Forter has launched Trusted Identities to make eCommerce seamless. The goal is to make online account authentication simpler. Forter wants to prevent account takeovers that exploit consumer credentials. It is also looking to stop the creation of multiple accounts by fraudsters.
The company says that between H1/2020 and H1/2021, account takeovers increased by 55%. This rise is a serious problem for businesses forcing them to focus more on security than customers. If Trusted Identities works, Forter believes businesses can shift focus to creating a better customer experience.
Michael Reitblat, CEO and co-founder of Forter, said, “Businesses are looking for clever ways to deliver a superior eCommerce experience for their customers.
“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.”
How does Forter Trusted Identities work?
Trusted Identities kicks in when authenticating a user at login. It uses the Forter decision engine and Identity Graph, which, the company claims, has over one billion online identities.
The next step is to use the company’s machine learning tools. These identify legitimate users from fraudsters by pattern matching account access attempts against Identify Graph. The company claims it takes just a fraction of a second to differentiate a real login from a fraudulent attempt.
This approach also works when it comes to preventing the creation of multiple identities. Identity Graph detects the difference between a unique new account and one associated with other accounts. It allows businesses to reduce the risk of fraudsters creating multiple accounts. This is especially important when companies make offers available only to new users.
Importantly, Forter is not positioning this as the only option customers have. It says, “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.”
This ability to mix and match will appeal to customers who do not want to rely on a single solution. It can also create an even more secure login by using MFA technologies, such as biometrics. Alternatively, some may create a fast track login process for those who pass the Forter checks.
Enterprise Times: What does this mean?
Anything that makes login a more secure process is to be welcomed – providing it does not make life harder for users. That’s because the harder you make a login, the more customers will look for ways around it or, worse, go elsewhere. The latter has caused some companies to simplify their logins almost to the point of being ineffective.
The key element of this announcement is that Forter is drawing on its other tools to make Trusted Identities work. That database of over a billion online identities in Identity Graph combined with machine learning is very powerful.
The question is, will this be enough to see off the growing number of other companies entering the identity trust space. In the last two weeks, iProov and idenfy have announced upgrades, while Incode has become a tech unicorn in this space.