Forter

Forter is a software as a service (SaaS) company that provides fraud prevention technology for online retailers and marketplaces.[1][2] It has offices in Tel Aviv, London, Singapore, and New York; its headquarters are in New York.[3] Forter gained the status Unicorn in 2020.[4]

Forter
TypePrivate
Industry
Founded2013 (2013)
Founders
  • Michael Reitblat
  • Liron Damri
  • Alon Shemesh
Headquarters
Products
  • Fraud analytics
  • Fraud prevention
Websitewww.forter.com

History

The company was founded in 2014 by software engineers who formerly worked at Fraud Sciences,[5] which was bought and integrated into PayPal in 2008.[6] Before working at Fraud Sciences, the founders served in the Israeli Army's Intelligence unit.[3]

Funding

Forter's funding includes a combined $100 million from Sequoia Capital,[7] Scale Venture Partners, New Enterprise Associates, March Capital Partners, and Salesforce Ventures.

Technology

According to specialists, the challenge to online retailers seeking to prevent online fraud is to be able to assess the customer's trustworthiness in real-time without blocking a legitimate sale or delaying it so long the customer abandons the purchase.[8] In its 2018 analysis of the online fraud detection and prevention, SaaS firms that included both established and newer firms (SAS and Feedzai, e.g.),[9] Gartner Group categorized Forter's technology as fraud analytics. This includes behavioral analysis of customers' established shopping patterns, soft linking (the ability to trace relationships between users even when no overt information is shared) and other techniques.[2][1] Forter offers clients the option of full restitution in the event of a chargeback.[5][3]

See also

References
  1. Young, Vicky M. (December 12, 2017). "Forter Notes Top Online Fraudster Targets for Holiday 2017". WWD.com. Penske Media Corp-Fairchild. Retrieved 30 August 2018.
  2. Cowley, Stacy (August 13, 2018). "Banks and Retailers Are Tracking How You Type, Swipe and Tap". The New York Times. p. B1. Retrieved 30 August 2018.
  3. Shamah, David (July 15, 2015). "Israeli tech firms wins an 'Oscar' for fraud prevention". Times of Israel. Retrieved 30 August 2018.
  4. "Meet the new unicorn fighting online fraud". Globes. 2020-12-29. Retrieved 2023-10-15.
  5. Kepes, Ben (November 11, 2014). "Forter Raisies $15M Series B For E-Commerce Fraud Prevention". Forbes.com. Retrieved 25 August 2018. founded by executives from Fraud Sciences
  6. Kirk, Jeremy (January 28, 2008). "PayPal Buys Fraud Sciences for $169 Million". NewYorkTimes.com. The New York Times Company. Retrieved 25 August 2018.
  7. Zakrzewski, Cat (April 21, 2016). "Fraud Prevention Company Forter Secures $32M Series C". wsj.com. Dow Jones & Company, Inc. Retrieved 25 August 2018.
  8. Carlin, Patricia (February 15, 2017). "How To Reduce Chargebacks Without Killing Online Sales". Forbes. Retrieved 1 January 2018. most merchants have a hard time finding a balance in fraud prevention that allows them to effectively combat bad actors without turning away good sales.
  9. Care, Jonathan; Phillips, Tricia (February 5, 2018). "Market Guide for Online Fraud Detection". Gartner.com. Gartner, Inc. Retrieved 30 August 2018.
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