TEL AVIV, Israel, March 26, 2015 /PRNewswire/ -- Forter, the first fraud prevention solution to offer a real-time Decision-as a Service™ solution for online merchants, announced today the launch of its new product designed to protect retailers from fraud in phone orders, and by that completing Forter's existing solution to provide a 360 protection across all forms of card not present (CNP) customer interactions. This solution provides real-time fraud prevention decisions for payments made via call centers and phone representatives, and enables retailers to enjoy an Omni-channel fraud-free environment while enabling their customers to enjoy a frictionless experience. With EMV migration around the corner, phone fraud has a potential to increase substantially and become a major soft spot for merchants.
Just like Forter's solution for online commerce and mobile payments, Forter continues to stand behind its technology and takes full liability for the transactions in the phone order solution as well, providing merchants with a full peace of mind to focus on their core even in this challenging consumer channel. Forter's 100% money back guarantee assures the merchant that if a Forter-approved transaction turns out to be fraudulent, the merchant will receive full coverage for the costs.
The amazing thing about this product is that Similar to Forter's online solutions , the phone orders solution utilizes behavioral analytics to distinguish between legitimate customers and fraudsters – which is much harder to design in a phone order flow without compromising user experience. That's why Forter decided to focus on this challenge and introduce a much needed solution to the market. The system works in real-time, with immediate approval or decline decisions, so the customer is never bothered or delayed due to fraud considerations. For a smooth buyer experience, there are no text messages or emails involved which would break the phone conversation and cause unnecessary waiting for the customer. The service also enables reduced call durations and increased sales through phone purchases.
"Phone fraud is astonishingly high; according to the recent MRC & Cybersource report, merchants expect to lose 1.4% of their telephone order revenue to payment fraud, which is twice as high as what they expect to lose in ecommerce fraud. We built our phone order solution to not only protect businesses, but also provide a frictionless user experience for the customer," said Liron Damri, Forter COO and co-founder. "Expanding our set of solutions beyond the e-commerce and m-commerce space, our product for phone orders is the missing link for total fraud prevention, which is currently overlooked by most of the vendors in the industry despite of the growing need of merchants." He adds. "Forter is committed to deliver a full protection against fraud – regardless of payment type, Channel or transaction. Our vision is to enable commerce by delivering the most advanced fraud prevention – and allowing online retailers to focus on what they do best – which is selling products, while take full care of the risk".
Forter's solution is entirely automated and evaluates every transaction to provide an immediate approval or decline decision so that legitimate customers aren't even aware that they're being examined. The system's solution gives online retailers the peace of mind to leave fear behind and make choices that are best for their business and its growth.
Forter is the first Decision as a Service™ customer-centric fraud prevention solution for the ecommerce industry. Forter takes the liability away from the merchant and provides a 100% guarantee for all of its transactions. By providing an end to end solution that delivers a real-time, yes or no decision, Forter removes the hassle of managing fraud for merchants, allowing them to grow their business, increase revenue and strengthen every customer experience. Through its triple layer - cyber, analytic and behavioral - approach to understanding the story behind the transaction, eliminating false positives and attacking fraud, Forter's technology is built to stay ahead of the rapidly evolving fraud and e-commerce landscape. Forter is backed by leading investors, NEA and Sequoia Capital. Follow @ForterFraudFree on Twitter and LinkedIn.