Forter has closed a $3 million Series A funding round from Sequoia Capital. The company offers online retailers real-time e-commerce fraud protection solutions backed with a full chargeback protection program.
Forter CEO Michael Reitblat said, "As ecommerce continues to grow and fraud evolves, our one-of-kind technology is in a unique position to become the fraud solution standard for online retailers big and small, and in any industry. By offering the only real-time anti ecommerce fraud solution that fully backs its decision making process, we're filling a major void in the industry we make a decision for 100% of the transactions so that merchants can focus on growing their businesses."
The financing round comes one month after Forter's launch, which was announced during the inaugural event for Citi's Innovation Center in Tel Aviv, a worldwide fintech innovation center in which Forter spent the last eight months developing the technology.
Reitblat said, "Since Target's breach, where 40 million customers' credit and debit card accounts were illegally accessed, retailers are increasingly looking for a solution that stops fraudsters without hurting good customers and losing revenue in real-time - to not affect the deal flow and user experience - all with a 100% guarantee, which is what we're offering. Forter's technology, in Target's instance, would have made it extremely hard for fraudsters to monetize this data in the online space."
Forter's plug-and-play technology automates the review process by instantly analyzing profile data, behavioral data and cyber intelligence. While other solutions are solely focusing on verifying customer-given information, which is easy to fake, Forter focuses on combining that with the analysis of real-time customer behavior on the site something that is much harder to fake.
Published by Globes [online], Israel business news - www.globes-online.com - on March 26, 2014
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