Forter and FreedomPay Establish First Joint Network for Banks and Online Merchants
- E-Commerce , Banking
- 28.10.2020 12:08 pm
Forter, the leader in e-commerce fraud prevention, today announced a partnership with FreedomPay, a global leader in Next Level Commerce™, establishing the first joint network for online merchants and banks to instantaneously block fraud and enable legitimate consumers to operate freely. This addresses a major 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.
With online transaction volumes for new users increasing 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.
“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,” said Liron Damri, Co-founder and President of Forter. “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.”
“Fraud prevention continues to be a pain point for merchants, and together FreedomPay and Forter provide a world-class solution,” said Chris Kronenthal, President and CTO at FreedomPay. “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.”
In addition to its fraud prevention capabilities, Forter’s partnership with FreedomPay provides merchants with a global solution that meets regional and country specific compliance requirements, including 3-D Secure (3DS) and other SCA methods for PSD2.