Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybercrime

eCommerce Fraud Prevention Firm Forter Raises $50 Million

Forter, a company that specializes in preventing e-commerce fraud, on Wednesday announced that it raised $50 million in a series D funding round.

Forter, a company that specializes in preventing e-commerce fraud, on Wednesday announced that it raised $50 million in a series D funding round.

The round was led by March Capital Partners, with participation from Salesforce Ventures and previous investors Sequoia Capital, Scale Venture Partners and New Enterprise Associates. The money will be used to fuel the expansion of the company’s fraud prevention platform.

The latest funding round brings the total raised by Forter since its launch in 2013 to $100 million.

Forter provides an AI-powered platform designed to identify fraud in real time. The company says its solution can differentiate legitimate customers from fraudsters based on a database of 175 million identities and a combination of 6,000 event and decision data points, including site visits, orders, account sign-ups, transaction data, account activity, buying patterns, and change of information.

Forter says its platform is capable of identifying attempts to hijack legitimate accounts, and attempts to abuse accounts, loyalty programs, and referrals and promos. It can also detect when fraudsters attempt to return goods for a full refund after using them.

A study conducted recently by the company showed that account takeover attempts increased by 53% in the last year.

Advertisement. Scroll to continue reading.

Forter, which recently opened its first office in Europe, says it processes transactions totaling over $50 billion every year and its platform covers more than 180 million consumers in the United States.

Forter claims its customer base has tripled in the past year and that it includes Fortune 500 retailers and other companies in the U.S., Europe and Asia.

“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 at 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.”

Related: Chip Cards Lead to 70% Drop in Counterfeit Fraud

Related: Online Fraud in the U.S. Grew Dramatically Post-EMV

Written By

Eduard Kovacs (@EduardKovacs) is senior managing editor at SecurityWeek. He worked as a high school IT teacher before starting a career in journalism in 2011. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

Click to comment

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Organizations are investing heavily in third-party risk management, but breaches, delays, and blind spots continue to persist. Join this live webinar as we examine the gap between how organizations think their third-party risk programs are performing and what’s actually happening in practice.

Register

Delve into big-picture strategies to reduce attack surfaces, improve patch management, conduct post-incident forensics, and tools and tricks needed in a modern organization.

Register

People on the Move

Tim Byrd has been appointed Chief Information Security Officer at First Citizens Bank.

IRONSCALES has named Steve McKenzie as Chief Operating Officer.

Silvio Pappalardo has joined AuthMind as Chief Revenue Officer.

More People On The Move

Expert Insights

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest cybersecurity news, threats, and expert insights. Unsubscribe at any time.