“As e-commerce fraud continues to grow, the traditional approaches to fraud prevention that focus on transactions are no longer effective in stopping today’s sophisticated fraudsters,” said Vikrant Gandhi, Industry Director, Information & Communications Technologies, Frost & Sullivan. “Forter stands out in the industry for its ability to deliver a broad array of fraud prevention solutions, including account protection, payment protection, and policy abuse, protecting the entire consumer journey with an enterprise-class platform.”
e-commerce Fraud on the Rise – Prevention Requires a New, Trust-Based Approach
Global e-commerce sales are expected to surpass $4 trillion in 2020, with the online environment as the preferred channel for fraudulent activities.
In addition to credit card fraud, the Radar notes that data breaches increasingly expose sensitive, personal information of millions of consumers, which is being used for account take over (ATO) fraud.
According to the report, “protecting retailers from e-commerce fraud by identifying high-risk transactions and supporting and protecting newer service delivery experiences are the two key focus areas,” with a critical emphasis on “the right balance between fraud management, business revenue enhancement and customer experience.”
Forter – The Future of e-commerce Fraud Prevention
Forter has pioneered the industry’s only solution assessing trust at every point in the consumer journey. The Forter platform, which annually processes more than $150 Billion in e-commerce transactions, provides the most comprehensive view of both legitimate consumer and fraudulent behavior across enterprises and industries worldwide.
Forter competitive strengths as the industry Leader in the 2020 Frost Radar are driven by:
- Forter’s ability to offer highly integrated, data-driven and customizable implementations that protect businesses during every stage of the customer lifecycle in real-time;
- Forter’s vast global fraud network that has enabled it to acquire the required data essential for delivering a breadth of differentiated services natively on a single platform;
- Forter’s data sciences team and fraud domain experts who feed the platform with new fraud attack methods to keep it ahead of fraudsters.
“The future of commerce is transforming from transactions into relationships, every time, everywhere. By assessing trust at every point of the customer journey and leveraging our global merchant network, only Forter can provide retailers with the real time intelligence needed to stop fraudsters in real time and enable the best consumer experience,” said Michael Reitblat, co-founder and CEO, Forter. “Being named as the leader in the Frost Radar further validates our approach in delivering the industry’s only enterprise-class platform that helps retailers build deeper customer relationships, eliminate fraud and unlock the promise of commerce based on trust.”
To download a copy of the report, please visit www.forter.com/FrostRadar.
Forter is the leader in e-commerce fraud prevention, annually processing over $150 billion in e-commerce transactions and protecting over 600 million consumers globally from payment fraud, account takeover, policy abuse, 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 fed 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, iconic retailers, online travel agencies, quick service restaurants, on-demand services, and fast-growing start-ups, to deliver exceptional accuracy, a smoother user experience, and elevated sales with greatly reduced fraud.
Forter works with leading enterprise brands including Nordstrom, Priceline, TGI Fridays, Instacart, and Away. The company is backed by $100M of capital from top-tier VCs including Sequoia, NEA, and Salesforce. For more information, visit www.forter.com.