Forter
Topic: Company
From HandWiki - Reading time: 3 min
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| Type | Private |
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| Industry |
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| Founded | 2013 |
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| Website | www |
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 decisioned 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
- ↑ 1.0 1.1 Kepes, Ben (November 11, 2014). "Forter Raisies $15M Series B For E-Commerce Fraud Prevention". https://www.forbes.com/sites/benkepes/2014/11/11/forter-rasies-15m-series-b-for-e-commerce-fraud-prevention/#40e000bb6e57,. "founded by executives from Fraud Sciences"
- ↑ Kirk, Jeremy (January 28, 2008). "PayPal Buys Fraud Sciences for $169 Million". The New York Times Company. https://archive.nytimes.com/www.nytimes.com/idg/IDG_002570DE00740E18002573DE00422DAA.html.
- ↑ 3.0 3.1 Shamah, David (July 15, 2015). "Israeli tech firms wins an 'Oscar' for fraud prevention". https://www.timesofisrael.com/israeli-tech-firms-wins-an-oscar-for-fraud-prevention/.
- ↑ Blakey, Douglas (January 28, 2023). "Forter acquires Immue to enhance bot detection capabilities in wake of rampant attacks". https://www.retailbankerinternational.com/analysis/michael-reitblat-ceo-forter-discusses-forter-acquisition-of-immue/.
- ↑ Zakrzewski, Cat (April 21, 2016). "Fraud Prevention Company Forter Secures $32M Series C". Dow Jones & Company, Inc.. https://www.wsj.com/articles/fraud-prevention-company-forter-secures-32m-series-c-1461238202.
- ↑ Carlin, Patricia (February 15, 2017). "How To Reduce Chargebacks Without Killing Online Sales". Forbes. https://www.forbes.com/sites/forbesfinancecouncil/2017/02/15/how-to-reduce-chargebacks-without-killing-online-sales/#1bd8be641cb0. "most merchants have a hard time finding a balance in fraud prevention that allows them to effectively combat bad actors without turning away good sales."
- ↑ Care, Jonathan; Phillips, Tricia (February 5, 2018). "Market Guide for Online Fraud Detection". Gartner, Inc.. https://www.gartner.com/doc/reprints?id=1-4VK4I5D&ct=180409&st=sb.
- ↑ Cowley, Stacy (August 13, 2018). "Banks and Retailers Are Tracking How You Type, Swipe and Tap". p. B1. https://www.nytimes.com/2018/08/13/business/behavioral-biometrics-banks-security.html.
- ↑ Young, Vicky M. (December 12, 2017). "Forter Notes Top Online Fraudster Targets for Holiday 2017". Penske Media Corp-Fairchild. http://wwd.com/business-news/retail/forter-notes-top-online-fraudster-targets-holiday-11072693/.
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