NEW YORK--(BUSINESS WIRE)--Forter, the leader in e-commerce fraud prevention that automatically protects merchants during each moment a consumer interacts with their brand online, today announced a new agreement with Priceline that will help the online travel agency 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 recent Fraud Attack Index found that online travel agencies (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,” said Michael Reitblat, Forter Co-Founder and CEO. “We help clients like Priceline reduce chargebacks and bolster revenue by decreasing decline rates and creating a frictionless experience for customers.”
“Fraud prevention is a top concern in the online travel sector, which is why we chose to partner with Forter to ensure that our customers enjoy a safe and smooth experience when booking travel on Priceline,” said Eric Lorenz, Vice President of Finance Operations at Priceline. “Forter’s solution is so effective because it has access to a vast network of resources, uses artificial intelligence, and instantly notifies us of suspicious activity. This is critical, since both honest travelers and fraudsters regularly book travel at the last minute.”
This announcement is the latest in a series of milestones for Forter that affirm its clear leadership in the fraud prevention space. In 2018, Forter tripled its customer base, increased its network to more than 180M U.S. shoppers across 2.1B active devices, expanded into Europe, was recognized on the Forbes Fintech 50 list and Fast Company’s Most Innovative Companies list and raised $50M in Series D financing from March Capital, Sequoia Capital and Salesforce Ventures.
Forter is the leading e-commerce fraud prevention company that protects merchants during each stage of the customer lifecycle. The company’s identity-based fraud prevention solution detects instances of fraud and abuse beyond transactions in real-time, such as attempts at account takeover and return abuse.
A team of world-class analysts constantly update Forter’s machine learning solutions with cutting-edge insights and research, ensuring the proprietary algorithms adapt to the latest fraud trends in real-time. As a result, Forter is trusted by Fortune 500 companies, online travel businesses, and fast-growing digital disrupters to deliver exceptional accuracy, a smoother user experience and elevated sales at a much lower cost.