Recent news around 500 million Yahoo users being the victim of the largest hack in history catapulted how vulnerable our online data is to cyberthieves. And it's not just giant tech companies like Yahoo who are concerned that they will be next.

Many retailers consider fraud as an unavoidable cost of doing business. However, recent reports suggest that ecommerce fraud attack rates were up by 215 percent last year and a further 137 percent spike in over the last four quarters. It's a problem that many business will not be able to continue to ignore.

Thankfully, technology is delivering new solutions to fight this common threat to profits without turning away good business. Israeli online fraud prevention company Forter was named a Gartner Cool Vendor in UEBA (user and entity behavior analytics), Fraud Detection and User Authentication for 2016. The accolade from Gartner is typically handed out to companies that offer innovative, impactful and intriguing solutions. Forter impressed the technology research and advisory company by removing the responsibility of fraud detection and user authentication from retailers.

Forter is attempting challenge traditional fraud prevention providers to do better, by providing retailers a way to manage the amount of revenue lost to fraud every year.

"Payment fraud is responsible for retailers paying $15 billion each year. But the more interesting fact is that $100 billion in good sales are blocked or declined annually," Michael Reitblat, the co-founder and CEO of Forter, says.

Forter's software uses a combination of cyber intelligence with behavioral and identity analysis to help retailers refuse fraudulent transactions by making a decision within only 300 milliseconds. The team at Forter are so confident in the software's ability, they will assume full liability for any fraud related transaction on their watch.

The reality facing retailers is that the introduction of chip-and-PIN-based credit and debit cards inside physical stores is making it difficult for fraudsters. These criminals who hide behind sophisticated technology are increasingly finding it much easier to exploit security loopholes online.

So how do you know if your site is one of the more vulnerable ones to hackers? A survey by Forter also revealed that the wrongdoers also have very expensive tastes. Luxury items such as Rolex watches, Louis Vuitton handbags, and diamond rings feature at the top of criminals wishlist. Meanwhile, digital goods, including Best Buy gift cards, iTunes vouchers, and World of Warcraft currency are also incredibly appealing for modern day thieves.

In my podcast, I recently spoke to Michael Reitblat, co-founder, and CEO of Forter. The entrepreneur at heart who is unwilling to accept things as they are and not afraid to challenge the status quo, and spoke about how raising $32M in Series C funding will make a big difference in their quest to fight online fraud.

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