Forter, a New York-based e-commerce fraud prevention company, has announced a partnership with Flutterwave, Africa’s fintech giant.
Through this partnership, merchants will be able to accurately spot legitimate buyers from fraudsters, thereby boosting transaction approvals while reducing friction in the purchasing experience, without the fear of fraud.
Flutterwave has been an active player redefining the market by its flexible, quick, and affordable payment services to individuals and businesses across Africa.
Since its inception, the unicorn company has serviced over 290,000 businesses and processing over 140 million transactions worth over $USD 9 billion worldwide, making it Africa’s largest payment service provider.
This collaboration provides merchants with the confidence to accept more transactions as well as online shoppers with the flexibility to use alternative payment methods as well as traditional options like credit cards.
The survival of every business enterprise depends on its ability to attract, convert and retain new users. As Forter’s research reveals, the volume of new online users has increased today more than double since the outbreak of COVID-19.
Despite this increase in the figure, new users face a greater likelihood of being declined due to lack of data of these new users on legacy fraud prevention systems, the study reports further. Consequently, this negatively impacts repeated business opportunities that are pivotal to retailers’ success.
Talking about the mutual benefits both partners bring to the table, Michael Reitblat, CEO of Forter, said “We are excited about this partnership and our entry into the African market. While Flutterwave now has access to Forter’s coalition of merchants, payment providers, and banks fighting fraud on a global scale, utilizing our AI and ML technology to help foster e-commerce growth in a market with huge potential,” said Michael Reitblat, CEO of Forter.
Commenting on the announcement, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, also said, “At Flutterwave, we take security seriously. Every transaction made on our platform is secured and even exceeds industry standards. By working with Forter we are able to achieve our vision of creating friction-free commerce in Africa.
Our merchant network can focus on key business operational tasks and growth opportunities safe in the knowledge that our customers are protected against fraud. With Forter’s ability to instantly identify legitimate customers, we can further strengthen our commitment to fraud detection and security.
This enables our customers to increase the volume of approved transactions, expand their business operations to reach new markets, and build brand loyalty by providing an optimal, seamless and trustworthy consumer experience.”
Forter is a renowned company specializing in e-commerce fraud prevention. Over the years, it has processed more than $200 billion in online commerce transactions and protecting close to a billion consumers globally from credit card fraud, account takeover, identity theft, and more.
Its cutting-edge fraud prevention solution is the dream of merchants as it helps them detect fraudulent activity in real-time.
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