Transactions start with online merchants but behind the scenes they flow through other parties including payment providers and banks. Each of these players uses a different fraud solution which pulls information from their own internal data sets. The decentralization and lack of comprehensive data within any one solution results in false declines of legitimate customers. The result? A negative customer experience, lost revenue, and missed lifetime value opportunities with customers who may be new to online commerce.
“Fraud prevention continues to be a pain point for merchants, and together FreedomPay and Forter provide a world-class solution. Forter’s fraud prevention capabilities protect merchants on FreedomPay’s Commerce Platform and ensure that only legitimate transactions are approved — this not only increases the volume of transactions we are able to process, but also helps to build brand loyalty by providing an optimal consumer experience.”
President and CTO at FreedomPay
Forter and FreedomPay are joining forces to simplify and strengthen this transaction flow in a powerful way. This partnership expands the world’s largest data network, and ensures that no legitimate customer’s transaction gets declined. A robust database examines shifting consumer behaviors as well as trends in online fraud attacks across global industries. By aggregating data and linking digital identities across various online businesses, payment providers, banks, and geographies, the network recognizes and approves good buyers instantly. This also proactively blocks fraudsters from committing fraud across this expansive merchant network.
This partnership has been established at a critical time, when fraud prevention is more important but also more complex than ever. Online transaction volumes of new users have increased by more than 2x in the past year. Due to lack of data on these new users with current fraud prevention systems, they are 5-7x more likely to be declined than returning users. The right fraud prevention solution can minimize missed opportunities and false declines, increasing merchant revenue by 10%. Learn more about how you can get involved here. This partnership ensures that merchants of FreedomPay’s Commerce Platform reap the benefits of Forter’s growing global network of merchants and best-in-class fraud prevention technology to distinguish good and bad buying behaviors, approve more legitimate customers, and capture lifetime value of new online shoppers.
Join the roundtable discussion tomorrow to hear from innovative leaders in payments including Mastercard, FreedomPay, and Forter.