Security News > 2020 > November > E-Commerce Fraud Prevention Firm Forter Raises $125M at $1.3B Valuation
E-commerce fraud prevention company Forter announced on Thursday that it has achieved "Unicorn" status after raising $125 million in a Series E funding round.
The platform leverages predictive fraud research and modeling, as well as a global data network to identify attempts of payment card fraud, identity theft and account takeover.
The company says it has protected the transactions of 800 million consumers around the world and claims its customers have reported a 60% reduction in fraud.
The company plans on using the money to continue expanding its suite of solutions and its global data network.
"We set out to create a global coalition of merchants, banks and payment providers that fight fraud together. We continue on our mission to expand the online network of trust and will continue investing in our platform in collaboration with our customers and partners," said Michael Reitblat, CEO and co-founder of Forter.