Kount’s Identity Trust Global Network fights Fraud

Kount’s Identity Trust Global Network fights Fraud

Kount was launched in Boise, Idaho in 2007. Kount holds 39 patents with 9 pending and is one of the leaders in digital fraud prevention. The company received an $80 million investment from CVC Capital Partners in 2016, which contributed to the company’s growth. Kount expanded into their new global headquarters in the heart of downtown Boise in 2019.

Kount unveiled its Identity Trust Global Network in 2020 which is powered by Artificial intelligence, machine learning, and advanced data analytics. Kount partners with 50+ payment service providers, gateways, and partners, including Chase, Barclays, Moneris, BlueSnap, Braintree, etc for the network.

Kount’s Identity Trust Global Network makes the best use of AI and ML moving eCommerce fraud prevention from simply protecting against fraudulent transactions to enabling personalized user experiences. Due to the changing consumer behaviours, consumers have less tolerance than ever for unnecessary friction hence each interaction along the customer journey must be considered through a lens of trust. The consumers need to be quickly identified as someone with a high level of trust to deserves a VIP experience or if there is low trust, indicating fraud and thus warranting increased friction.

Whether it’s payments fraud, account takeover fraud, loyalty fraud, or friendly fraud, the impact on businesses goes well beyond financial loss; poor customer experiences and fraud incidents can lead to reduced revenues and long-term brand reputation damage.

Kount upgrades fraud prevention with the identity network powered by data and intelligence from 9,000 digital businesses and payment providers linked by next-generation AI to deliver real-time identity trust decisions. Identity Trust is the ability to establish the level of trust for each identity behind every payment, account creation, and login event. Linked by AI, Kount’s Identity Trust Global Network combines trust and fraud signals from 32 billion annual interactions to block fraud in real-time and enable personalized customer experiences while complying with regulations.

Solution:

Kount claims to be one of the first companies to use machine learning to help prevent fraud leveraging unsupervised and supervised machine learning since the company’s inception in 2007. In 2019, Kount introduced another breakthrough: next-generation adaptive AI technology to take the fraud prevention industry another step forward.

Kount’s AI and Identity Trust Global Network decreases manual reviews and therefore improves operational efficiencies and costs. With less time spent on unnecessary reviews, fraud analysts can add value by contributing strategic recommendations gained through the deep intelligence from Kount’s data analytics tool, Datamart. Datamart helps businesses pinpoint areas for improvement to enhance operational efficiencies, including customer experience, margins, and revenue.

Capabilities:

Kount’s Identity Trust Global Network can determine the level of trust behind every interaction, enabling businesses to block fraud in real-time and deliver personalized customer experiences, ultimately empowering organizations to unlock previously untapped revenue streams. With Kount’s adaptive, next-generation AI, businesses can make confident, strategic decisions for their companies, resulting in reduced false positives, reduced review time, reduced chargebacks, and increased fraud prevention.

Kount’s Identity Trust Global Network has created a Multi-Dimensional Data Network by linking signal data from 32 billion annual interactions across 250 countries and territories, 75+ industries, 50+ payment processors and card networks, and decisions from thousands of fraud analysts. The network leverages cross-industry, cross-geography, and cross-company size data to enable real-time fraud prevention and personalized customer experiences. The Network includes data from over 50 leading payment processors, eCommerce platforms, and card networks to deliver accurate and automated fraud decisions and to enable the risk-free adoption of new payment options.

The network has had a sizeable impact already. Kount claims Identity Trust Global Network has enabled their customers to achieve up to 99% reduction in chargebacks, 65% increase in operational efficiencies, 83% reduction in manual reviews, and 70% decrease in false positives.

Key Facts:

Solution Provider: Kount
Headquarters: USA
Solution: Identity Trust Global Network
Launched: 2020

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