Newest Artificial Intelligence and Machine Learning Addition Increases Fraud Detection While Reducing False Positives
BOISE, Idaho – October 19, 2017 – Kount, a leading innovator of solutions for fraud and risk management, today announced the release of its latest enhancement powered by artificial intelligence and machine learning, BOOSTTM Technology, which is now available in beta.
BOOST Technology aggregates millions of transactions and their outcomes, including approvals, chargebacks, refunds, and reviews. Unlike less discerning products on the market, BOOST Technology is designed specifically to weigh the risk of fraud against the value of each unique customer and help to identify legitimate transactions from fraudulent ones. The machine learning featured at the core of BOOST Technology works out-of-the-box, evolving and improving its algorithm as it builds a unique picture of each merchant’s business.
BOOST Technology’s supervised AI/machine learning also includes an ensemble classifier with 250 models, generating a Safety Rating that indicates the legitimacy of a transaction relative to all total transactions passed through Kount. The models are designed to identify unique signatures of fraud, as merchants’ decisions, past transactions and various fraud patterns emerge. This functionality adds zero time to the transaction review process, maintaining Kount’s current response time of roughly 250 milliseconds.
“Fraud is an ever-evolving problem, so businesses must ensure their prevention technology evolves right alongside to maximize protection,” said Rich Stuppy, COO, Kount. “In order to keep ahead of sophisticated fraud techniques, such as account takeover and transaction fraud, while simultaneously helping online merchants maximize order acceptance, our solution is designed to be dynamic, providing both protection and opportunities to increase sales and revenue. These efforts continue our long history of using AI and machine learning. We will launch several other initiatives that will be built on the foundation of BOOST Technology.”
BOOST Technology’s Safety Rating is applied to every transaction running through the Kount platform, taking advantage of the billions of data points available through their global network. The demonstrably clear Safety Rating will be available in Kount’s comprehensive rules engine, Auto Agent functionality, business intelligence reporting, and case management features.
“Our tagline has always been ‘Boost Sales, Beat Fraud,’ and our solutions allow merchants to focus equal attention on both sides,” continued Stuppy. “With BOOST Technology, we are taking yet another great stride to accomplish this mission, and move the industry forward.”
While the enhancement is currently in beta, customers have already experienced dramatic increases in fraud prediction and efficiencies in fraud management by applying the Safety Rating to their process.
Kount helps businesses boost sales by reducing fraud. Our all-in-one, SaaS platform simplifies fraud detection and helps online businesses accept more orders. Kount’s turnkey fraud platform is easy-to-implement and easy-to-use. Kount’s proprietary technology reviews billions of data points and provides maximum protection for some of the world’s best-known brands. Merchants using Kount can accept more orders from more people in more places than ever before.
For more information about Kount, visit www.kount.com.