Flutterwave and Forter, the leader in e-commerce fraud prevention, have developed a technology to help reduce cybercrimes. This technology is the first of its kind in Africa.
The technology will help merchants distinguish legitimate buyers from fraudsters. The implication of this technology is increased transactions approval and reduced friction in the purchasing experience, all without the fear of fraud.
Flutterwave is Africa’s largest payment service provider, servicing more than 290,000 businesses and processing over 140 million transactions worth over $USD 9 billion worldwide since inception.
“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... 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.” Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave
The partnership with Forter acts as a confidence booster for merchants as they can accept more transactions. Similarly, on the buy side, online shoppers now have the flexibility to use alternative payment methods and traditional options like credit cards.
“We are excited about this partnership and our entry into the African market. 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 ecommerce growth in a market with huge potential. “At the same time, partnering with a market leader like Flutterwave allows us to provide its customers with the optimal user experience and with a trusted environment that enables them to safely grow with confidence.” Michael Reitblat, CEO of Forter
The downside to this technology is that new users are five to seven times more likely to be declined due to lack of data on these new users with legacy fraud prevention systems. This jeopardizes repeat business opportunities that are essential for retailers.