As e-commerce usage increases, so do the opportunities for fraudsters to cash in.It also creates a need for more opportunities for fraud protection firms such as Forter, a San Francisco-based company that recently closed on a $32 million round of Series C funding.Forter chief executive officer Michael Reitblat said the investment will be used to improve the company’s automated fraud prevention platform. It also will fund the company’s growth and expansion in the U.S., including its sales and marketing efforts.The round was led by Scale Venture Partners, with participation from previous investors including Sequoia Capital and New Enterprise Associates, and brings the total raised since February 2014 to $50 million.According to the Global Fraud Attack Index, online fraud attacks grew 215 percent last year.U.S. retailers devote billions of dollars to fraud, Reitblat said, as the liability for fraudulent online credit card charges fall on the merchant. He estimates that on top of the up to $4 billion paid directly to fraudsters each year, retailers spend up to $3 billion preventing fraud and then close to $20 billion on lost transactions due to fraud prevention measures.He said there are three ways that fraud can prevent legitimate transactions: a Web site can flag a shopper as “too suspicious” and block the sale, the authentication process can create too much friction in the buying process, or general restrictions — like limits to international addresses or hotels — can diminish the potential scope of customers.That final category, the amount lost from misguided fraud prevention, Reitblat said, “is constantly being overlooked because it’s so hard to measure.”He said retailers who begin working with Forter see on average a five to 10 percent increase in revenue because it allows, for example, shipment to more customers internationally or allows someone to buy something “20 times in a row if they like something,” he said.“Fraud is a moving target,” said Reitblat, who got his start in Israeli military intelligence (the research and development arm of Forter’s tech is based in Israel), and has spent the past 15 years working in fraud prevention. “They constantly adapt, so we have to constantly improve our technology.”Forter works by combining cyber intelligence with behavioral and identity analysis. It charges retailers per every transaction they approve.In addition to the funding, the investment from Scale Ventures means that partner Rory O’Driscoll will join Forter’s board of directors.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews