From Kount press release
Kount, developer of fraud and risk management solutions, just released the beta version of its BOOST™ Technology.
The artificial and machine-learning product aggregates millions of transactions and their outcomes, including approvals, chargebacks, refunds, and reviews, the company said.
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, company officials said.
The company pointed out other benefits:
- 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.
- The 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, Kount’s chief operating officer.
“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,” he said.
The efforts continue Kount’s long history of using AI and machine learning; the company plans several other initiatives built on 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 its global network.
What Stuppy describes as “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,” Stuppy said.
Customers using the beta version have already experienced dramatic increases in fraud prediction and efficiencies in fraud management by applying the Safety Rating to their process.
For more information about Kount, visit http://www.kount.com.