Forter, a leader in e-commerce fraud prevention that automatically protects merchants during each moment a consumer interacts with their brand online, has formed a new agreement with Priceline that will help the online travel agency (OTA) guard against fraud, increase transaction approval rates, and improve the customer checkout experience.
Priceline selected Forter as a fraud prevention solution to proactively guard against suspicious activity and better protect consumers from fraud. The recent rise of data breaches has made fraud a more significant threat in America. In 2018 alone, the personal data of more than one-third of all U.S. citizens was exposed through thousands of leaks, resulting in a spike in online fraud attacks fueled by this stolen information. Forter’s most recentFraud Attack Index found that OTAs are a particular target for fraudsters, making prevention critical for retailers in this sector.
As part of the agreement, Forter is collaborating with Priceline to prevent e-commerce fraud attacks and abuse while improving the user experience. Forter’s end-to-end solution leverages sophisticated machine learning technologies, enhanced by human domain expertise and continuous research, to detect and eliminate fraud at both the account level and at the point of transaction in real-time for more than one billion transactions annually.
With the use of Forter’s proprietary technology, Priceline receives fully automated decisions about whether each online transaction is legitimate in milliseconds, enabling a seamless customer experience at any scale.
“Many fraudsters specifically target OTAs because no shipping address is required to buy digital goods and last-minute purchases are common in the travel industry; this can be incredibly lucrative when the proper safeguards aren’t in place,” Michael Reitblat, Forter co-founder and CEO, said in a statement. “We help clients like Priceline reduce chargebacks and bolster revenue by decreasing decline rates and creating a frictionless experience for customers.”
In 2018, Forter tripled its customer base, increased its network to more than 180 million U.S. shoppers across 2.1billion active devices, expanded into Europe, was recognized on the Forbes Fintech 50 list and Fast Company’s Most Innovative Companies list, and raised $50 million in series D financing from March Capital, Sequoia Capital, and Salesforce Ventures.