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Forter

Forter is a software as a service (SaaS) company that unifies identity protection, payments optimization and fraud prevention in a single consumer authentication platform. The company's technology applies artificial intelligence and machine learning to pinpoint the identity behind any digital commerce interaction. This ensures that good consumers can complete their transactions, while fraudsters and serial abusers are blocked. Since the company's founding in 2013, Forter has processed more than $1 trillion in digital commerce transactions and amassed a dataset of more than 1.5 billion online identities.

History

The company was founded in 2013 by software engineers who formerly worked at Fraud Sciences,[1] which was bought and integrated into PayPal in 2008.[2] Before working at Fraud Sciences, the founders served in the Israeli Army's Intelligence unit.[3] In 2023, Forter acquired Israel start-up Immue, and integrated its bot detection and mitigation capabilities into its core platform.[4]

Funding

Forter's funding includes a combined $525 million from Sequoia Capital,[5] Scale Venture Partners, New Enterprise Associates, March Capital Partners, and Salesforce Ventures.

Technology

According to specialists, the challenge to online retailers seeking to prevent online fraud is to be able to assess the customer's trustworthiness in real-time without blocking a legitimate sale or delaying it so long the customer abandons the purchase.[6] In its 2018 analysis of the online fraud detection and prevention, SaaS firms that included both established and newer firms (SAS and Feedzai, e.g.),[7] Gartner Group categorized Forter's technology as fraud analytics. This includes behavioral analysis of customers' established shopping patterns, soft linking (the ability to trace relationships between users even when no overt information is shared) and other techniques.[8][9] Forter offers clients the option of full restitution in the event of a chargeback.[1][3]

See also

  • Chargeback fraud
  • Internet fraud prevention
  • EMV - Chip and PIN Credit Cards

References

  1. Ben Kepes. Forter Raisies $15M Series B For E-Commerce Fraud Prevention Forbes.com, November 11, 2014, retrieved 25 August 2018^
  2. Jeremy Kirk. PayPal Buys Fraud Sciences for $169 Million NewYorkTimes.com, The New York Times Company, January 28, 2008, retrieved 25 August 2018^
  3. David Shamah. Israeli tech firms wins an 'Oscar' for fraud prevention Times of Israel, July 15, 2015, retrieved 30 August 2018^
  4. Douglas Blakey. Forter acquires Immue to enhance bot detection capabilities in wake of rampant attacks Retail Banker International, January 28, 2023, retrieved 25 November 2023^
  5. Cat Zakrzewski. Fraud Prevention Company Forter Secures $32M Series C wsj.com, Dow Jones & Company, Inc., April 21, 2016, retrieved 25 August 2018^
  6. Patricia Carlin. How To Reduce Chargebacks Without Killing Online Sales Forbes, February 15, 2017, retrieved 1 January 2018^
  7. Jonathan Care, Tricia Phillips. Market Guide for Online Fraud Detection Gartner.com, Gartner, Inc., February 5, 2018, retrieved 30 August 2018^
  8. Stacy Cowley. Banks and Retailers Are Tracking How You Type, Swipe and Tap The New York Times, August 13, 2018, retrieved 30 August 2018^
  9. Vicky M. Young. Forter Notes Top Online Fraudster Targets for Holiday 2017 WWD.com, Penske Media Corp-Fairchild, December 12, 2017, retrieved 30 August 2018^