The Traction Five: Cybersecurity – eCommerce Fraud Prevention

Neal Silverman

With eCommerce accounting for almost 20% of global retail sales, the risk of fraud associated with online payment methods has risen significantly, with an estimated $20B in global losses in 2021 due to fraudulent activity. Thus, it is paramount that companies with an eCommerce presence invest in robust fraud prevention software.  Cybersecurity startups have made major advancements in this area, utilizing innovative technologies like machine learning, global data networks, and identity management to thwart fraudulent efforts.

At the core of what we do is help our clients accelerate digital transformation projects and their corporate development, whether that’s through our SaaS application or research services that evaluate what we call “enterprise-ready” emerging technologies. Discovering technologies that solve our clients’ most challenging needs, we come across many early-stage companies that surprise and delight us. Here are a few who have developed game-changing technologies in the area of eCommerce Fraud Prevention that we think are worth sharing and keeping an eye on:

This week’s Traction Five:

1 Forter: Forter is a software as a service (SaaS) company that provides fraud prevention technology for online retailers and marketplaces.  Forter provides fully automated, real-time Decision as a Service fraud prevention, with approve/decline decisions backed by a 100% chargeback guarantee. The system eliminates the need for rules, scores or manual reviews, making fraud prevention friction-free.

2 Seon: SEON is an online fraud prevention platform that detects and stops fraud in real-time through transactional data analysis. It evaluates a user’s digital footprint and uses that data to block false accounts and ultimately prevent fraudulent transactions.  It can help to prevent chargeback fraud, money laundering, account takeover, reversed payment, and other fraud attempts and attacks.

3 Fraugster: Fraugster has developed one of the most accurate AI-based compliance, risk and fraud management and revenue uplift platforms in the market.  It offers Fraud Management SaaS, chargeback protection, ATO protection, and Fraud Decisions as a Service which assigns Fraugster experts to directly manage a company’s risk based on their SaaS platform.

4 FiVerity: FiVerity's solution strengthens fraud detection by integrating intelligence across anti-fraud and cybersec teams, existing vendors, and real-time marketplace activity.  FiVerity applies advanced automation and a proprietary “human-in-the-loop” model to identify SIF (synthetic identity fraud) profiles – at the account opening stage or in your existing customer portfolio.

5  Sift: Sift dynamically detects and prevents fraud using advanced, real-time machine learning and massive data sets.  Their shared learning approach involves billions of events each month from a global network of 34,000 sites and apps which helps with over 5 million fraud decision each month.  Their payment protection product fits into a holistic digital trust suite of complementing products such as passwordless authentication, content integrity, dispute management, and account defense.

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