Forter and FreedomPay Partner to Connect Merchants and Banks Across a Global Network to Fight Fraud and Reduce False Declines
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 5-7 times 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 3D Secure (3DS) and other SCA methods for PSD2.
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At SEON Technologies we have released new information on the collection countries that are most and least at risk of cyberattacks. We have also taken a close look at the most common types of cybercrime occurring in the US.
Dubbed the Global Cybercrime Report, the report explains how several countries are the safest in the world from fraud and other cybercrime. and why others are not. Our methodology for this research was based on how companies and public infrastructure are all being fairly well protected through both legislation and technology at their disposal.