Equifax ai id 640m kount equifaxis the largest credit reporting agency in the world, with approximately 640 million customers. Using its data, businesses can analyze fraud trends, find out how many transactions were halted, and stop fraudulent activity in its tracks. With this information, they can minimize the effects of fraud and improve their business practices.
640m Kount Equifax
Equifax has announced that it will acquire digital identity and fraud prevention firm Kount for $640 million. Kount’s software uses artificial intelligence and machine learning to spot and prevent fraudulent transactions. It analyzes more than 32 billion transactions a year. Equifax expects to use the company’s technology to protect consumers from digital fraud and account takeovers.
Founded in 2007, Kount is a provider of risk-based authentication and fraud prevention software. The company uses artificial intelligence and machine learning to evaluate online transactions and create trust scores based on patterns. Currently, it is used by 9,000 brands worldwide. Its technology has been used by large companies such as Equifax and Bank of America to prevent and detect fraudulent transactions.
Equifax is expanding its global footprint through the acquisition of Kount, a provider of digital identity solutions and AI-driven fraud prevention solutions. By combining its vast data assets and diverse AI capabilities, Kount will strengthen Equifax’s identity trust solutions. Kount’s technology also protects consumers from account takeovers in real-time.
Kount’s employees will be joining the USIS business unit of Equifax, where it will remain headquartered. The company expects the deal to close in the first quarter of 2021. The deal is subject to customary closing conditions. The company will hold a conference call to discuss the Kount acquisition on Jan. 11 at 8:30 ET.
Ultimately, businesses can use Kount products to prevent fraud and minimize chargebacks. By using these solutions, businesses can determine which transactions are halted or declined, as well as which customers can trust the system. With Kount, businesses can minimize chargebacks and fraud, while keeping customer care at a high level.
Kount will leverage Equifax’s data and advanced analytics capabilities to provide a comprehensive view of digital transactions and traditional offline identity fraud risk indicators. The new partnership will enable the companies to sell identity theft protection services to e-commerce sites, banks, and car dealers. In addition to Kount’s capabilities, Equifax plans to leverage the data of more than 17 billion unique devices across 200 countries.
The acquisition of Kount is a win-win for Equifax and its employees. The Boise-based company has built a reputation for offering fraud protection to e-commerce retailers. With the acquisition, Kount will have more than 900 customers around the world. Kount employees will join Equifax’s information-solutions business unit in the U.S.
Kount’s solutions provide e-commerce businesses, acquiring banks, and payment service providers with fraud prevention and data analytics. Since its founding in 2006, the company has developed an advanced artificial intelligence platform that protects online customers and brands from fraudulent activity. The company also holds 30 patents and has more pending ones.
The acquisition will improve customer experiences and help businesses establish strong trust in their digital identity, which will help them engage with consumers on new online platforms. The three co-founders of the company will continue to be on the board of Keynetics. While Wiskirchen will remain CEO of Kount, he will remain on the board of Keynetics.
The Kount Identity Trust Global Network enables leading brands to create personalized customer experiences with real-time fraud prevention and identity protection. The network is linked by award-winning AI that analyzes the signals from 32 billion digital interactions each year. This AI helps identify fraud and reduce false positives.
