Powering Fraud Prevention with Machine Learning
AI and Machine Learning are nothing new – in fact, Kount’s platforms were built over a decade ago using advanced machine learning to enhance our core technology and improve our customer’s ability to identify and mitigate all types of fraudulent activity.
Fraud has no signs of slowing down, and as businesses work to protect their assets (and their customers), criminals develop more advanced and complex ways to access valuable data. Whether that’s leveraging weaknesses in Internet of Things-enabled devices, creating wide-reaching cybercrime rings who carry out well planned and executed fraudulent activity, or preying on victims through government processes, businesses need to ensure their fraud prevention systems are on the top of their game – not only prepared for today’s fraud tactics, but also able to anticipate and react to the evolution of fraud.
What should online businesses look for when evaluating third-party offerings for protection? The first is a combination of unsupervised and supervised machine learning. Here at Kount, we use our patented Persona technology with unsupervised machine learning to assimilate billions of data points to determine transaction validity, scoring, device identification, geo location, IP proxies, dynamic monitoring, continuous authentication, and more – along with supervised machine learning – to simultaneously analyze that same data through hundreds of proven models to create a rating that shows the relative risk and safety of a transaction.
The combination of both analysis allows Kount to instantaneously provide both current environment and historical insights, as well as relative risk and safety of the transaction, which allows organizations to make smarter decisions. Applying advanced analytics to fraud detection is essential to ensure confidence with every transaction, while addressing the ever-changing tactics of fraudsters and allowing customers to approve more orders, uncover new revenue opportunities and improve profits.
Boost™ Safety Rating, based on Kount Boost Technology is our latest weapon in the fight against fraud. Boost’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. Stay up to date with Kount’s products and upcoming events at www.kount.com.