Endpoint

9/27/2018
12:05 PM
Dark Reading
Dark Reading
Products and Releases
50%
50%

Forter, Fraud Prevention Technology Firm, Raises $50M

The Series D Round will be used to expand Forter's e-commerce fraud prevention platform, leveraging its accelerated merchant adoption.

NEW YORK, September 26, 2018 -- Forter, the leading e-commerce fraud prevention company that protects merchants during each stage of the customer lifecycle in real-time, announced today that they’ve secured $50 million in Series D financing. The funding round was led by March Capital Partners with participation from Salesforce Ventures and previous investors Sequoia CapitalNew Enterprise Associates (NEA) and Scale Venture Partners.

With 2,300 breaches exposing 2.6B personal records reported in the first half of 2018, bad actors have access to more consumer information to use for identity theft and e-commerce fraud than ever before. In fact, the most recent Fraud Attack Index revealed a 53% spike in account takeover in the last year. With the rate of online fraud attacks reaching an alarming new normal, sophisticated fraud prevention tools that make decisions in real-time without impacting the customer experience have become critical for online retailers.

E-commerce merchants find that by joining the Forter Merchant Network they are fighting fraud together. Forter not only removes the burden of fraud but also improves the user experience for their customers, reduces friction and false declines, and drives revenue creation. 

The company leverages sophisticated machine learning technologies, enhanced by human domain expertise, Israeli military intelligence and continuous research, to create a robust and ever-expanding identity database, already covering more than 180M U.S. shoppers. Today, with Forter’s powerful data network effect, over 95% of transactions processed by the company are completed by consumers who interacted with the network before. This growing network continues to power a coalition of retailers against fraud. This includes Fortune 500 retailers, leading travel companies and fast-growing digital disruptors throughout the U.S., Europe, and Asia.

“Fraud is an ever shifting problem. To get ahead of the curve and support our retail customers in whichever new experiences they want to offer consumers, we plan to double our already massive investment in research and development, expand our global coverage and facilitate further collaboration in the e-commerce and payments ecosystem,” said Michael Reitblat, Forter Co-founder and CEO.

“We’ve been seeing a major trend of offline commerce shifting online and the Forter team has built a solution to detect and prevent fraud across the payments ecosystem with the advantage of next-generation technology that leverages machine learning,” said Jamie Montgomery, Managing Director, March Capital Partners. “We’re excited to be involved with a company on the forefront of their industry and to watch Forter evolve as the fraud landscape grows more complex.”

"We had a significant fraud problem and Forter was up for the challenge,” said James Washington, Director of Product Management - Digital at TGI Fridays. “They partnered with our team to understand our customers and business needs and delivered beyond our expectations. Our restaurant operators can now accept online orders and mobile check payments with confidence."

The funding round is Forter’s largest to date, bringing the company’s total financing to $100 million since its founding in 2013. This achievement is the latest in a series of corporate milestones for Forter and dually affirms its clear leadership in the fraud prevention space. Forter already processes more than $50B of transactions annually and is the only solution to provide an end-to-end identity management platform for risk-based decisions. In the past 12 months alone, Forter has tripled its customer base, broadened its product offering and was recognized on the Forbes Fintech 50 list and Fast Company’s Most Innovative Companies list. The company also recently announced its expansion into Europe with the opening of its first UK office in London and is continuing to grow its management team and client base in the region.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Valentine's Emails Laced with Gandcrab Ransomware
Kelly Sheridan, Staff Editor, Dark Reading,  2/14/2019
High Stress Levels Impacting CISOs Physically, Mentally
Jai Vijayan, Freelance writer,  2/14/2019
Mozilla, Internet Society and Others Pressure Retailers to Demand Secure IoT Products
Curtis Franklin Jr., Senior Editor at Dark Reading,  2/14/2019
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
5 Emerging Cyber Threats to Watch for in 2019
Online attackers are constantly developing new, innovative ways to break into the enterprise. This Dark Reading Tech Digest gives an in-depth look at five emerging attack trends and exploits your security team should look out for, along with helpful recommendations on how you can prevent your organization from falling victim.
Flash Poll
How Enterprises Are Attacking the Cybersecurity Problem
How Enterprises Are Attacking the Cybersecurity Problem
Data breach fears and the need to comply with regulations such as GDPR are two major drivers increased spending on security products and technologies. But other factors are contributing to the trend as well. Find out more about how enterprises are attacking the cybersecurity problem by reading our report today.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2019-8903
PUBLISHED: 2019-02-18
index.js in Total.js Platform before 3.2.3 allows path traversal.
CVE-2019-6453
PUBLISHED: 2019-02-18
mIRC before 7.55 allows remote command execution by using argument injection through custom URI protocol handlers. The attacker can specify an irc:// URI that loads an arbitrary .ini file from a UNC share pathname. Exploitation depends on browser-specific URI handling (Chrome is not exploitable).
CVE-2019-8372
PUBLISHED: 2019-02-18
The LHA.sys driver before 1.1.1811.2101 in LG Device Manager exposes functionality that allows low-privileged users to read and write arbitrary physical memory via specially crafted IOCTL requests and elevate system privileges. This occurs because the device object has an associated symbolic link an...
CVE-2019-8902
PUBLISHED: 2019-02-18
An issue was discovered in idreamsoft iCMS through 7.0.14. A CSRF vulnerability can delete users' articles via the public/api.php?app=user URI.
CVE-2019-8423
PUBLISHED: 2019-02-18
ZoneMinder through 1.32.3 has SQL Injection via the skins/classic/views/events.php filter[Query][terms][0][cnj] parameter.