Forter combines with FreedomPay to form new fraud prevention network

Forter, the specialist in e-commerce fraud prevention, has announced a partnership with FreedomPay to establish the first joint network for online merchants and banks to instantaneously block fraud and enable legitimate consumers to operate freely. 

The network seeks to address a significant issue where multiple players (the online merchant, the credit card issuer and the bank) touch each online transaction – often using different fraud solutions. 

This inefficiency, combined with the influx of new online shoppers, increases the possibility of false declines for no apparent reason creating a negative customer experience and the potential for lost revenue.

Liron Damri, Co-founder and President of Forter commented: “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 organization, 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.”

It comes as online transaction volumes for new users increase exponentially by more than 2X since the start of COVID, building repeat business and lifetime value represents a real opportunity for retailers. 

However, the challenge is that these new users are 5-7X more likely to be declined due to lack of data with legacy fraud prevention systems. Through Forter and FreedomPay’s global network, merchants can confidently accept users they have never seen before. 

Chris Kronenthal, President and CTO at FreedomPay added: “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.”