Leading payment technology company, Flutterwave has partnered with American eCommerce fraud detection firm, Forter to enable merchants to identify legitimate buyers on their Flutterwave platforms. This effort is aimed at detecting fraudsters masking themselves as legitimate buyers on the payment platform.
The partnership touted as the first of its kind in Africa, will enable merchants to accurately identify legitimate buyers from fraudsters in the hopes of increasing transaction approvals and reducing friction in the purchasing experience, all without the fear of fraud.
Online fraudsters in Nigeria recorded a 91% success rate in 2020 while costing unsuspecting merchants about N5.2 billion. But Nigeria is not alone in this as the rate of financial fraud grew by 300% in the UK and 186% globally. This resulted in a loss of $42 billion globally.
This move would come in very useful at a time the world is witnessing a huge surge in financial fraud. 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.
With more than 290,000 businesses under its care and having processed over 140 million transactions worth over $9 billion worldwide since inception, Flutterwave would be a tempting prospect for fraudsters.
Indeed, the Founder and CEO of Flutterwave, Gbenga Agboola acknowledged these risks. While speaking about this development, he shared that his company takes security seriously and every transaction made on the platform is secured and even exceeds industry standards. He noted that:
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.Gbenga Agboola, Founder and CEO, Flutterwave
“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,” he said.
Asides from just fraud detection, the ability to attract, convert and retain new users is key to Forter. The partnership also marks the company’s entry into the African marketplace and its CEO, Michael Reitblat, the team is excited about the prospects.
“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,” he said.
He also noted that partnering with a market leader like Flutterwave would allow the company to provide its customers with the optimal user experience and with a trusted environment that enables them to safely grow with confidence.
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