March 24, 2020
Forter, the leader in e-commerce fraud prevention, today announced the release of Forter Returns Abuse Protection. The new solution enables merchants to identify and block abusive returns practices, allowing merchants to confidently offer competitive policies their shoppers expect.
38% of online shoppers indicate that return policies have a major impact on their decision to purchase from any retailer. Nearly 1 in 4 have abandoned a shopping cart due to poor returns options, and 31% of consumers would not shop again at a retailer following a difficult returns experience. Merchants offer liberal returns policies to satisfy rising consumer expectations in an increasingly competitive market.
With 10% of all items sold in the United States returned, merchandise returns are forecast to cost American retailers $550 Billion in 2020. Fraudulent returns comprise a significant percentage of this sum, costing retailers $24 Billion annually, according to research published by Appriss.
“Well-established retailers are curtailing or altogether eliminating their flexible returns policies because of the cost of abuse. It’s very unfortunate that a few people can spoil a terrific consumer experience for everyone,” said Michael Reitblat, CEO and Co-Founder of Forter. “With Forter retailers can now proactively and fairly enforce their online returns policies, and still deliver a best-in-class experience their loyal customers expect.”
Returns abuse impacts merchants in a variety of ways:
Consumers use different means to take advantage of returns policies:
“Returns abuse is a major challenge for retailers. It impacts profitability and threatens their ability to provide a competitive customer experience,” said Vikrant Gandhi, Industry Director at Frost & Sullivan. “Forter’s Returns Abuse Protection enables merchants to accurately identify abusers, both online and offline, so they can offer consumer-friendly policies. With the collective intelligence of its Global Merchant Network, Forter analyzes consumer behavior across all customer touch points to identify and stop abuse.”
Forter’s Returns Abuse Solution provides merchants with:
Forter’s Returns Abuse Protection is part of its broader Policy Abuse Protection offering, protecting merchants against item-not-received abuse, promo/coupon abuse, reseller abuse and reshipper abuse.
Read more at forter.com
Forter is the leader in e-commerce fraud prevention, processing over $150 billion in online commerce transactions and protecting over 620 million consumers globally from credit card fraud, account takeover, identity theft, and more. The company’s identity-based fraud prevention solution detects fraudulent activity in real-time, throughout all online consumer experiences.
Forter’s integrated fraud prevention platform is powered by its rapidly growing Global Merchant Network, underpinned by predictive fraud research and modeling, and the ability for customers to tailor the platform for their specific needs. As a result, Forter is trusted by Fortune 500 companies to deliver exceptional accuracy, a smoother user experience, and elevated sales at a much lower cost. Forter was recently named the Leader in e-Commerce Fraud Prevention by Frost & Sullivan.
Forter is backed by $100M of capital from top-tier VCs including Sequoia, NEA, and Salesforce.