Sage, Kount to Offer Antifraud Technology to SMBs
Sage, a software company that provides business management solutions to small and midsize companies, said this week it has partnered with Kount to add sophisticated antifraud capability for its customers that accept online payments. With the U.S. moving to the EMV standard, much of the fraud that used to be perpetrated in stores will be directed online. At the same time online transactions continue to grow, giving fraudsters more opportunity to monetize stolen payment information online. Whether EMV is to blame or not, the companies pointed to an Aite Group research that predicts card-not-present fraud in the U.S will double by 2018. Sage said the partnership with Kount will address the problems of rising fraud rates in card-not-present channels for smaller merchants that might not have access to technology that can help them.
"While EMV is a major step forward, it was really designed to prevent card-present fraud," said Paul Bridgewater, CEO of Sage Payment Solutions. "With tokenization, the trend in Canada and Europe—where they experienced a significant shift from card-present fraud to card-not-present fraud—isn't expected to repeat itself in the U.S. That said, fraudsters will continually evolve, and this unique offering will provide another line of defense for small and medium businesses. Sage wants to help ensure companies doing business online and over the phone are protected."