Forter is strengthening its e-commerce fraud protection service by integrating its authorization tool with a Capital One decisioning data product that will provide merchants with a direct connection to issuing banks to share Forter insights.
The integration between the Forter Trusted Authorization software and Capital One’s Enhanced Decisioning Data API aims to increase authorization rates and decrease false declines for e-commerce transactions.
The lost income to merchants and issuers from false declines is predicted to be more than $443 billion in 2021, or about 75 times more than fraud losses, Forter and Capital One stated, citing Aite Group research.
“It’s game-changing to be able to enhance authorization decisions in real time as a result of our partnership with Forter, improving the accuracy of our decisions and leading to better overall experiences for our customers,” Sarah Strauss, head of card fraud at Capital One, said in a Wednesday press release. “We are always looking for ways to better serve and protect our customers and in our initial work with Forter, we are seeing a reduction in false declines with no material increase in fraud, meaning our customers are shopping more seamlessly and more securely.”
Forter’s authorization tool is powered through its Global Merchant Network and artificial intelligence technology, establishing a bridge between merchants and issuing banks so both can leverage Forter’s insights on the data.
Based on initial merchant data, Forter says its fraud insights enable issuers to reduce declines due to suspicion of fraud by up to 50% — all while reducing fraud rates.
Forter cites a 1% to 3% increase in overall authorizations, which benefits merchants and issuers, while improving customer experience online.
“With Forter Trusted Authorization, we are shining a light into what was once a black box process for merchants and an area of lost revenue for issuers,” Michael Reitblat, co-founder and CEO of Forter, said in the release.
“This solution is a giant step forward in our mission to create an ecosystem of trust in commerce — one where merchants, issuing banks, and consumers can work together to ensure the success of every legitimate transaction as seamlessly as possible,” Reitblat added.
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