Fintech
Forter Achieves US$100 Billion Transaction Milestone
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Forter, the leader in e-commerce fraud prevention, today announced it has processed a record US$100 billion in e-commerce transactions, a milestone no other online fraud decisioning platform has achieved to date. In turn, Forter has increased the dollar amount of processed transactions by 100 times over the past three years, and doubled the amount since January 2019 alone.
By processing massive volumes of transactions, it allows Forter to have the most comprehensive view of both consumer and fraud behavior across enterprises and industries worldwide, including luxury, travel, hospitality, on-demand services, food delivery and digital/e-commerce verticals. Merchants that are part of Forter’s global network — including well-known brands such as Nordstrom, leading online travel companies like Priceline, and fast-growing consumer start-ups such as AWAY Travel — benefit from the sheer size and varied nature of the organizations within this network.
For example, once a credit card is stolen, fraudsters attempt to use the card as much as possible over a short period of time. In order to protect against this, Forter is able to quickly leverage its massive volume of transactional data and award-winning technology to detect potential threats and block them across its global network in a split second, in essence immunizing the entire network — helping to prevent thousands of dollars in losses. Amid regulatory changes around payments and data security, such as GDPR and PSD2, Forter’s ability to detect and prevent fraud throughout the entire customer lifecycle becomes even more valuable to block various types of fraud while meeting regulatory compliance.
In another problematic scenario, users with new credit cards and/or updated address details tend to be at a greater risk of being inaccurately declined by merchants, negatively impacting the purchasing experience. With Forter’s extensive view of consumer behavior, even with updates to payment or personal information, a customer is immediately recognized as legitimate, allowing them to checkout seamlessly. It’s with this large network spanning various industries that Forter is able to protect more organizations and their customers worldwide in a faster and more accurate manner compared to any other fraud prevention provider.
“The reality is, size matters when fighting fraud. With Forter’s network being five times the size of the largest global retailer, there is immense power in joining a global coalition of merchants for increased visibility, intelligence and protection, resulting in the ultimate end goal of a frictionless customer experience,” said Michael Reitblat, co-founder and CEO, Forter. “Fraud is unpredictable and chaotic, and merchants need resources to provide accuracy, adaptability and consistency, while remaining consumer-first. Top brands across the globe trust us to help them achieve it all, and today’s US$100 billion milestone is a testament to that.”
Forter provides an integrated, identity-based fraud prevention platform that uses advanced machine learning technology and fraud detection capabilities. It delivers the most accurate, real-time and fully automated solution on the market today that is focused on enabling revenue and supporting business performance by solving the following challenges:
- Accuracy — accurately distinguishes legitimate buyers from fraudsters;
- Adaptability — automatically adapts to the dynamic nature of fraud and to new types of purchasing experiences customers demand (ie. BOPIS: buy online, pick-up in store);
- Consistency — delivers a consistent consumer experience from login to check-out. For example, some customers are approved when they check out with a credit card, but if they try and sign up for a loyalty program, they are denied. Consistency is critical to consumer experience.
SOURCE Forter
Fintech
Accura Scan, The Only Certified Biometric Solution Provider in Middle East & Africa for Banks and Telcos
Global Identity Verification and Digital KYC solutions provider, Accura Scan is pleased to announce being awarded ISO/IEC 30107-03 compliance after passing a presentation attack detection (PAD) iBeta Level 2 audit with 0% FAR, making it one of the few companies worldwide and the only in India, Singapore, APAC & Middle East to have such a recognition.
As part of the testing procedure to assess the performance of Accura Scan face biometric liveness system, which is already being used by clients globally, it was successfully tested with millions of data points in alpha & beta testing modes. Its algorithms were pitted against various forms of spoofing attempts, including but not limited to 3D-printed and curved masks, silicone and paper masks, and videos of real subjects.
Yasin Patel (YP), Accura Scan’s CEO & Founder, expressed great pride in the achievement, adding, “Obtaining the ISO 30107-03 standard after passing the rigorous iBeta level 2 test demonstrates the effectiveness of our solutions against spoofing attacks.” He further announced that in keeping with their motto of ‘Biometrics for All’, Accura Scan would be offering its trusted Identity Verification Suite for free to all start-ups, while established entities would be offered various modules for as little as USD 5,000 a year onwards.
Commenting on this feat, Director – International Sales, Reza Writer, added, “Ambition greater than resources is in the DNA of Accura Scan. We have achieved this feat with a very small but highly skilled & dedicated team that has executed the organizational goal beautifully.”
The ISO 30107-3 framework measures a biometric system’s false acceptance rate (FAR) and false rejection rate (FRR) at the point of presentation. Passing the evaluation with an FAR of 0%, means that the company’s biometric algorithms offer a high level of spoof resistance in all environments.
Headquartered in India, Accura Scan has been completely bootstrapped & profitable since its incorporation. It has firmly established itself in the MENA region over the last 4 years, working with some of the most esteemed Banks, Telecoms & Fintechs globally. As a part of its global strategy, it has now registered itself in Singapore, the EU, the UK, & the US. With top-notch Identity Verification & Digital KYC products, it is confident of making a mark in these markets.
BIM Exchange revolutionizes the purchase of crypto-currencies: implicity and security guaranteed
BIM Exchange, the French pioneer of crypto-currency exchange platforms, today announces a major breakthrough in the ease of access and security of crypto transactions. With its new feature, it has never been easier to buy and trade crypto-currencies, bridging the gap between the traditional Web and Web 3.0.
Integration of payments in tradtional currencies: Euro, Dollar, Pound Sterling and Swiss Franc
BIM Exchange now enables its users to buy crypto-currencies directly by bank transfer in less than 24 hours, regardless of their currency. The funds are then securely transferred to the user’s decentralized wallet, such as Ledger, TrustWallet, MetaMask or other.
This method considerably simplifies access to digital currencies, while guaranteeing maximum security.
Fintech
Monzo founder talks Prosper. Company sees incredible demand for its Crowdfund, smashing 130% of its target, raising over £785,000.
Having recently announced its crowdfund was open to the public and with a little more than a week to go, Prosper today confirmed it has hit 130% of its funding target, raising over £785,000.
The company is backed by some of the biggest names in fintech. One of those, Tom Blomfield, the founder and former CEO of digital bank Monzo, said:
“The crowdfunding community was vital to Monzo’s growth and helped us engage with our early users. Like Monzo, Prosper is a customer champion brand shaking up the wealth industry. As I invested in Prosper, it became clear that speaking to the community would also play a part in their journey. It’s only the beginning, but I’m excited to help more people prosper!”
Monzo’s first crowdfunding campaign raised just under £1m at a £30m valuation. Today, that valuation stands at “around £4 billion”, according to Sky News. With a week of its own crowdfund still to go, Prosper hopes to build on that success, already closing in on Monzo’s original raise achievement.
“We’ve been blown away by the demand we’ve seen from our community. It’s a testament to the value we can create building a customer-championing business in the world of saving and investing,” said founder and CEO Nick Perrett.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more.
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