Digital goods are popular with criminals who want fast fraudulent transactions. Moreover, Fiverr’s frictionless user experience was a godsend to fraudsters, who needed an absolute minimum of information from a stolen card. Also, because it’s so easy to set up an account as a buyer or a seller with Fiverr, it was equally easy for fraudsters to act as both the buyer and the seller, funneling the money from a stolen credit card off in that way.
Forter’s real-time approve/decline decisions mean that the challenge of digital goods transactions was dealt with overnight, every single transaction receiving instant, automated analysis. Sellers no longer receive frustrating cancellations for work they had already started, as they used to when a previously accepted order was rejected by manual review.
Forter’s behavioral analysis picks up the tiny signs that distinguish real buyers from thieves, providing precise information that takes the place of more traditional methods which were ineffective for Fiverr’s model.
We're very pleased with the decline rates, and overall the impact of Forter on our business has been much greater than we expected.
Less than two months after going live with Forter, Fiverr saw their decline rate plummet, improving by 50%. Now, Fiverr never have to worry about the impact of fraud prevention on their growth. Forter has allowed them to say ‘yes’ to the right customers, while blocking fraud effectively.