New York, May 12, 2020 — Forter, the leader in ecommerce fraud prevention, today announced the general availability of its Fraud Prevention Platform for Payment Service Providers (PSPs), enabling PSPs to manage fraud for their merchants. Forter’s award-winning platform accurately reduces fraud chargebacks while increasing approvals, and it delivers an exceptional, frictionless consumer experience.
As PSPs expand their offerings, they see the need to aggressively tackle fraud on behalf of their merchants. Legacy fraud prevention tools require significant integration and lengthen the time for PSPs to bring on new merchants. Poor performance of these solutions leads to material financial loss to their customers and churn within their merchant portfolio.
“Fraud prevention is a critical component to the success of our payment platform, built around optimising conversion rates and reducing fraud for our customers,” said Lennart Koopmans, founder and CEO of Magnius. “Forter’s integrated platform provides incredibly fast and precise fraud decisions on all transactions and is fully scalable to support our rapid growth.”
The Forter Fraud Prevention Platform for PSPs provides:
· The most accurate fraud decisions in the industry, providing reductions of up to 90% in both chargebacks and false decline rates. With Forter’s chargeback guarantee.
· Fully automated approve/decline decisions in real-time, enabling seamless consumer experiences and eliminating the need for PSPs’ merchants to manually review transactions.
· A cloud-based solution that is simple to integrate, scalable, and continuously updated, offering PSPs’ merchants protection against changing fraud trends.
· A global solution that provides PSPs with the flexibility and capability to meet all of their merchants’ regional and country-specific compliance requirements, including 3-D Secure and other SCA methods for PSD2.
“Retailers and travel companies today see payments as a critical component of the customer experience they offer, and a differentiator for their business,” said Michael Reitblat, co-Founder and CEO of Forter. “Our Fraud Prevention Platform for Payment Service Providers gives PSPs a way to deliver an enhanced consumer experience, with a higher approval rate and more revenue, to their merchants. The result is a win for consumers, a win for the merchants that rely on, and a win for the PSPs who will increasingly retain and build new key merchant relationships.”
The integrated fraud prevention platform is powered by machine learning, fraud expertise, and a growing global data network by processing $150B annually, protecting over 750 million consumers around the world.
Through direct integration PSPs can create an additional revenue stream by offering fraud prevention either as a value-added service or as a white-labeled product. They can track their entire merchant portfolio through Forter’s easy-to-use dashboard, allowing them to retain more merchants.
Read more at forter.com
Forter is the leader in e-commerce fraud prevention, processing over $150 billion in online commerce transactions and protecting over 750 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 modeling, 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, NEA, and Salesforce.