Global online payment fraud merchants stand to lose $206 billion between 2021 and 2025, according to recent Juniper research, so to help retailers reduce online payments fraud while meeting customer expectations, global data, analytics and technology company, Equifax, has introduced Kount in Australia.
Kount is designed to protect businesses against ecommerce fraud and give customers a frictionless journey from account login to payment transaction. Its advanced AI uses machine learning to link to the Identity Trust Global Network, establish a safety score and identify a high-risk interaction. This enables businesses to accurately monitor payments to prevent fraud, ID takeover and online account takeover.
The solution, which has already been implemented in global markets, can reduce manual reviews by up to 83%, chargebacks by up to 99% and false positives by up to 70%.
Equifax general manager of fraud and ID, Tehani Legeay said, “In today’s increasingly customer-first ecommerce environment, a negative customer experience when purchasing an online order could lose businesses a sale – and make consumers less likely to return for future transactions.
“For online retailers, controlling fraud in ecommerce transactions is a constant balancing act. Increasing your fraud controls can make it harder to give your customers a seamless online experience but reducing friction can expose your business and customers to serious – and costly – fraud incidents.”
Kount’s ability to accurately produce a safety score called Omniscore, which identifies safe or high-risk transactions, stems from the Identity Trust Global Network that combines trust and fraud signals from 32 billion annual transactions from more than 17 billion devices to block fraud in real time. The results are immediate, including low false positives, high automation, low manual reviews, personalised customer experiences, and frictionless customer interactions.
“Retailers are constantly balancing between protecting their business and better serving their customers. The last thing they need are products that make that balancing act harder. To ensure we’re helping, not hindering, Kount can customise rules to each merchant’s business policies,” Legeay added.
“Kount’s AI and machine learning adds a layer of confidence for eCommerce businesses that are looking to distinguish between high-trust interactions and fraudulent payments. Kount’s strong global track record shows that it can help retailers reduce high chargeback rates and false declines, and ultimately build more profitable businesses with more satisfied customers.”