On 17th April 2021, Flutterwave announced to the public via several communication channels that they have partnered with Forter, an Ecommerce fraud detection company.
The main objective behind the partnership between Flutterwave and Forter is for Flutterwave to intensify their payment channels security and guarantee a Payment Protection Promise to vendors (merchants) or individuals that use their payment option.
Before I talk about what vendors and individuals that use Flutterwave stand to benefit from this partnership, I’ll start with a brief introduction.
I assume you already know what Fluterwave is all about, we’ll be moving on to Forter.
What Is Forter?
Forter is a leading Ecommerce fraud prevention organization that provides vendors, merchants and individuals the ability to accurately identify legitimate and real buyers or vendors from fraudsters.
Benefits Flutterwave – Forter Partnership Will Provide To Flutterwave Account Users (Vendors or Merchant)
As a vendor that sells and receive payment from clients via the Flutterwave payment channel, you must be wondering what you stand to gain or benefit from this partnership.
The same goes for individuals that carry out transactions or receive payment via the Flutterwave payment channel.
Benefits this partnership offers to vendors or merchants (people that sell on Flutterwave) are;
1. Payment protection
2. PSD2 solution
3. Policy abuse protection
4. Account protection
5. Smart routing
6. PSP fraud protection.
This allows you to detect and block fraudsters by;
– Driving more approvals with advanced machine learning that is powered by customer feedback
– Tailoring fraud prevention to fit your specific risk profile and business model
– Tapping into the largest global merchant network to fight fraud together
– Evaluating customer behaviour across web, mobile and phone touchpoints
– Authenticating your customer ordering by phone
– Providing agents with accurate fraud decision in real-time
– Identifying and stopping fraud before authentication
– Automatically triggering 3DS authentication whenever required under PSD2
– Getting full chargeback protection for exempt and excluded transaction
– Working directly with issuers to improve the accuracy of their risk evaluation
– Driving more revenue by improving authorization rate by up to 7%
– Reducing the numbers of legitimate customers that were wrongly declined by banks by up to 85%
– Delivering accurate fraud prevention across every channel and interaction
– Creating a fraud prevention plan that fits your business digital goals
– Stopping all types of fraud and abuse with a single platform
– Erasing chargeback cost from your bottom line
– Reducing the cost of fraud to a predictable minimum
– Growing your business without the fear of fraud.
Unlike the 3DS solution that reduces your approval rate by up to 40% and hurt your revenue, the PSD2 solution, fully known as Payment Services Directive Two is designed to force providers of payment services to improve customer authentication processes and to also bring in new regulation around third-party involvement.
Policy Abuse Protection:
This allows you to eliminate abuse from your customer experience by;
– Tailoring prevention to your unique business and return policy
– Exposing serial abuser attempting to hide their identity
– Enforcing your return policy with automated decision
– Tailoring a solution to accurately enforce your business claim policies
– Using Forter’s global merchant network to spot and stop abusers
– Making smart claims evaluation in real-time
– Enforcing promo and coupon policy on the spot with real-time decision
– Using Forter’s global merchant network to recognize and block promo and coupon abusers
– Tailoring Forter’s solution to support and enforce your business unique promotional needs
– Enforcing your business exact seller and re-shipper policy
– Detecting and blocking resellers that violate your business policy
– Making accurate and instant enforcement decisions based on your data.
This allows you to safeguard your account from fraud and abuse by;
– Continuously authenticating users from login to logout
– Automatically detecting and blocking automated takeover attack with advanced machine learning
– Getting real-time decision from registration to check out
– Preventing sign up abuse and fraudulent account creation
– Stopping identity theft and synthetic ID fraud during registration
– Preventing bots and imposters from opening new accounts
– Automatically spotting and stopping fraudulent card application
– Creating revenue-driven programs without the worry of risk
– Identifying legitimate customer behaviour to increase approval and minimize chargebacks
– Proactively preventing fraud with fully automated and real-time decision
This allows you to block fraudulent transactions before bank authorization by;
– Leveraging fraud decision powered by machine learning, fraud expertise and customer feedback
– Providing cleaner traffic to your PSPs and improve your approval rate
– Eliminating unnecessary processing and authorization cost for fraudulent transactions
– Leveraging advanced machine learning to trigger 3DS authentication only when required
– Supporting 3DS authentication to recover declined transaction and maximize approval ratio
– Leveraging a single agnostic integration that works with any PSP
– Routing each transaction to the optimal processor in real-time with advanced machine learning technology
– Maximizing approval rate by tapping into the largest network of payment ecosystem data
– Reducing operational cost and resources with automated real-time decision
– Identifying the best way to recover declined transactions by leveraging the largest network of payment ecosystem data
– Providing declined shoppers with actionable messaging to ensure that their transaction is ultimately successful
– Accessing a comprehensive dashboard for a full view of your payment and transaction.
PSP fraud protection:
This allows you to approve more legitimate transaction without risk by;
– Enabling sub-second approve or decline decision with industry-leading accuracy
– Staying up to date through a global data network, advanced machine learning and in-house fraud expertise
– Enabling 100% automation without manual reviews on all transactions, regardless of the value
– Stopping fraud before authentication
– Automatically triggering 3DS authentication whenever required under PDS2 and improver user authentication
– Minimizing friction to drive conversion
– Guaranteeing all approved fraud decision
– Providing indemnification for any approved transaction that results in a chargeback.
With all these, it is obvious Flutterwave – Forter partnership has come to enhance their customers’ safety as they receive payments online.
Originally posted on April 17, 2021 @ 3:21 pm