Cyient strengthens its leadership position in digital engineering and R&D E with the recognition of Zinnov zones in the United States
Cityneon Expands Middle East Presence in Qatar Free Zones, Improving the Region’s Entertainment Technology Industry
Forter announces trusted identities to simplify authentication for e-commerce interactions
Posted on December 13, 2021
Improved accuracy prevents account takeovers and increases completed transactions
New Delhi âForter launched Trusted Identitys to help businesses simplify online account authentication. Trusted Identitys protects against account hacks that exploit consumer credentials and prevent fraudsters from abusing systems and policies by creating multiple accounts. By reducing the impact of bad actors, businesses can focus on optimizing account-specific experiences and increasing revenues for their best customers.
While account-based trading creates opportunities, it also adds a surface for fraud and abuse. Our annual research has shown that account takeovers, in which fraudsters attempt to use stolen login credentials, increased 55% between the first half of 2020 and the first half of 2021. Businesses are looking for better ways to protect consumer credentials, payment information and reputation.
Trusted Identities applies Forter’s decision engine to authenticating consumers during registration and sign-in, addressing these increasingly critical touchpoints in the e-commerce journey. Specifically, Trusted Identitys prevents fraudsters from illegally accessing accounts and creating multiple accounts, a key to protecting the integrity of markets and loyalty programs.
Importantly, Trusted Identitys encourages legitimate customers to create account profiles; the solution removes barriers to purchase by authenticating consumer accounts faster and more accurately. Businesses can integrate trusted identities into their existing MFA solution and replace dependencies on device fingerprints, biometrics, and other point solutions with the Forter platform.
The introduction of trusted identities is a powerful application of Forter’s decision engine and identity graph, which has surpassed one billion identities online. Forter uses machine learning to compare account access attempts against its identity chart to distinguish legitimate customers, sellers, and resellers from fraudsters, and to identify attempts by a single person to create multiple accounts.
“Our customers expect an exceptional experience when interacting with us online or in our applications” said Doug Ferreira, director of financial operations, delivery.com. âForter works with us to protect our clients’ accounts and our market, and that ultimately translates into more complete transactions. By preventing takeovers and protecting our clients from bad actors, we build their trust.
âBusinesses are looking for smart ways to deliver a superior e-commerce experience to their customers,â said Michael Reitblat, CEO and co-founder of Forter.. âWhen consumers create accounts, businesses can provide more personalized recommendations and rewards. Keeping consumers happy and fighting scammers requires precise decisions during account registration and login. Forter has been proven accurate in making those decisions for executives across all industries.
The introduction of Forter Trusted Identitys marks a year of milestones. The company’s execution rate for the gross value of goods processed has exceeded $ 250 billion. In May, Forter announced a Series F financing that valued the company at more than $ 3 billion. In the months that followed, the company was recognized in the Forbes Cloud 100 and Fintech 50.