Forter, an e-commerce fraud prevention services provider, partnered with payment services platform FreedomPay to combat e-commerce scams and frauds. The new alliance forms a network for merchants and banks to block fraudsters online and enable legitimate consumers to operate freely. This will help resolve the issue of multiple players, like an online merchant, credit card issuer, and the banker, involved in each online transaction using different fraud solutions. Through the joint network, merchants can confidently accept users they have never seen before.
The partnership integrates Forter’s identity-based fraud prevention solutions with FreedomPay’s Next Level Commerce platform to find fraudulent activities in real-time, throughout all consumer experiences online.
The e-commerce industry recorded a significant growth during the pandemic, following the lockdown restrictions. This resulted threat actors to target online shoppers. Forter stated that online transaction volumes for new users increased by more than 2X since the start of COVID-19, however, the new users are 5-7X more likely to be declined due to lack of data with legacy fraud prevention systems.
Liron Damri, Co-founder and President of Forter, said, “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.”
Chris Kronenthal, President and CTO at FreedomPay, said, “Fraud prevention continues to be a pain point for merchants, and together FreedomPay and Forter provide a world-class solution. 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.”