Published: March 9, 2021
Reading time: 2 minute read
Written by: Forter Team

The Pain in Payments Today

In the payments process today, both merchants and issuing banks need to perform risk evaluations on every transaction to reduce fraud. However, these decisions are made independently, with merchants and issuers using different sets of data and insights to evaluate risk. Due to limited data, issuing banks may falsely decline legitimate transactions.

  • The lost income to merchants and issuers resulting from false declines is predicted to be over $443B in 2021, which is 75x more than potential fraud losses
  • Additionally, up to 90% of bank declines due to suspicion of fraud are likely to be legitimate transactions. When an issuer declines a transaction, it is ultimately lost (even if it’s a legitimate transaction that the merchant would otherwise approve)

Today, most merchants have limited visibility into the authorization process (and issuers’ fraud evaluations) and no way to influence the payments process once a transaction is sent for approval.

Introducing Forter Trusted Authorization

Forter Trusted Authorization is the first solution that provides merchants with a direct connection to card issuing banks to share Forter’s fraud insights. With Forter, merchants now have the ability to influence payment outcomes and have more control over the authorization process. Issuers can also leverage Forter’s insights – backed by Forter’s best-in-class accuracy –  to make more accurate decisions.

RESULTS

  • Forter Trusted Authorization enables issuers and merchants to reduce fraud rates and authorization declines due to suspicion of fraud by up to 50%
  • This translates into a 1-3% increase in overall authorizations, benefiting merchants, issuers, and consumers
  • An improved customer experience as legitimate customers are ultimately approved (and not wrongly declined)

Welcoming Capital One to the Forter Network

Along with the launch of Forter Trusted Authorization, we’re excited to announce that Capital One is joining Forter’s Trusted Authorization Network. Integrating Forter Trusted Authorization with Capital One’s Enhanced Decisioning Data API ensures that more transactions can be approved accurately and securely – supporting both consumers and the merchants from which they purchase.

“It’s game changing to be able to enhance our authorization decisions in real-time as a result of our partnership with Forter, improving the accuracy of our decisions and leading to better overall experiences for our customers”

— Sarah Strauss, Head of Card Fraud at Capital One

Powered by Forter’s Global Merchant Network and advanced AI technology, Forter Trusted Authorization enables Capital One to enhance their authorization and fraud decisions, improving the accuracy of their decisions and delivering better experiences to their customers.

“With Forter, we are seeing a reduction in false declines, with no material increase in fraud, meaning our customers are shopping more seamlessly and more securely”

— Sarah Strauss, Head of Card Fraud at Capital One

The Way Forward

With Forter Trusted Authorization, merchants have the ability to directly influence bank decisions and reduce their bank authorization declines. Read our Solution Brief to learn more about how Forter can help your business approve more transactions and capture more revenue.

Download the Forter Trusted Authorization Solution Brief

2 minute read