Product: Kount AI platform
Company: Kount Inc.
Kount Inc., a company known for its proprietary, all-in-one, fraud and risk management platform for card-not-present environments, upped the ante with the addition of artificial intelligence (AI) tools that are capable of learning from historical outcomes and then accurately detecting fraudulent activity as it occurs in real time, the company stated.
"Fraudsters are becoming increasingly sophisticated, which makes it more and more difficult for merchants to differentiate good orders from bad ones," stated Steven Rouse, Chief Operating Officer for Kount. "Kount's AI technologies, combined with other statistically relevant predictive models, provide our clients with best-in-class fraud detection."
Central to Kount's AI technology is what system developers refer to as supervised machine learning. Kount described this learning process as "a specialized branch of statistical learning theory that combines historical training data with predictive functions that process real-time threat data." As a result of this unique combination of AI and highly accurate predictive models, Kount's system reportedly learns on the go to detect and stop fraud.
In card-not-present environments, where every second counts, heavy emphasis is placed on speed and accuracy. "Some of the huge challenges with using AI to detect fraud relates to the computational complexity of doing it in real time," Rouse noted. "Kount has solved these math problems and reduced the overhead required to effectively deploy AI against evolving threats in real time."
According to Kount, its average fraud analysis response time is approximately 350 milliseconds, making it one of the fastest fraud detection solutions in the industry. Another benefit with Kount's AI technology is its ability to minimize Internet-based "noise" which can trigger false positives in many of the standard fraud detection models available today, the company stated.
"Neural networks and Bayesian models are susceptible to noise, which is partly responsible for the high rate of false positives these models can generate," Rouse said. "Kount's AI approach is more accurate because we deploy active filters to remove that noise and bias. This is a major reason Kount has much better performance than our competitors."
ISOs and merchant level salespeople who are interested in learning more about this turnkey fraud detection and prevention system (which has reportedly reviewed hundreds of millions of transactions to date) are encouraged to contact the company for a brief overview. The Kount system is being offered as a software-as-a-service solution.
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