Improved accuracy prevents account takeovers and increases completed transactions
New Delhi —Forter has launched Trusted Identities to help businesses simplify online account authentication. Trusted Identities protects against account takeovers that exploit consumer credentials and prevents fraudsters from abusing systems and policies by creating multiple accounts. By reducing the impact of bad actors, businesses can shift their focus to optimizing account-specific experiences and growing revenue from their best customers.
While account-based commerce creates opportunities, it also adds surface area for fraud and abuse. Our annual research showed 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 seeking better ways to protect consumer credentials, payment information, and reputation.
Trusted Identities applies Forter’s decision engine to consumer authentication at sign-up and sign-in—addressing these increasingly critical touchpoints in the eCommerce journey. Specifically, Trusted Identities blocks fraudsters from unlawfully accessing accounts and from creating multiple accounts, a key to protecting the integrity of marketplaces and loyalty programs.
Importantly, Trusted Identities encourages legitimate customers to build account profiles; the solution removes purchase obstacles by more rapidly and accurately authenticating consumer accounts. Businesses can integrate Trusted Identities with their existing multi-factor authentication solution and replace dependencies on device fingerprinting, biometrics, and other point solutions with the Forter platform.
The introduction of Trusted Identities represents a powerful application of Forter’s decision engine and Identity Graph—which has grown past one billion online identities. Forter uses machine learning to pattern match account access attempts against its Identity Graph to distinguish legitimate customers, sellers, and resellers from fraudsters, and to identify attempts by a single persona to create multiple accounts.
“Our customers expect an exceptional experience when interacting with us online or in our apps,” said Doug Ferreira, Director of Financial Operations, delivery.com. “Forter works with us to protect our customers’ accounts and our marketplace, and ultimately that translates into more completed transactions. By preventing account takeovers and shielding our customers from bad actors, we reinforce their trust.”
“Businesses are looking for clever ways to deliver a superior eCommerce experience for their customers,” said Michael Reitblat, CEO and co-founder of Forter. “When consumers build accounts, businesses can deliver more personalized recommendations and rewards. Delighting consumers and fighting fraudsters requires precise decisions at account sign-up and login. Forter has proven to be precise in making these decisions for leaders across industries.”
The introduction of Forter Trusted Identities caps off a year of milestones. The company’s run-rate for gross merchandise value processed has surpassed $250 billion. In May, Forter announced series F funding that valued the company at more than $3 billion. In the subsequent months, the company was recognized in the Forbes Cloud 100 and the Fintech 50.