San Francisco based Fraud prevention company, Forter, secured $32m in Series C funding the investment is intended to help tackle the rising number of chargebacks retailers experience due to fraudulent purchases. fraud is a major growing problem and a negative side effect of the digitalisation and connectivity of the world
Fraud prevention company Forter today announced a $32 million Series C funding led by Scale Venture Partners, with follow-on funding from Sequoia and NEA. The company uses its Decision as a Service algorithms to help online retailers analyze their exposure to fraud at the time of check-out. It is so sure of its accuracy that it offers retailers a 100 percent guarantee against chargebacks after the fact. Not a moment too late, either: Fraud attacks are increasing, and research from Forter claims that around 2.7 percent of all online transactions are attempts at fraud, and — perhaps more worryingly, for retailers — the vast majority of chargebacks are fraudulent, in a so-called “friendly fraud,” where customers use the chargeback system built into their credit cards instead of dealing with the merchants directly
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