Gartner recently published their Market Guide for Online Fraud Detection 2020 providing key recommendations on fraud prevention strategy and highlighting what to look for when selecting an online fraud detection vendor.
In the report, Gartner recommends that merchants choose a fraud prevention provider that can:
- Apply a trust and safety mindset by assessing how OFD tools can help to protect the integrity of a broad range of brand/customer interactions beyond account creation, login, and payment, such as the return of items or posting reviews.
- “Deliver a comprehensive fraud management strategy by viewing fraud detection, identity proofing, and authentication as a cohesive toolset.”
- Future proof fraud prevention processes by defining the orchestration layer as a key strategic component then implementing a suite of interchangeable components that can deliver core capabilities around that.
Focus initially on deriving more value from the RFP process by evaluating how vendors can help deliver desired business outcomes, and accept that assessing fraud detection performance through POC trials is challenging.
As the leader in e-commerce fraud prevention, Forter delivers these best practices to leading enterprise clients including Nordstrom, Hugo Boss, TGI Fridays, and Priceline as well as Payment Service Providers (PSP) including Worldpay, to ensure they meet the challenges of today’s dynamic climate.
Forter delivers its clients:
- An integrated fraud prevention platform protecting 100% of interactions across the entire purchasing journey – from login, to sign up, to coupon redemption and returns.
- Identity-based fraud prevention which includes a full suite of authentication and identity services, reducing the need to manage multiple tools and providing merchants with greater accuracy.
- Orchestration across the customer journey and 3rd party data sources, providing automation and facilitating the sharing of data sets and inputs from across vendors, minimizing costly manual work.
- Unparalleled results for clients, including up to 90% reduction in false declines and chargebacks, ensuring each client is approached from the perspective of how to drive top line and bottom line growth.
For further details on Gartner’s Market Guide recommendations, download the full report here.