Equifax recently announced that it intends to acquire Kount by paying an amount of $640 million. Kount uses artificial intelligence-driven tools for fraud prevention and digital identity services. The company analyzes 32 billion transactions across 17 billion devices with the help of AI. equifax kount ai id 640m kount. It is even working towards shifting from only analysis to predictive modes that will ultimately help companies to prevent digital fraud. Ever since its inception in the year 207, Kount is representative of the hopes enterprises with the AI and machine learning that can be used to scale defenses and tackle the rising cyberattacks.
Kount’s AI-enabled tool determines the trustworthiness of any identity that attempts to log in, create an account, or even make a payment. With this, the businesses can fine-tune the level of trust in their systems. They can even select the percentage of transactions that are blocked along with the ones that are transferred to customer service, as and when required. The end goal is to lower this percentage by accelerating the rate of transactions approved. At the same time, minimizing fraud and chargebacks. According to Equifax, Kount’s products would eventually become part of its their Luminate fraud platform. Thus, contributing to their global capabilities and bringing new market-leading products and solutions to the customers.
As per the CEO of Equifax, Mark Begor, with the acceleration of digital migration, managing authentication, and online fraud will become a major challenge while optimizing the consumer’s experience. He further added that the data and technology cloud investments offered by Equifax allow quick and aggressive integration of new data and analytics assets. Thus, the collaboration with Kount will allow innovation of market-leading products and solutions.