Equifax has agreed to buy Kount, an AI-driven fraud prevention company. The startup was founded in 2007 and raised $1bn from CVC Capital Partners in 2016. The company uses advanced machine learning and AI to detect fraud and prevent account takeovers. It was advised by Barclays and Fried Frank.
kount aims to reduce fraud and chargebacks – a kount ai 640m kount vs equifax kount
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Equifax Kount, a new chargeback management solution, aims to reduce fraud and chargebacks for businesses in e-commerce. The company offers a 100% chargeback coverage guarantee and uses machine learning and device fingerprinting to prevent fraud before it occurs. It integrates tools from leading credit card brands and provides a single dashboard that businesses can use to manage alerts from many sources.
Equifax recently announced a $640 million acquisition of Kount, a company that provides digital identity and fraud prevention software. Kount uses artificial intelligence (AI) to analyze billions of transactions and identify fraudulent activity. With this acquisition, Equifax plans to expand its global footprint in the digital identity and fraud prevention space. The combined company will use Kount’s technology to improve its own fraud prevention services and help businesses reduce fraud and chargebacks.
With the growing use of online shopping, chargebacks and credit card fraud are on the rise. According to a recent study, chargebacks are expected to increase by 25 percent by 2021 and total losses from chargebacks could reach $30 billion by 2020. The Equifax Kount team recently conducted a survey with 500 U.S. adults to gain insight on chargeback management. The results revealed some common concerns that businesses face and how to deal with them.
Kount uses machine learning to protect businesses from eCommerce fraud. It provides a seamless experience from account login to payment transaction. Its AI system uses a multi-dimensional data network to identify high-risk interactions and block fraud. With Kount, businesses can monitor payments automatically, reducing manual reviews and chargebacks. The technology also enables businesses to prevent digital fraud by enabling them to provide personalized experiences for their customers.
Kount also provides a scalable solution that lets businesses create custom policies, test them, and expand without risk. The platform also incorporates advanced analytics and an at-glance case management tool to make manual review processes simpler. Furthermore, Kount’s AI-driven anti-fraud solutions help businesses stop fraudulent transactions.
With this acquisition, Kount plans to expand its global presence and offer its solution to more merchants. Kount already provides its services to more than 9,000 global brands, including many 2020 Digital Commerce 360 top-500 brands. Some of its recent clients include Brooks Running, which recently used the service to identify a fraud attack jobexpressnews.
Chargebacks are costly for businesses. Manual reviews and additional labor are required to fight chargebacks, and the associated credit card penalties and transaction fees can add up to significant operational costs. This can be particularly problematic in rural areas where labor is in short supply. The average net recovery rate is only 12%.
kount ai 640m kount vs equifax kount vs equifax kount
Equifax has acquired AI-driven fraud prevention company Kount, from CVC Capital Partners. Kount was founded in 2007 and raised $1bn in 2016. The company uses advanced AI and machine learning to protect consumers from fraud, identity theft, and account takeovers. The transaction was completed with the help of Barclays as the exclusive financial advisor, and Fried Frank as legal counsel.
The Kount Identity Trust Global Network combines fraud and trust data from over 17 billion devices and 32 billion digital interactions every year. With these datasets, it develops artificial intelligence to be more predictive, preventing digital fraud and enabling personalized experiences for customers. As the network grows, it also helps businesses protect against identity theft makeidealcareer.
The acquisition of Kount will boost Equifax’s global footprint in digital identity and fraud prevention. The companies will combine their expertise in these areas, allowing global businesses to harness AI’s power to prevent fraud.
Equifax has signed a definitive agreement to acquire Kount. The acquisition will combine Kount’s AI-based identity solutions with Equifax’s diverse data assets. The companies plan to integrate Kount’s digital identity solutions and use its AI-driven algorithms to protect consumers getcareergoal.
kount ai 640m kount vs equifax k
Equifax recently announced the $640 million acquisition of Kount, a company that uses artificial intelligence to improve fraud prevention and digital identity services. Kount’s technology is based on linking billions of digital interactions and devices to identify patterns and predict fraud. The company claims that its technology can prevent or detect fraudulent activity and account takeovers, as well as reduce the overall fraud rate careerpioneer.
The Equifax acquisition will enable Kount to expand globally with the help of Equifax’s global reach. The company is already serving more than 9,000 global brands, including many of the 2020 Digital Commerce 360 top 500 companies. Its recent success includes helping brands such as Brooks Running identify fraudulent activities.
The Kount platform leverages artificial intelligence to connect the data signals of 32 billion digital interactions and 17 billion unique devices. This data is used to provide fraud prevention and a personalized user experience. It can prevent account takeovers, decrease digital fraud, and prevent chargebacks yourjobnews.
