NEW YORK, NY—Forter has partnered with FreedomPay to establish what may be the first joint network for online merchants and banks to instantaneously block fraud and enable legitimate consumers to operate freely.
The partnership aims to address a major issue where multiple players (online merchants, credit card issuers, and banks) touch each online transaction but often using different fraud prevention solutions. This inefficiency, combined with the influx of new online shoppers, increases the possibility of false declines for no apparent reason, thereby creating according to the partners, 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 the COVID-19 pandemic, 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. But through Forter and FreedomPay’s global network, merchants can confidently accept users they have never seen before.
Additionally, 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.
“Our coalition of merchants, payment providers and banks fighting fraud together is a huge step forward in global fraud prevention,” said Liron Damri, co-founder and president of Forter. “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.”
“Fraud prevention continues to be a pain point for merchants, and together FreedomPay and Forter provides a world-class solution,” said Chris Kronenthal, president and CTO at FreedomPay. “Forter’s fraud prevention capabilities protects merchants on FreedomPay’s Commerce Platform and ensures 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.”
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