E-commerce fraud prevention company Forter has partnered with FreedomPay to create a joint network where online merchants and banks can block fraud.
The aim is to avoid multiple players (the online merchant, the credit card issuer and the bank) using different fraud solutions on each online transaction, as this creates inefficiency. It also increases the possibility of false declines, giving the customer a negative shopping experience.
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.
“Partnering with an industry leading payment organisation, 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.”
Legacy fraud prevention systems
The announcement comes as Covid-19 has accelerated online transaction volumes by more than 2X, since the start of the pandemic.
According to the Forter, this brings a challenge to new users who are 5-7X more likely to be declined due to lack of data with legacy fraud prevention systems.
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.”
Through the partnership, merchants will also have access to a global solution that meets regional and country specific compliance requirements, including 3DS and SCA.