Business-to-Business Fraud Losses Can Be Huge
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Taking advantage of the natural efficiencies involved with running an online business-to-business company can reduce cost and increase customer satisfaction. It can also attract criminal fraud networks to your ecommerce operations — hitting you with big losses.
Kount’s advanced system for detecting and preventing fraud has been proven effective in B2B organizations and saves time, money, resources and losses due to fraud.
Kount’s unique features make it easy to accept more customers and control fraud losses by providing:
- Real-time fraud detection and control
- Review and protection for any payment type
- Powerful rule-based processes to enhance detection
- Advanced mobile fraud detection
- A complete manual order review management system
With Kount, FoodServiceWarehouse (FSW) reported a 45% reduction in fraud transactions and a 67% reduction in decline rate, which has led to significantly higher sales. Having the ability to link together different transactions in real-time allows them to spot fraud instantly. FSW found $154,000 in confirmed fraud attempts prevented in the first 10 months of using Kount. Now the team is able to respond almost immediately to new fraud threats, instead of weeks, all without tying up their internal developers.
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Real-Time Analysis and Scoring
Businesses don’t want to wait for their orders to be approved. Approve more orders and reduce fraud in milliseconds.
The Kount Score is a highly accurate way to quantify the risk of fraudulent activity using information from billions of purchase attempts, logins and account creations.
The Kount system reviews hundreds of data points to generate the Kount Score in an average of only 300 milliseconds, for every transaction. You can even customize your own scorecard or several scorecards to meet your specific needs.
Multiple Interlocking Technologies
Fraudsters are smart, sophisticated and determined to steal from you. That’s why Kount uses multiple proprietary technologies to stop fraud before it affects your bottom line and your customer’s experience.
The Kount award-winning platform includes features such as; active and passive device identification (including mobile device ID), velocity checks, IP geo-location, proxy detection and Persona™ linking technology to detect and prevent fraudulent activity. And, the AutoAgent™ feature eliminates the need for time consuming manual order reviews.
Robust Risk Decision Rules Engine
The Risk Decision Rules Engine uses a point-and-click interface, enabling clients to configure rules based on an unlimited number of criteria in a matter of minutes. This makes it easy to adjust, create and test rules in real time to counter new fraud attacks or to accommodate changes in business strategy. Kount clients can change the rules themselves or work with the Kount merchant services team.
Agent Review Features - Manual Reviews
The AutoAgent employs a number of tools that automate routine risk assessment tasks. For example, if Kount detects attributes in a transaction that indicate possible fraud, the AutoAgent feature then triggers the auto-decision tools to take action based on pre-defined specifications.
Merchants can also add third-party risk assessment functionality to the Agent Workflow Console, like including real-time web links to data verification sources such as TARGUS info, LexisNexis and other database and reporting agencies, enabling agents to seamlessly gather customer information.
Frequently Asked Questions
- We manually review a large percentage of our orders right now. How can Kount help me reduce that number?
- The Kount platform was designed to limit - and even eliminate - the need for manual reviews. However, we understand that many businesses want to review large orders and allow a human to make the approval decision. Kount has a complete manual review management feature set that allows for quick and accurate reviews from a single screen. The system also has several reporting options to help you monitor the efficiency and effectiveness of the agents/reviewers.
- We use a database of past bad customers and accounts. Can I use that with Kount?
- Kount analyzes hundreds of data elements to determine what is a good transaction and what is a bad transaction. Kount can easily review additional information about past customers or transactions during its process. Kount can even build negative lists of those attempting fraud or or VIP lists of your best customers.
- We currently decline orders from certain regions because they seem to have more fraud than others. Does Kount look at location to determine fraud?
- Location is just one of the hundreds of variables that determine whether a transaction is risky. Because Kount combines several interlocking technologies, including geolocations, IP addresses and proxy IPs, we can determine whether fraud is present at a much more granular level. Many of our customers have opened territories to accept sales they previously thought of as too risky, adding incremental sales revenue.
- Won’t a fraud reduction tool just increase the number of orders that are declined?
- Actually, with Kount, just the opposite occurs. Unlike other tools that simply block or decline suspicious orders, Kount takes the mystery away and most of our customers see fewer declined orders and an increase in accepted orders.
- We subscribe to a database of lost/stolen credit cards, other fraud transactions and so on. Why would we need Kount?
- Fraud happens quickly. Nearly 90 percent of online fraud takes place within the first 24 hours of a card being compromised. That means traditional look-up technologies are just not fast enough for today’s criminal. Kount reviews hundreds of pieces of information and gives the merchant analyzed information in a fraction of a second. In fact, our average response time globally is about 300 milliseconds.