Money20/20: Kount’s AI safety rating30-Oct-2017
Rich Stuppy from Kount tells us about what the company is doing to combat fraud.Article text is transcribed from the video on the original, full article.
My name is Rich Stuppy. I'm the COO of Kount and have been with Kount for about ten years. I'm very excited to be here at the Money20/20 show, it's a great show for us. We have non-stop meetings with partners, merchants, payment processors, both here at the booth and at the suite. Very productive meetings, this is a great show to come to to meet new partners and establish a relationship with longtime partners as well.
Kount is a software-as-a-service solution for fraud control, we help merchants, payment processors, and marketplaces protect themselves from people that use stolen credit cards and stolen identities to commit fraud and payments account creation and account takeover.
Super excited to talk a little bit about our boost safety rating. This is a brand new AI based safety rating that we just released last week. It's an ensemble classifier that uses over 250 models on each transaction or event that we evaluate. It evaluates data across millions of different transactions and the actual outcomes associated with those transactions such as reviews, declines, chargebacks, and approvals. This safety rating does a very good job of assessing the relative risk or relative safety of a transaction. We just released it last week and we've already gotten feedback. I got some feedback this morning from a donation platform they said that they've done the analysis already, because they were having some fraud problems. [They have had] zero false positives and 100% accuracy and it's only been running for these guys for about four days.