Kount integrates AI software for immediate identity verification
Kount, a fraud prevention firm is planning on introducing the Identity Trust Global Network for the establishment of artificial intelligence-based identity validation, as reported by PYMNTS. The Idaho-based cybersecurity company stated that the identity behind every online interaction needs to be properly verified to reduce the chances of identity theft and fraud.
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The AI software can deliver, through machine learning, accurate identity trust decisions that are tailored to business needs and outcomes. According to Jordan McKee, the Research Director of 451, the fraud prevention industry is constantly modifying and the future lies in creating a trust for a more individualistic experience.
He stated, “To this end, merchants must reimagine their approaches to fraud. Solutions such as Kount’s Identity Trust Global Network go beyond machine learning or rules, offering an identity trust data network, advanced AI and a user experience engine. Businesses that are able to make dynamic decisions based on the level of trust in a user’s identity will be at a significant advantage in the years ahead.”
Kount’s latest AI system minimizes the false-positive rates to up to 50 percent and connects 2.7 billion fraud signals in the present time. The fraud prevention mechanisms are automated by businesses using the UX engine while improving policies for the best results. Brad Wiskirchen, the CEO of Kount announced, “From visiting a website to log in, checkout or account creation, Kount’s Identity Trust Global Network goes to work analyzing billions of identifiers to establish trust in real-time.”
The company was founded in 2007 and currently has over 6,500 customers in more than 75 industries, across 250 countries and territories. The Friendly Fraud Prevention Solution was initiated by Kount in October to protect businesses and individuals from frauds. It prevents businesses from chargebacks, and speeds up dispute resolutions.