Forter
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| Company type | Private |
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| Industry | |
| 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
[edit]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
[edit]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
[edit]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
[edit]References
[edit]- ^ a b Kepes, Ben (November 11, 2014). "Forter Raisies $15M Series B For E-Commerce Fraud Prevention". Forbes.com. Retrieved 25 August 2018.
founded by executives from Fraud Sciences
- ^ Kirk, Jeremy (January 28, 2008). "PayPal Buys Fraud Sciences for $169 Million". NewYorkTimes.com. The New York Times Company. Retrieved 25 August 2018.
- ^ a b Shamah, David (July 15, 2015). "Israeli tech firms wins an 'Oscar' for fraud prevention". Times of Israel. Retrieved 30 August 2018.
- ^ Blakey, Douglas (January 28, 2023). "Forter acquires Immue to enhance bot detection capabilities in wake of rampant attacks". Retail Banker International. Retrieved 25 November 2023.
- ^ Zakrzewski, Cat (April 21, 2016). "Fraud Prevention Company Forter Secures $32M Series C". wsj.com. Dow Jones & Company, Inc. Retrieved 25 August 2018.
- ^ Carlin, Patricia (February 15, 2017). "How To Reduce Chargebacks Without Killing Online Sales". Forbes. Retrieved 1 January 2018.
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.com. Gartner, Inc. Retrieved 30 August 2018.
- ^ Cowley, Stacy (August 13, 2018). "Banks and Retailers Are Tracking How You Type, Swipe and Tap". The New York Times. p. B1. Retrieved 30 August 2018.
- ^ Young, Vicky M. (December 12, 2017). "Forter Notes Top Online Fraudster Targets for Holiday 2017". WWD.com. Penske Media Corp-Fairchild. Retrieved 30 August 2018.