Retail Security Initiative of the Year
On the 15th of October, Kount was, once again, honoured to win the Retail Security Initiative of the Year award at the prestigious Retail Systems Awards.
This is now three times in a row Kount has won this acclaimed award and was delighted to be chosen by industry peers as being the retail security initiative of choice.
One of the reasons Kount won this award was because they were able to demonstrate how their technology and insight has helped clients fight fraud and boost sales. Provided are specific examples of how merchants used Kount to dramatically cut chargebacks and increase their profitability.
Paymentez LLC, headquartered in Miami, Florida and with offices in Argentina, Brazil, Colombia, and Mexico, is the leading payments platform for digital goods and financial services in Latin America.
With Friendly Fraud, consumers were making online purchases with legitimate credit cards, but then requesting chargebacks from their banks after receiving the purchased goods or services. With Gold Farming, fraudsters were using stolen credit cards to buy credits during gaming sessions so they could advance more quickly and earn higher-value characters and in-game rewards that they could then resell.
Upon implementing Kount, Paymentez quickly exited the Visa and MasterCard excessive chargeback programs. “The $10,000 fines from Visa and MasterCard are gone,” reports Patricio Walsh, Risk and Compliance Director. “In fact, we cut our chargeback rate by 70%.
Since 2004, BustedTees has been one of the web’s leading Internet-based T-shirt brands. As revenue grew, so did fraud. Adam Schwartz, General Manager at BustedTees, explains “As the cost of the fraud grew, we tried to fight back by building our own technology and systems. But we found ourselves playing catch up.” Their chargeback rates reached 2% and fines grew to $5,000 a month. “We tried clamping down, but that just cut our revenues without reducing chargeback rates,” recalls Adam. Kount cut their chargeback rates by 75%.
CD Baby is the world’s largest online distributor of independent music, helping independent artists sell their music on cdbaby.com, iTunes, Amazon, Facebook and more – as well as on compact disc and even vinyl records.
CD Baby was hit by recurring fraud attacks that drove chargebacks up to 2.6% of transactions. Controller Christine Barnum describes spending “80% of my time, 7 days a week, trying to contain fraud. It was like ‘whack-a-mole.’ I would identify a pattern and put rules in effect to stop it, and the fraudsters would come up with another trick.”
After implementing Kount, CD Baby cut chargebacks by 96%.
That’s what Kount can offer and why clients are happy to recommend them. Check out their case study resources to read about merchants that have turned a negative into a positive with implementing the multi-award winning fraud prevention solution, Kount.