Tell me about Forter, in a nutshell.
Forter is the leader in ecommerce fraud prevention, protecting over $140 billion in online commerce transactions for over 500 million 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.
If someone said “combatting fraud” or compliance was not a priority for their retail business, what would be your response to them?
The approach of understanding fraud costs as simply “the price of doing business” is misguided and oftentimes a result of the fact that merchants are not seeing the total amount of potential revenue they are leaving on the table as a result.
When merchants consider out of pocket expenses like sales commissions, or delivery costs, advertising, etc., and factor these considerations into overall fraud costs, a dollar lost to fraud represents a significant business impact.
Moreover, not taking into account the evolving and expanding regulatory requirements puts businesses at risk in the short term and likewise could result in costly penalty/fines at later stages (ie consider GDPR and PSD2 requirements and compliance).
What are Forter’s clear differentiators compared to other fraud/compliance services in ecommerce?
Forter offers its customers the only solution in the market purpose-built to deliver fraud and abuse management at enterprise scale. Our single, fully automated fraud prevention platform assesses trust at every point of interaction along the customer journey, all in real time. Our solution is powered by our coalition of some of the world’s biggest enterprises with a depth and breadth of data that allows us to deliver the most accurate approve/decline decisions possible.
What gap in the market does Forter strive to address?
Forter aims to provide an integrated fraud prevention platform, consolidating all of enterprise merchants fraud and abuse management needs into one holistic solution. Currently, businesses often leverage multiple fraud tools, working in siloed efforts, unable to share data and insights across fraud vectors and platforms.
As such, Forter strives to fill this gap in the market – providing businesses the ability to view their fraud and abuse pain points at a deeper level, facilitating better fraud prevention results through sharing insights gleaned across the network.
Why should ecommerce firms invest in Forter?
Ecommerce merchants should look to Forter as the leading fraud prevention provider for enterprise merchants, providing the only fully automated identity-based fraud prevention solution detecting fraudulent activity in real-time, throughout all online consumer experiences – whether logging in, redeeming coupons or reward points, or making payment at the point of checkout.
What are some of the ways Forter has helped the firms that it works with?
Forter helps their customers to streamline their fraud prevention efforts – providing an integrated fraud platform that looks holistically at 100 per cent of transactions, as well as 100 per cent of interactions throughout the customer journey. In this way, Forter is able to provide a variety of services that extend beyond simple transactional fraud – ranging from Account Takeover Protection, Loyalty Program Protection, Returns Abuse Protection, and more.
Likewise, Forter’s core offering protects merchants from transactional fraud and streamlines their fraud and abuse prevention through a fully automated solution that adds no friction to the customer experience. In this way, Forter is able to raise approval rates, cut operational costs, and minimise chargeback rates for their merchants.
The extension of protection beyond the point of checkout also means that merchants are able to expand their customer benefit offerings and expand their businesses without the fear of fraud.
What are your roles and responsibilities at Forter?
Gal Sahar is the R&D Center Director of Analytic Solutions. Gal leads Forter’s Dynamic Precision Efforts – tracking & analysing fraud trends, overseeing in-depth research design, ideation processes, and solution design and implementation.
What role do you think Forter has in the future of ecommerce?
Forter is empowering innovators with the only enterprise-grade platform for managing fraud and abuse. Forter has pioneered the only solution purpose-built to deliver it at enterprise scale.
The single, comprehensive enterprise-grade platform assessing trust at every point of interaction, in real time, gives businesses the confidence to build deeper customer relationships and unlock the full promise of commerce based on trust.
Additionally, Forter is working within the payment and identities fronts to provide solutions that have been so far missed in the market.