Forter has teamed up with Nuvei to help protect merchants using the Nuvei Native Commerce platform from fraudulent players. The announcement comes only a few weeks after Forter announce that it had added FreedomPay to its ecosystem. For the 50,000 Nuvei merchants this is good news. Recent research by BlueVenn found that more people in the UK will be shopping online during the runup to Christmas. Those changing attitudes are being replicated across the world as COVID restrictions, and fear of infection mean people are reducing their footfall in retail stalls.
Nuvei increases protection against fraud
For payments provider like Nuvei, this is good news. Nuvei operates across 200 global markets, supporting 450 payment methods in 150 different currencies. While this makes its payments platform attractive, as merchants can enable the consumer’s payment method of choice, they also want to ensure that payments are legitimate. That feeling is also shared by the banks that offer the payments. Fraud is still rife across the world. MerchantSavvy estimates that global losses from payment fraud tripled in the last ten years, rising from $9.84 Billion in 2011 to $32.39 in 2020.
What the Forter platform offers is more important to merchants. It helps identify and reject fraudulent payments. It also ensures that legitimate ones are approved quickly. Rejecting a consumer payment incorrectly will lead to a lowered customer satisfaction at best and the potential loss of the customer and all future revenues. The combination provides a global solution that meets local compliance requirements including 3-D Secure (3DS) and other SCA methods for PSD2.
Philip Fayer, Chairman and CEO, Nuvei commented: “As the number of online consumers and transactions continue to rise worldwide, merchants need to create a truly frictionless, secure shopping and checkout experience. To capitalize on an increasingly global marketplace, they must also accept their clients’ preferred forms of payment, stamp out fraud, and reduce cart abandonment to capture immediate and recurring revenue. Together, Nuvei and Forter are delivering just that.”
Success brings more success
As Forter brings on more payment platforms, it becomes even stronger in the marketplace. With the addition of Nuvei to its ecosystem, it also gains access to a whole new dataset to analyse. This will enable it to further improve the accuracy of its platform. Forter understands the buying patterns of more than 800 consumers globally already. There will already be an overlap with the Nuvei customer base. However, Nuvei will also bring in new data from the industry sectors that it is strong in such as gambling and betting.
Global online fraud has been increasing over the last decade. Merchant savvy estimated that it rose from $9.84 Billion in 2011 to $32.39 billion in 2020. It is currently estimated to rise to $40.62 billion in 2027. The question is whether Forter can successfully slow that rise, even as transactions are increasing.
Liron Damri, Co-founder and President of Forter, commented, “Forter’s global data network is a game-changer for the online e-commerce industry. We enable merchants to fight fraud together, making it much easier to identify attacks across the network, but more importantly, to easily recognize legitimate customers and allow them to interact freely with merchants. In the past year, we’ve expanded our European footprint, which positions us perfectly ahead of PSD2 enforcement.”
Enterprise Times: What does it mean
As Forter brings on more partners such as FreedomPay and Nuvei, its fraud assessment becomes more accurate. In turn, this makes it more likely that other payments platforms will turn to Forter to reduce fraud across their network.
For Nuvei, this will help to reduce fraud in their network, without any detrimental, specifically transaction approval delays impacting their customers. It should also mean that their merchants will see a drop in losses to fraud. This is especially important at a time where a physical presence in a store is no longer occurring.
Yuval Ziv, Managing Director of Digital Payments at Nuvei commented: “We are always looking for new partners that will bring added value and services to our global solutions, and we’re thrilled to include Forter today. Offering a seamless payment experience while protecting against fraud has always been at the core of our business offering, and we feel that combining the power of two pioneering payment leaders delivers a truly groundbreaking solution that will benefit retailers targeting local, regional and global markets alike.”
This has been a good year for Forter. It has grown substantially, added more payment partners and also raised $125 million in funding to support further growth. Adding payment partners is part of the vision that Michael Reitblat, CEO and Co-founder, Forter has for the company. He stated: “We set out to create a global coalition of merchants, banks and payment providers that fight fraud together.” That mission is now one step closer to completion.