Complimentary Access: Gartner Hype Cycle (incl. Fraud Detection analysis)

Forter is proud to be able to say that the company has been named in three recent Gartner Hype Cycle reports – and you can have complimentary access to the hype cycle for risk management right now, though for a limited time only. Forter had been named a Gartner “Cool Vendor” earlier this year in the report Cool Vendors in UEBA, Fraud Detection and User Authentication, 2016.

Fraud Detection Hype Cycle Reports (Complimentary access via newsletter here)

The Hype Cycle reports are: Hype Cycle for Risk Management Solutions, 2016, Hype Cycle for Digital Commerce, 2016 and Hype Cycle for Digital Government Technology, 2016.

Forter’s CEO Michael Reitblat commented, “For us, inclusion in these recent Hype Cycle reports reflects the growing importance of the new generation of fraud prevention, not just in helping companies to stop fraud, but in ensuring that stopping fraud accurately has a positive impact on customer experience and sales, rather than a negative one. For too long, fraud prevention has been risk-averse, which was bad for customers and results in lost sales. With new technology, that doesn’t have to be the case anymore.”

Reitblat continued, “Gartner notes that “Properly tuned fraud detection can enable frictionless and convenient business interactions with legitimate end users while creating the opposite experience for illegitimate ones.” This is exactly what Forter was created to do – our system, which combines highly sophisticated technology with the insights of expert and experienced fraud research analysts, provides instant, fully automated approve/decline decisions for every transaction. It’s excellent at stopping fraud, while good customers never even realize they were analysed – it’s that smooth.”

The Plateau of Productivity

Gartner placed Fraud Detection in the Plateau of Productivity, the category for technology when “Mainstream adoption starts to take off. Criteria for assessing provider viability are more clearly defined. The technology’s broad market applicability and relevance are clearly paying off.”

The reports outline some of the factors that have encouraged the maturation of fraud detection in recent years: “In the banking/payments and large e-commerce markets, fraud detection continues to grow at a healthy clip, driven by increasing fraud attacks in non-face-to-face channels, including the online, mobile, contact center and phone channels. Attacks are now commonplace across the globe, generating opportunities for further adoption of fraud detection applications. Furthermore, strong authentication systems rolled out across the world have been circumvented and beaten by hackers, thereby strengthening the need for background fraud detection systems that can spot transaction anomalies after a user has been authenticated. Therefore, the adoption of fraud detection is increasing in countries and industries that previously relied primarily on strong user authentication to control access to sensitive applications and functions.”

Reitblat comments that “We used to see companies unwilling to invest in new generation fraud prevention abilities because they felt that they didn’t have a fraud problem. That’s not the case anymore.  Everyone is aware of fraud as an issue – and increasingly businesses are realizing that if they don’t choose a customer-centered approach for stopping fraud, they’re just opening the back door to loss through lower sales and dissatisfied customers.”  

Accommodating Multiple Channels

Gartner recommends that companies “Implement fraud detection across multiple channels, as criminals commit their crimes across them, especially the online, contact center and mobile channels.”

Forter provides a fraud prevention solution which is designed to take each channel on its own terms, rather than trying to make all channels fit one model, so that transactions from each are treated differently, using the data that is unique in each case. In this way both fraud and false positives are minimized, and customer experience protected, whatever the channel. And we provide mobile first fraud prevention for mobile orders, rather than trying to treat mobile as a part of e-commerce with the attendant downsides for both effective antifraud and buyer experience.

Innovate, or Get Left Behind

Gartner also recommends that companies “Don’t consider legacy fraud detection technology adequate if the vendor fails to keep up with criminal trends. Replace or complement the technology with solutions from vendors that continue to innovate, which is a necessity when combating rapidly evolving criminal behavior.”

Forter has won a number of awards for innovation, a reflection of the dynamic and ingenious nature of its many-layered system which uses contextual behavioral analytics, cyber intelligence and an elastic understanding of identity that matches the needs and patterns of today’s omnichannel consumer.

The system is refined continually, from two directions. The machine itself learns from every transaction, and highly trained expert analysts and data scientists engage in constant research  into transaction data, consumer buying patterns, technological possibilities and the fraudster ecosystem, continually improving the system and adapting it to meet the latest fraudster techniques without slowing down good customers.

 

Gartner Disclaimer

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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