According to Gartner, Cool Vendors in 2016 represent the year of digital disruption. Forter is proud to have recently been named a Gartner Cool Vendor 2016.
As Managing VP & Gartner Fellow Daryl Plummer puts it, Cool Vendors “can change how things are done, can disrupt industries, can change relationships between customers and industries, can change the entire competitive landscape.”
For us, this quote encapsulates everything that being named a Cool Vendor is all about. The image at the top of this article shows something similar visually – the ripple effect.
Traditional online fraud prevention has been heavily based around manual reviews. The Annual Fraud Benchmark Report found that 83% of e-commerce merchants rely on manual reviews to stop fraud.
Until quite recently, there was no other choice – fraud is too costly to the retailer to ignore, and technology hadn’t become sophisticated enough to make decisions about more complicated transactions reliably. But things have changed – full automation is now possible, thanks to a combination of machine learning and human expertise. And that’s fortunate, because customers now have high expectations, which delays and intrusion into online checkout don’t match.
According to Microsoft, 66% of US consumers are willing to spend more money with a company that provides them with excellent customer service.
Even more interestingly, 60% of consumers say they have not completed an intended purchase due to a poor customer service experience. If you’re trying to work out the price tag involved, that’s an estimated $83 billion in lost sales for US retailers.
A report recently released by Gartner, “How Card Acceptors Can Protect Against the New Wave of Card Fraud”, noted that “Web commerce has shifted the role of fraud detection from the arcane back office loss prevention department to being front and center in the customer experience.”
That means that online retailers who care about creating an excellent customer experience need to make fraud prevention a priority. The goal is to ensure that it not only blocks fraud, but also remains invisible to the customer – rather than causing delays or intruding into the purchase experience. Forter’s fraud prevention, awarded ‘Most Invisible Innovation’ is designed to fit the bill.
— Forter (@ForterFraudFree) May 24, 2016
For us, being named a Gartner Cool Vendor 2016 is a reflection of the values that drive our company and our product. The push to innovate, constantly, in order to improve the increasingly important world of e-commerce for retailers and consumers alike, is at the heart of everything we do.
Until recently, fraud prevention had to be about loss limitation – even if that made things worse for good customers. But new and sophisticated technology means that that trade-off is no longer necessary.
With fully automated, guaranteed, real-time approve/decline decisions, retailers can have customer-centered fraud prevention, and ensure their antifraud blocks fraud and never adds friction to checkout. Now that’s cool.