Leading Fraud Detection Technology Offers On-Demand Verification to Improve Transaction Approvals04-May-2009
VIENNA, Virginia and BOISE, Idaho - Having a fast and secure way to green-light online transactions is a big deal for online retailers. TARGUSinfo, the leading provider of On-Demand InsightSM about prospects and customers, today announced that Kount Inc. will offer TARGUSinfo's On-Demand VerificationSM for risk management to enhance its fraud detection technology.
Kount® has invented numerous technologies over the past ten years that have become industry standards in protecting online merchants from fraud. Kount's patented tools, such as device fingerprinting and proxy piercing, are further supplemented with its newer, leading-edge capabilities designed to detect fraudulent activity in real time - before it becomes a problem for merchants.
With its latest enhancement, Kount has integrated TARGUSinfo's Contact Quality Rating into its case management system, which allows Kount clients to determine whether or not a link exists between name, address and phone number. With a single click, Kount merchants can now instantly retrieve rich, precise data from TARGUSinfo that provides additional insight into the overall risk of a particular order.
According to a recent report from the consulting firm Gartner, more than five million U.S. consumers lost money due to phishing attacks in the 12 months ending in September 2008. Additionally, consumers who fell victim to a phishing attack recovered 56 percent of their losses, resulting in "most fraud costs [being] borne by consumer banks, PayPal and other financial service providers."
"Attacks that target online shoppers and the retailers who serve them are increasing in both complexity and aggressiveness," said Steven Rouse, Kount's chief operating officer. "When personal information is stolen and used in a fraudulent transaction, it triggers a cascade of losses for everyone involved in the transaction. Kount's relationship with TARGUSinfo will give our clients important new tools to reduce their losses from fraud."
Having the Right Data to Combat Online Fraud
Millions of online ecommerce transactions a month fall into a standard review process that can be cumbersome and non efficient. By increasing the number of transactions that are automatically approved, TARGUSinfo helps merchants and Internet retailers create more revenue and lower cancellation rates by confirming the accuracy and relationship of consumer and business name, address and phone-number at the instant a transaction is submitted.
TARGUSinfo also leverages a Manual Review Portal to help decrease time spent viewing transactions with access to an intuitive user interface accessing the widest coverage of consumer and business contact information available; including phone type, listing type, valid address and phone indicators, and phone-stability indicators.
"We are very pleased to be working with a company that is leveraging our data with some of the most advanced fraud mitigation technologies available today," said Mitchell Young, director of risk management, TARGUSinfo. "Cutting down on Internet-based fraud is one of the most pressing matters for individuals, retailers and financial institutions. Partnering with Kount will arm their clients with an improved ability judge the legitimacy of consumer transactions, based on the most current and accurate data available."
TARGUSinfo, the leading provider of On-Demand InsightSM, provides unique identification, verification, scoring and location solutions that enable communication service providers, retailers, call-center operators, Web-based marketers and others to dramatically increase the quality of their services and the effectiveness of their marketing. A privately held company, TARGUSinfo is headquartered in Vienna, Va. For more information, visit www.TARGUSinfo.com.
Kount® is the most advanced fraud fighting technology available today. Developed by Keynetics Inc. with online and catalog merchant needs in mind, Kount defends against both traditional and emerging card-not-present fraud threats. The technology uses a formidable array of tools including two patented technologies - device fingerprinting, and proxy piercing—along with Dynamic Scoring™, geolocation techniques and real-time data streams from websites across the globe. For more information about Kount, please visit www.kount.com.