As cited by IT Brief, Forter stated that with the implementation of this platform, the natural cosmetics retailer has reduced reimbursements, increased revenue, and improved their customer experience. Prior to the Forter platform deployment, L’Occitane Japan (registered in Japan as L'Occitane Japon KK) was operating on a manual reviewing system, which was slowing down transaction times and stretching resources. The partnership with Forter allowed L’Occitane’s fraud detection to be fully automated, resulting in an improvement of over 99% approval rate, with zero chargebacks reported within two months of deployment.
L'Occitane representatives have stated that the change to automated decision-making allowed them to have their focus switched to customer experience improvement and online expansion, while being able to reduce operating costs and chargeback affiliated losses.
Forter’s Trust platform for digital commerce is used by several other retailers, amongst which Adobe, Nordstrom, and Sephora are found, with over USD 500 billion transactions being processed.
Forter’s platform allows delivery of 100% automated decisions in under 400 milliseconds, by means of machine learning, and it helps companies’ scalability, with them not being dependent on manual reviewers.
In May 2021, Forter raised USD 300 million in a series F funding led by Tiger Global Management. The funding followed the USD 125 million series E funding received six months prior and brought the company’s value to a total of USD 3 billion.
The amount that was raised in May was aimed at helping with the expansion of its global ecosystem of trust that would enable retailers, ecommerce platforms and payment providers alike fight fraudulent behaviour.
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