Keep Fraud at bay, customers happy01-Feb-2013
How can online merchants balance the need to prevent fraud without damaging the customer experience? US-based online fraud prevention specialist Kount is launching its award winning patented service to retailers in Europe.
"If a fraud prevention provider takes too long to screen a transaction sales are negatively affected", says Don Bush of Kount. The Aberdeen Group estimates that a one-second performance delay can reduce sale conversions by 7%, a figure that represents £2.55million a year for a £100,000 per day site.
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. 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 milliseconds, says Kount. It 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.
Last year Kount more than doubled its customer base compared to the previous five years. 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'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.