Forter recognised as leader in eCommerce fraud prevention
Forter, the Trust Platform for digital commerce, has been recognised as a leader in the Frost and Sullivan Radar Report for Online Fraud Prevention. This is the definitive report for the category of digital commerce enablement, and Forter was differentiated by the breadth of its global network and its advanced technology.
The report noted: Identity-based decisions, first party data sets, uncovered business model, enhanced business insights, lower cost structure and streamlined authentication have helped Forter convincingly maintain its overall market leadership position.
This recognition is one of many to kick off 2022. Earlier this year, Forter marked a milestone, having processed more than $500 billion in gross merchandise value (GMV) since its founding in 2013. In the past 12 months, Forter processed $246 billion in GMV, including more than $100 million in GMV in each of 50+ countries. Forter's machine learning uses this dataset to inform more accurate and expedient decisions about every interaction along the digital commerce journey, from pre-purchase to checkout to post-purchase.
Forter offers a holistic platform to the worlds largest online businesses. Forter's technology enables these businesses to increase transaction approval rates, grow revenue and improve customer experience. This is made possible by Forter's ability to pinpoint the identity behind digital commerce interactions - blocking fraudsters and streamlining customer purchase paths - in real time, with precision.
"Passing a half trillion in gross merchandise value is a meaningful achievement," says Michael Reitblat, chief executive officer and co-founder of Forter.
"The more data we have, the more accurate our decisions - we leverage our first-party dataset to deliver superior results," he says.
"This differentiation resonates with analysts, as demonstrated by our leadership position in the Frost & Sullivan Radar Report," Reitblat says.
"And it allows Forter to add increasing value to the digital commerce ecosystem."
Consistent with this momentum, Forter has taken incremental funding from strategic investors connected to the digital commerce ecosystem. Investors include Citi Ventures, Samsung Next, Brian Sheth, L Catterton and MSD Capital.
"Forter's real-time assessment of consumer trustworthiness is accelerating the future of digital commerce by driving revenue and preventing fraud," says Ornit Shinar, director of venture investing from Citi Ventures.
"As Forter grows its customer base and its dataset, theres significant value-add for issuers. Were proud to invest in a company that has so much positive momentum."
Last month, Forter launched Smart Payments, a new offering designed to increase conversion rates and digital commerce revenue.
The company says the offering optimises the use of 3D Secure (3DS) to meet Strong Customer Authentication (SCA) and local compliance requirements and reduces friction in the payment process.
It says Smart Payments executes 3DS only when additional validation is needed and simplifies compliance with government regulations, including Payment Services Directive Two (PSD2) in the European Economic Area (EEA).