Israeli Fraud Prevention Tech Wins Prestigious ‘Silver Stevie’ Award

This article was first published on The Times of Israel and was re-posted with permission.

Israeli fraud prevention firm Forter last week won a Silver Stevie, one of the most prestigious awards in the business world, for taking a lead in the e-commerce and fraud prevention industries.

The Stevie, given out as part of the American Business Awards, are considered “the Oscars of the business world,” and are given only to companies with “fascinating and inspiring stories of success,” according to Stevie Awards president and founder Michael Gallagher.

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Forter is the only fraud prevention company that’s willing to put its money where its mouth is – refunding money to customers if they make an incorrect call about a sale that a retail website loses money on.

When hackers steal credit card numbers, there’s really only two things they can do with them – either sell them, or use them. And using them means going to a website and trying to buy something with them. Unable to stop illicit use of those numbers, consumers have no choice but to rely on retail sites to determine if their account is being used illicitly.

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That’s a problem for not only consumers, but for online retailers, who often can only catch fraudulent sales after it’s too late. Often, a purloined credit card number is used even before the consumer is aware that their identity has been compromised, and when that happens, sites and credit card companies foot the bill.

To prevent that, Forter provides a service that examines each sale, determining whether or not it appears legitimate. “We provide a real-time automated decision service for web retailers that protects them from fraudsters,” said Forter CMO Bill Zielke. “Using our behavior detection algorithms, retailers can quickly determine what transactions are legitimate and which ones are fraudulent.”

To continue reading this article on the TOI site, click here.