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Wednesday, January 30, 2013 — 13:35:37 (CST)
Kount brings security to European transactions
London, Jan. 30, 2013 -- US based online fraud prevention specialist Kount is set to launch its award winning patented service Kount Complete™ across Europe following five years of year-on-year growth in the American market.
Founded in 2007 Kount’s flagship product, Kount Complete™, delivers an all-in-one fraud and risk management solution for online businesses looking to beat fraud and boost sales in the card-not-present environment. Last year Kount more than doubled its customer base compared to the previous five years.
Don Bush, Kount’s Vice President of Marketing, commented: “2012 saw a 16% increase in ecommerce across Europe, according to Visa, which will come hand-in-hand with an increased risk of cyber-crime and fraud. Kount specialises in fraud detection and prevention for the online environment which by its very definition is global in nature. Last year we increased our customer base by 300% outside the USA and we feel now is the time to really start talking about our products to a global audience as there is a clear demand. This year alone we will be attending 35 trades shows globally of which 16 are staged across Europe including the RBTE at Earls Court in London, Internet Retailing at the NEC in Birmingham and eTail Germany at the MὃvenPick in Berlin, as we look to improve fraud prevention on a global scale.”
Kount Complete™ is designed for any size merchant including online retailers, financial institutions, online communities and any other businesses susceptible to fraud, detecting and preventing fraudulent activity. It analyses hundreds of relevant variables and activity across the globe in real-time, delivering a highly predictive risk assessment in an average of just 350 milleseconds.
Kount’s proprietary technology platform includes artificial intelligence fraud detection methods that provide accurate, real-time assessments for card-not-present transactions, including mobile payments. Artificial Intelligence, or “AI”, is a powerful technology that learns from historical outcomes and then accurately detects fraudulent activity as it occurs in real time.
Bush added: “Kount develops and builds all of its own technology which is protected by a number of patents. This enables us to offer an “all-in-one” solution versus other fraud offerings that rely on tools and technologies from multiple vendors enabling us to implement our technology in a matter of weeks rather than months. This has produced market leading results as it is designed for purpose; for instance last year our response time was consistently 300mili-seconds or less.”
A recent study by the Aberdeen Group found that a one-second performance delay can reduce sale conversions by 7%, a figure that can represent millions of pounds a year per site.
Bush continued: “If a fraud prevention provider takes too long to screen a transaction sales are negatively affected. Companies using our platform have greater insight into fraudulent activities, allowing them to control risk associated with fraud whilst maximising sales and dramatically reducing the need for manual review.”
The Kount solution has already enabled American businesses to expand into global markets. In a recent case study BustedTees, a leading Internet based t-shirt brand, said they have been able to expand into 30 high-risk markets because of the high quality fraud prevention Kount Complete™ provides. Kount is about to announce a big client win in the UK, the first of many in Europe in 2013.
Kount delivers an all-in-one fraud and risk management solution for companies operating in card-not-present environments looking to simplify their fraud/risk operations and dramatically improve bottom line profitability. For each transaction, Kount Complete™ analyzes hundreds of relevant variables and activity across the globe in real-time, then delivers a highly predictive risk assessment in less than one second. Kount provides a single, turnkey fraud solution that is easy-to-implement and easy-to-use. Kount’s proprietary technology has reviewed hundreds of millions of transactions and provides maximum protection for some of the world’s best-known brands. For more information about Kount, please visit www.kount.com .
Source: Company press release.
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