Fraud, chargebacks and false positives can impact revenue, and even cause firms to lose customers. The data is out there to aid in intelligent risk decisioning, but not all data is created equal, and analysis must happen within milliseconds.
To that end, digital fraud prevention company Kount announced in June that it launched the next generation of artificial intelligence (AI) in fraud prevention with a feature called Omniscore. The AI-driven solution helps digital businesses enhance their efforts to combat payments fraud and reduce chargebacks.
As has been reported, Kount’s AI and Omniscore use both supervised and unsupervised machine learning that leverages a universal data network spanning 12 years and 6,500 customers across 180 countries and territories. Combined with additional calculations, Kount’s fraud prevention solution closely emulates the decision-making process of an experienced fraud analyst.
In an interview with PYMNTS, Rich Stuppy, chief customer experience officer at Kount, said that in general, fraud prevention exists as “one of the few places where you have a technology, people, and a process coming together to solve a problem — and that problem is not a static problem. It is constantly changing, constantly evolving.”