Kount's New Adaptive Boost Safety Rating Helps Online Merchants Stop Fraud and Gain Efficiencies20-Mar-2018
Boise, Idaho and Las Vegas, Nevada - March 20, 2018 – Kount, a leading innovator of solutions for fraud and risk management, today announced the general availability of its Boost™ Safety Rating, derived from supervised machine learning focused on reducing fraud, chargebacks, and the need for manual review of transactions.
Available to Kount's customers at the end of last year in beta, the new Boost Safety Rating, a feature of Kount's BoostTM Technology, is now used by hundreds of customers and has already proven significant for customers' fight against fraud. In three short months, customers' use of the Boost Safety Rating feature has dramatically reduced false positives and customer service calls, as well as lowered manual reviews by as much as 20 percent.
Boost Technology's supervised machine learning passes data through hundreds of models to generate a single numerical rating that indicates the safety of a transaction. The Boost Safety Rating augments Kount's existing unsupervised machine learning to not only predict the risk of fraud, but also adapt to new conditions and learn from previous events including decisions and chargebacks.
"Boost augments Kount's long history of applying advanced machine learning to the fight against fraud," said Rich Stuppy, Chief Operating Officer at Kount. "Our customers can be confident that Kount's balanced approach to fraud prevention provides unique clarity in an industry that is continually changing. Kount's Boost Technology is a dynamic solution that assimilates data into a numeric value that is easy to read and understand."
Boost complements Kount's patented Persona™ technology to optimize fraud detection and mitigation for merchants with both supervised and unsupervised machine learning. The combination of machine learning analysis simultaneously processes millions of data points with each transaction to deliver enhanced confidence in the value of a digital transaction to individual merchants. Specifically, Kount's Boost technology:
- Assigns a single numeric value to predict fraud in real time.
- Weighs the risk of fraud against the value of each unique customer to identify legitimate transactions from fraudulent ones.
- Aggregates millions of transactions and their outcomes, including approvals, chargebacks, refunds, and reviews.
- Calculates in real time, maintaining Kount's current response time of roughly 250 milliseconds.
- Harnesses data insight from billions of transactions that are part of Kount's global network of merchants in nearly every vertical market.
- Helps merchants protect good customers by measuring safety instead of risk alone.
Boost comes as frauds rampant within online merchants continues to soar. According to First Data, global card fraud losses are expected to exceed $35 billion by 2020. Kount's supervised and unsupervised machine learning allows online merchants to stay ahead of sophisticated fraud techniques, such as account takeover and transaction fraud, while maintaining the customer experience that customers expect.
Stuppy added, "Kount's machine learning instantaneously provides historical insight, as well as relative risk and safety of each transaction, which allows organizations to make smarter decisions. During beta testing, a client with global transactions reported that using the Boost technology improved their monthly performance by allowing them to automatically approve an additional 3,000 transactions, reduce manual review by around 200 hours, and approve an additional $1.2 Mil USD."
Kount's Boost Safety Rating will be unveiled at this year's MRC Vegas 2018. For more information visit Kount's MRC Booth (#706) or the Kount website at www.kount.com. Additionally, existing customers can contact their Client Success Manager to learn more.
Kount helps businesses boost sales by reducing fraud. Our all-in-one, SaaS platform simplifies fraud detection by applying patented machine learning through Kount's proprietary platform offering maximum protection for some of the world's best-known brands. Companies using Kount accept more orders from more people in more places than ever before.