reason, fraud demands immediate attention of every business that accepts payments online. Protecting your eCommerce business requires a strategic approach to fighting back, an awareness of best practices, and flexible tools to manage ever-growing cyber threats.

To prevent this, Forter has pioneered a solution that assesses trust at every customer interaction in real-time. The company is powered by a coalition of the most prominent enterprises and designed by the foremost experts—to unlock the full promise of commerce based on trust. They have a global network of online retailers, and banks work together- giving customers the freedom to shop online, risk-free.

Forter is the leader in e-commerce fraud prevention, processing over $250 billion in online commerce transactions and protecting more than a billion consumers globally from credit card fraud, account takeover, identity theft and more. The company’s identity-based fraud prevention solution detects fraudulent activity in real-time, throughout all online consumer experiences.

Forter’s integrated fraud prevention platform is powered by its rapidly growing global network, underpinned by predictive fraud research and modelling, and the ability for customers to tailor the platform for their specific needs. As a result, Forter is trusted as the sole or primary risk mitigation engine by Fortune 500 companies including Farfetch, Sephora, Nordstrom, Instacart, Adobe and Priceline to deliver exceptional accuracy, a smoother user experience and elevated sales at a much lower cost.

Payment Protection

Driven by the increased sophistication of fraud attempts, businesses stand to lose more than $25 billion annually due to online payment fraud. Merchants need a proper fraud prevention solution in place to protect both their business and their customers from all types of payment fraud. Some of the significant challenges faced by the merchants are:

High false declines: Many merchants wrongly decline legitimate customers due to inaccurate fraud prevention, providing a poor customer experience.
High costs of fraud: When merchants cannot accurately identify fraudulent transactions, chargebacks and other related fraud costs cut into their bottom line.
Reactive approach: Fraud teams are often only able to detect fraud after their business has already been hit, instead of proactively identifying and preventing fraud attacks.
Inability to scale: Many merchants are limited by their fraud prevention setup, which can’t efficiently scale to handle spikes in traffic, expansion into new markets, or new business offerings.

Forter’s platform is powered by a global merchant network that identifies and blocks fraud before it hurts profits. Their proactive fraud platform provides accurate, real-time decisions for every transaction, allowing more good buyers in a while keeping fraud out. Merchants can eliminate fraud from the customer journey – from login to logout, across devices and the web.

Psd2 Solution

Forter’s Psd2 solution enables you to minimize the impact of PSD2 on your revenue. 3DS friction can reduce your approval rate by up to 40% and hurt your revenue. Merchants can maximize their PSD2 exclusions and exemptions by applying every eligible TRA exemption and exclusion for the transactions by leveraging Forter’s payment ecosystem intelligence. Unnecessary 3DS friction can be eliminated by applying 3-D Secure only when necessary with Forter’s real-time payment decision to deliver the best customer experience. Merchants can also recover legitimate transactions that have been wrongly declined during the payments process and grow revenue.

Policy Abuse Protection

Businesses today are building new programs and offerings to deliver the best customer experience – including flexible return options, omnichannel options, and new promotions. However, these are becoming a growing target for abuse, which, if left unchecked, hurts your business’ bottom-line and brand. Forter’s fraud prevention platform enables businesses to identify and eliminate abusive behavior and enforce their business policies with real-time decisions, so they can deliver the offerings, services, and promotions that the customers want - all without risk. The valuable metrics allow for cutting off any abuser in real-time. You can automatically enforce business policies across all channels and interactions.

Account Protection

Through breached accounts, sophisticated fraudsters cause greater long-term revenue losses and reputational damage to enterprise merchants. Forter lets you safeguard customer accounts from fraud and abuse. It lets you make approval decisions instantly across touchpoints from login to checkout. You can gain customer confidence by building trust in your ability to protect data through continuous, adaptive authentication. It further strengthens your brand to provide seamless online experiences to drive higher customer lifetime value.

Smart Routing

Today, the payment process is complex and inefficient, resulting in 1 out of every ten legitimate purchases being wrongly declined. Declines often happen at both the payment and bank level (e.g., issuer, acquirer, PSP, gateway), leaving merchants little visibility and control in determining whether a transaction is ultimately approved.

Forter Smart Routing provides automated payment routing decisions that help merchants increase their authorization rates. Powered by advanced AI technology and a Global Data Network, Forter helps merchants prevent false payment declines and boost revenues by up to 5%.

PSP Fraud Protection

False declines and chargebacks cost PSPs and their merchants. Forter, the industry-leading fraud prevention platform, ensures accurate, real-time decisions enabling growth without fear of fraud. Forter’s identity-based platform, powered by an expanding global data network of over 800 million unique e-commerce customers, delivers fully automated, real-time fraud decisions that reduce false declines by up to 90%. Forter protects businesses not only at payment but also against account-based fraud, returns abuse, and more.

Why partner with Forter

Join the leading coalition against fraud: Partner with the largest network of leading financial institutions, payment providers, and merchants against fraud and abuse.

Grow your business faster, together: Drive business growth with go-to-market support, referrals, and joint marketing opportunities with the leading fraud prevention platform.

Be a pioneer of leading edge technology: Push the boundaries as the voice of innovation and a thought leader in identity-based fraud prevention.

A network of trust

Fashion & Beauty: Ensure your online store showcases the best your brand has to offer, and allows your customers to shop their favorite items, seamlessly

Travel: Help your customers travel with ease. Booking travel and accommodations shouldn’t be complicated. Help streamline the payment process so your customers enjoy the trip, not the friction

Food & Beverage: Your business demands speed and accuracy. Customers want their meals hot, on time, and to their specifications—whether it's for delivery or at the restaurant. Real time, accurate decisions help you process orders fast, without a side of fraud

Home & Garden: A surge in home improvement projects means new customers and new opportunities. Being able to quickly and effectively identify good customers from potential fraudsters is key to building trust and sustainable long-term relationships

Electronics: Brand perception, rapid innovation, and high perceived value make consumer electronics a hot commodity around the world. Automated fraud prevention helps you meet demand by processing new orders quickly while keeping customers happy

Physical Goods & Digital Services: From freelance services to online coupons, a fast-paced industry requires fraud prevention that can keep up. With fully automated, real-time decisioning, you can make fraud management more predictable and improve your customer experience

About the CEO

Michael Reitblat is the CEO and Co-Founder of Forter. Forter offers a straightforward solution to payment fraud by reviewing all the transactions and delivering 100% automated, real-time, frictionless, yes/no answers while completely covering all the fraud chargeback costs. Micahel was trained in cybersecurity and fraud prevention in the Israeli military. He went on to help build Fraud Sciences, a pioneer in online payment fraud prevention, later acquired by PayPal. He has a hobby of collecting coins. Today he has more than 1000 coins from 103 different countries.