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Forter
Cybersecurity
Forter is a fraud prevention company providing real-time transaction risk decisions that help e-commerce merchants approve legitimate orders and block fraudulent ones without excessive manual review.
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Forter was founded in 2013 by Michael Reitblat, Liron Golan, and Alon Shemesh, Israeli fraud prevention veterans, based on the observation that e-commerce merchants face a persistent and costly tension between blocking fraudulent transactions and avoiding "false declines," meaning legitimate customer orders incorrectly flagged and rejected as potentially fraudulent, a problem that can be even more costly to merchants than fraud itself, since false declines directly turn away paying, legitimate customers and damage customer trust and lifetime value, while merchants that err too far in the other direction toward approving more transactions expose themselves to greater fraud losses and chargebacks. Forter's platform makes real-time approve-or-decline decisions on e-commerce transactions using machine learning models trained on a very large volume of transaction data across its merchant customer base, analyzing hundreds of data points about a given transaction, customer, and device to assess fraud risk far more accurately than simpler, more static rules-based fraud screening approaches, while also providing merchants with a financial guarantee against fraud losses on transactions Forter approves, meaning Forter itself bears financial responsibility if it approves a transaction that later turns out to be fraudulent, an arrangement that requires significant confidence in its own risk models and aligns Forter's incentives directly with accurately assessing risk rather than simply flagging transactions and leaving the ultimate decision and financial risk with the merchant. The company's shared data network across its many e-commerce merchant customers lets it identify fraud patterns and known bad actors across merchants, since fraudsters frequently target multiple different online retailers using similar techniques, giving Forter's models the benefit of a much broader dataset than any single merchant's own transaction history alone could provide. Forter's customers span e-commerce merchants across many industries seeking to reduce both fraud losses and false decline rates. The company has raised very substantial venture funding from investors including Bessemer Venture Partners, Tiger Global, and NewSpring Capital, reaching a valuation exceeding $3 billion, competing with other e-commerce fraud prevention vendors including Signifyd and Riskified.
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