Forter, an Israeli security startup that deals in fraud prevention in e-commerce, is getting ready for its initial public offering (IPO). Globes has reported that sources in the company revealed that it expects to come away with a $5 billion valuation from the IPO.
The news comes just seven months after Forter closed a $300 million round of funding that then gave the company a $3 billion valuation. And now it has gone up in expected value by almost 70%.
So why is Forter so valuable?
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How often have you heard about people getting scammed online or having their personal information stolen. Sometimes the crime is limited to a specific credit card whose numbers were used to buy something, or pay for an online service. The company behind the website where the transaction was made is usually blameless as the site was hacked, or the individual victim’s device was hacked.
If the victim is lucky, they live somewhere that their credit card company will cancel any such fraudulent charges. However, sometimes a lot more than that is stolen. Once a hacker gets the victim’s personal information he Can use it to steal their identity and do a whole lot of reperable harm.
Founded in Tel Aviv in 2013 by Israelis Liron Damri and CEO Michael Reitblat, Forter boasts that it has a global network of online retailers and banks working together that give customers the freedom to shop on line without worrying about fraud. Forter says that it has pioneered the only solution that assesses trust at every customer interaction in real time. Powered by a coalition of the biggest enterprises and designed by the foremost experts—to unlock the full promise of commerce based on trust.
54% of businesses lose more than $5 million in revenue every year because of returns abuse. Don’t let seasonal shoppers get the best of you. Find out if your approach could use an update: https://t.co/Vao4epw87C #returnsabuse #returnfraud #makebetterdecisions
— Forter (@ForterGlobal) December 14, 2021
Just two weeks ago Forter launched “Trusted Identities” which it says will help businesses simplify online account authentication. Trusted Identities, boasts Forter, protects against account takeovers that exploit consumer credentials and prevents fraudsters from abusing systems and policies by creating multiple accounts. By reducing the impact of bad actors, businesses can shift their focus to optimizing account-specific experiences and growing revenue from their best customers.
At that time Michael Reitblat said, “Businesses are looking for clever ways to deliver a superior eCommerce experience for their customers. When consumers build accounts, businesses can deliver more personalized recommendations and rewards. Delighting consumers and fighting fraudsters requires precise decisions at account sign-up and login. Forter has proven to be precise in making these decisions for leaders across industries.”