Product Overview of Forter
Forter is the Trust Platform for digital commerce, designed to enhance and secure the entire digital transaction process through advanced fraud prevention, identity verification, and payment optimization. Here’s a detailed look at what Forter does and its key features:
Core Functionality
Forter’s primary goal is to assess trust instantly for every digital interaction, enabling businesses to confidently offer their customers a seamless and secure experience. The platform achieves this by integrating identity intelligence at every step of the digital commerce journey, filtering out fraud and focusing on growing customer lifetime value.
Key Features
1. Identity Verification and Intelligence
- Forter uses its first-party Identity Graph to identify and verify the identities behind each interaction. This allows businesses to block more fraudsters and approve more legitimate transactions.
2. Real-Time Decisioning
- Leveraging AI and machine learning, Forter makes decisions in under 400 milliseconds, enabling real-time fraud detection and prevention. This speed ensures that businesses can offer omni-channel experiences without the risk of fraud or abuse.
3. Global Merchant Network
- By joining Forter, businesses become part of a global network of over 200,000 merchants, collectively processing hundreds of billions of dollars in gross merchandise value. This network effect enhances the platform’s ability to detect and prevent fraud.
4. Behavioral Analytics and Machine Learning Models
- Forter employs sophisticated machine learning models to detect patterns across vast datasets, continuously updated by fraud experts. These models help in identifying and preventing various forms of fraud, including device spoofing, buyer-seller collusion, address manipulation, and account takeover attempts.
5. Transaction Monitoring and Chargeback Protection
- The platform provides comprehensive transaction monitoring, chargeback protection, and account takeover protection. This ensures that legitimate transactions are approved while fraudulent ones are blocked, minimizing false positives and chargebacks.
6. Payment Optimization
- Forter optimizes payments through features like tokenization (including PCI tokenization and network tokenization), which secures payment card data and minimizes PCI DSS compliance burdens. It also enhances 3DS authorizations to improve issuer authorization and reduce friction for customers.
7. Customizable Rules Engine and Cross-Channel Protection
- Businesses can set custom fraud parameters using a customizable rules engine. Additionally, Forter offers cross-channel protection, ensuring that fraud prevention is consistent across all channels and devices.
8. Fraud Insights Dashboard and Reporting
- The platform provides a fraud insights dashboard and detailed reporting, giving businesses visibility into risk decisions, authorization rates, chargebacks, and payment method trends. This helps in improving model performance and making informed decisions.
9. Policy Abuse Prevention and Anomaly Detection
- Forter includes features for policy abuse prevention and anomaly detection, ensuring that businesses are protected from various forms of abuse and unusual transaction patterns.
10. API Integration and User Authentication
- The platform offers seamless API integration and robust user authentication, making it easy to integrate with existing tech stacks and ensure secure transactions.
Benefits
- Improved Conversion Rates: By reducing friction and ensuring secure transactions, Forter helps businesses improve conversion rates and customer satisfaction.
- Enhanced Customer Experience: Faster, easier checkouts, simpler returns and refunds, and more valuable promotions contribute to a superior customer experience.
- Increased Customer Lifetime Value: By focusing on legitimate transactions and preventing fraud, businesses can build trust and loyalty, leading to higher customer lifetime value.
In summary, Forter is a comprehensive platform that combines advanced identity intelligence, real-time decisioning, and robust fraud prevention to optimize digital commerce transactions. Its extensive features and global network make it a trusted solution for businesses seeking to enhance security, improve customer experiences, and drive growth.