Fraud Technology Archives – Page 3 of 32 – Forter

Payment Service Providers (PSPs) make the experience of a money transfer straightforward for customers and stress-free for merchants. However, in recent years, PSPs have increasingly felt the pressure of margins being squeezed from all sides, a direct result of the commoditization of transactions.

In order to be successful, PSPs must optimize their revenue and lower costs. While a PSPs’ fraud prevention solution may seem like just another checkbox, the chosen platform can actually help a PSP grow their business by increasing approvals, revenue, and even retention.

“Fraud prevention is a critical component to the success of our payment platform, built around optimising conversion rates and reducing fraud for our customers. Forter’s integrated platform provides incredibly fast and precise fraud decisions on all transactions and is fully scalable to support our rapid growth.”
Lennart Koopmans
CEO, Magnius

The Challenge for PSPs

For many PSPs, tackling fraud on behalf of merchants is a difficult task. Inaccurate fraud decisions result in false declines of legitimate transactions, leaving revenue on the table and causing poor experiences for merchants’ customers.

The most common solutions are either a home-grown solution, notoriously difficult to scale as fraud continues to quickly evolve, or a third-party solution. Previously available solutions for PSPs are built on legacy technologies consisting of simplistic rules systems. Unfortunately, this results in time-consuming onboarding, integrations, and maintenance. Merchants wishing to work with the PSP must hire teams to perform manual reviews and spend resources to constantly update their rules.

Worse, rules are inflexible and unscalable by nature. Applying rules unilaterally that may span regions or industries with specific nuances or requirements results in inaccurate fraud decisions and costs both PSPs and merchants significant revenue. Poor performance of a PSP’s fraud solution can sometimes even cause merchant churn.

Forter for Payment Service Providers

Forter’s integrated, identity-based platform enables PSPs to provide the most reliable, painless fraud solution to their merchants. Some of the world’s leading payment processors such as Worldpay has partnered with Forter to offer best-in-class fraud prevention services and chargeback indemnification. The platform is powered by machine learning, fraud expertise, and an expanding global data network of over 750 million unique e-commerce customers around the world, resulting in the most accurate fraud decisions.

Forter’s extensive portfolio of fraud and abuse prevention integrates seamlessly with all PSPs and applies its best-in-class fraud solution across all PSP merchants. Forter reduces false positive declines and chargeback losses by up to 90%. In partnership with Forter, PSPs can:

Additionally, Forter provides protection against all forms of fraud and abuse, enabling PSPs to provide value even beyond payments. This protection extends to:

Forter is trusted by PSP partners including Worldpay, Fat Zebra, and Magnius.

Improve your approach to fighting fraud and abuse. Streamline your solution and better protect your business and merchants now. Read our solution brief to learn more about what Forter can do for you.