Power of network helps merchants and banks block fraud instantaneously and ensure legitimate online shoppers aren’t declined by mistake
NEW YORK--(BUSINESS WIRE)--Forter, the leader in e-commerce fraud prevention, today announced a partnership with FreedomPay, a global leader in Next Level Commerce™, establishing the first joint network for online merchants and banks to instantaneously block fraud and enable legitimate consumers to operate freely. This addresses a major issue where multiple players (the online merchant, the credit card issuer and the bank) touch each online transaction - often using different fraud solutions. This inefficiency, combined with the influx of new online shoppers, increases the possibility of false declines for no apparent reason creating a negative customer experience and the potential for lost revenue.
With online transaction volumes for new users increasing by more than 2X since the start of COVID, building repeat business and lifetime value represents a real opportunity for retailers. However, the challenge is that these new users are 5-7X more likely to be declined due to lack of data with legacy fraud prevention systems. Through Forter and FreedomPay’s global network, merchants can confidently accept users they have never seen before.
“Our coalition of merchants, payment providers and banks fighting fraud together is a huge step forward in global fraud prevention. With over $200 billion in online transactions and over 800 million trusted users, we enable our coalition members to be way more effective in fighting fraud and growing the business with confidence,” said Liron Damri, Co-founder and President of Forter. “Partnering with an industry leading payment organization, like FreedomPay, allows us to provide its merchants with the most optimal user experience and with a trusted environment that allows them to grow with confidence.”
“Fraud prevention continues to be a pain point for merchants, and together FreedomPay and Forter provide a world-class solution,” said Chris Kronenthal, President and CTO at FreedomPay. “Forter’s fraud prevention capabilities protect merchants on FreedomPay’s Commerce Platform and ensure that only legitimate transactions are approved -- this not only increases the volume of transactions we are able to process, but also helps to build brand loyalty by providing an optimal consumer experience.”
In addition to its fraud prevention capabilities, Forter’s partnership with FreedomPay provides merchants with a global solution that meets regional and country specific compliance requirements, including 3-D Secure (3DS) and other SCA methods for PSD2.
Forter is the leader in e-commerce fraud prevention, processing over $200 billion in online commerce transactions and protecting over 800 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.
Forter’s integrated fraud prevention platform is powered by its rapidly growing Global Merchant 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 by Fortune 500 companies to deliver exceptional accuracy, a smoother user experience, and elevated sales at a much lower cost. Forter was recently named the Leader in e-Commerce Fraud Prevention by Frost & Sullivan.
Forter is backed by $100M of capital from top-tier VCs including Sequoia, Scale, and Salesforce.
FreedomPay’s Next Level Commerce™ platform transforms existing payment systems and processes from legacy to leading edge. As the premier choice for many of the largest companies across the globe in retail, hospitality, lodging, gaming, sports and entertainment, foodservice, education, healthcare and financial services, FreedomPay's technology has been purposely built to deliver rock solid performance in the highly complex environment of global commerce. The company maintains a world-class security environment and was first to earn the coveted validation by the PCI Security Standards Council against Point-to-Point Encryption (P2PE/EMV) standard in North America. FreedomPay's robust solutions across payments, security, identity, and data analytics are available in-store, online and on-mobile and are supported by rapid API adoption. The award winning FreedomPay Commerce Platform operates on a single, unified technology stack across multiple continents allowing enterprises to deliver an innovative Next Level experience on a global scale. www.freedompay.com
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