/security

News and resources on cyber and physical threats to banks and fintechs worldwide.

Forter and Flutterwave partner to reduce merchant fraud in African markets

Source: Forter

Forter, the leader in e-commerce fraud prevention, has announced a partnership with Flutterwave, Africa’s leading payments technology company.

The partnership, the first of its kind in Africa, will enable merchants to accurately identify legitimate buyers from fraudsters, resulting in increased transaction approvals and reduced friction in the purchasing experience, all without the fear of fraud.

Servicing more than 290,000 businesses and processing over 140 million transactions worth over $USD 9 billion worldwide since inception, Flutterwave is Africa’s largest payment service provider. The partnership with Forter provides merchants with the confidence to accept more transactions and online shoppers with the flexibility to use alternative payment methods as well as traditional options like credit cards. The ability to attract, convert and retain new users is key as Forter’s research shows that today’s volume of new online users has increased by more than double since the start of COVID-19. However, 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.

“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,” said Michael Reitblat, CEO of Forter. “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.”

Commenting on the announcement, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, 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.”

Comments: (0)