Product Overview of Forter
Forter is a comprehensive Trust Platform designed to optimize and secure digital commerce transactions, encompassing fraud prevention, identity verification, and payment optimization. Here’s a detailed look at what Forter does and its key features:
What Forter Does
Forter revolutionizes the way businesses handle fraud, payments, and identity verification in the digital commerce ecosystem. It replaces traditional manual, rules-based fraud prevention processes with an AI-powered model, providing real-time, fully-automated solutions. This approach enables businesses to block fraudulent transactions with precision while approving more legitimate transactions, thereby enhancing customer experience and promoting business growth.
Key Features and Functionality
Identity Intelligence and Verification
Forter’s platform leverages an extensive Identity Graph to identify and verify the identities behind every digital interaction. This capability allows businesses to block more fraudsters and approve more legitimate transactions, even from new customers.
Real-Time Decisioning
Forter uses AI and machine learning models to make decisions in under 400 milliseconds, enabling businesses to offer seamless omni-channel experiences. This real-time decisioning capability minimizes false positives and chargebacks while maximizing transaction approvals.
Behavioral Analytics and Machine Learning
The platform employs advanced behavioral analytics and machine learning models to detect patterns across vast datasets. This ensures that fraud detection is highly accurate and continuously updated by fraud experts.
Payment Optimization
Forter optimizes payments through several key features:
- Tokenization: Includes PCI tokenization, network tokenization, and account updater to secure payment card data, reduce PCI DSS compliance burdens, and protect revenue from expired or re-issued cards.
- 3DS Authorizations: Smart 3DS decisioning and execution that minimizes friction for customers, improves issuer authorization, and increases successful transactions while maintaining compliance.
Fraud and Abuse Prevention
Forter offers robust fraud and abuse prevention tools, including:
- Payment Fraud Detection: Identifies and prevents payment-related fraud.
- Account Takeover Protection: Protects against account takeover attempts.
- Policy Abuse Prevention: Alerts companies to policy-related performance changes and prevents abuse.
Global Merchant Network
By joining Forter, businesses become part of a global network of over 200,000 merchants, allowing them to fight fraud collaboratively and benefit from shared intelligence.
Customizable Rules Engine and Cross-Channel Protection
Forter provides a customizable rules engine that allows businesses to tailor their fraud prevention strategies. It also offers cross-channel protection, ensuring that transactions are secure across all channels.
Advanced Reporting and Analytics
The platform includes a Fraud Insights Dashboard and provides detailed reporting and analytics on merchants’ authorization rates, chargebacks, and payment method trends. This helps in improving model performance and gaining valuable customer insights.
Integration and Compatibility
Forter integrates seamlessly with various platforms, including commercetools and Shopify, and has achieved AWS Advanced Technology Partner status, making it easy to incorporate into existing tech stacks.
Conclusion
In summary, Forter’s Trust Platform is a powerful tool for digital commerce, offering a suite of innovative features that enhance transaction security, optimize payments, and improve customer experiences. Its AI-driven approach to identity verification, fraud prevention, and payment optimization makes it a trusted solution for leading brands across various industries.