The inability for an e-commerce merchant to know about a fraud problem at another merchant checkout page can limit transaction monitoring and security.
The inability for an e-commerce merchant to know about a fraud problem at another merchant checkout page can limit transaction monitoring and security. To bring more visibility to e-commerce, fraud prevention provider Forter is establishing a joint network with processor FreedomPay to allow merchants and acquiring banks the opportunity to share information and make decisions to block fraud in real time. It’s the first time Forter has brought its technology onto the same platform as an e-commerce payments provider with hundreds of thousands of merchant accounts across the globe. The companies are pointing to consistency as the key for the network, avoiding situations in which the online merchant, credit card issuer and the bank bring different solutions to the table in authenticating a transaction. The timing is key, as the COVID-19 pandemic has driven more merchants — and fraudsters — online. This shift has also increased the chance that legitimate transactions could be declined because of the lack of data available in a legacy fraud prevention system. «The problem is not necessarily that merchants have different fraud-prevention verticals, because Forter has the ability to monitor in real-time and it is fraud prevention not in the legacy era,» said Neil Smith, head of business development at New York-based Forter.
