Kount uses RBTE to kick off a crime fighting spree28-Mar-2013
Report from RBTE looking back at some of the exhibitors and technology that was on show. By Martina Mercer
Already a success, Kount aim to minimise online fraud for the eCommerce industry, as Don explained to me, “Fraudulent transactions cost the retailer more than the price of the transaction itself. They have to cover the cost of the product they’ve lost, cover the cost of the payment and in many cases cover bank charges or in extreme cases, the massive fines and investigations that can be incurred. In 2011 $100 billion was lost online due to fraud and it wasn’t the consumer that suffered, it was the retailer as they paid every single penny of it. If you think of the amount lost due to product loss and fines too, that number could easily be doubled.”
The Crime Fighter You Can Rely On.
The online detection system, Don tells me, is made up of over 250 algorithms that have been carefully developed by a man with a PHD from Princeton University. This professor of maths has assessed the problems and developed a solution that removes risk from accepting payments online.
Don was also keen to point out how this could drive growth too, as Kount market themselves as a company that doesn’t only prevent fraud but cares about the bottom line, as he said, “as well as ensuring transactions are safe and of lower risk, our model has been proven to give merchants confidence as they can now safely expand into other areas, accepting payments globally when the risk outweighed the reward before.”
Just one example of this is how it has 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. It’s no surprise that Kount's mantra is Beat Fraud, Boost Sales.
It takes just 300 milliseconds for Kount’s fraud assessor to work, and it is completely invisible to the consumer. The customer is never aware of Kount behind the scenes as everything runs as normal, with Kount integrating seamlessly into systems already in place.
Don told me, “with our system in place, fraud is easier to commit in a bricks and mortar store face to face than it is online. That’s how much data we collect and how secure we make transactions for retailers.”
The Kount online fraud detection can un-mask the villains behind the false information, it can discover real locations and it can assess intricately every transaction for authenticity without any delay.
Keep an Eye on Kount
Although they couldn’t reveal it today, there are exciting developments in the pipeline for Kount as soon they will be announcing a huge client win in the UK. This will be the first of many for them, yet they don’t want to stop there as they plan to make their services available to all eCommerce retailers in Europe over the next 12 months.
RBTE has certainly set them on the right path as they were impressed with the quality of visitors and the amount of interest and connections they received for their new solutions.
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. I for one, can’t wait to see who the new UK client is, however I do have a sneaking suspicion.
Originally published at The Integrated Retailer.