As published in Forbes, February 10, 2020
Bottom Line: Redefining the future of fraud prevention starts by turning trust into an accelerator across every aspect of customer lifecycles, basing transactions on identity trust that lead to less friction and improved customer experiences.
Start By Turning Trust Into A Sales & Customer Experience Accelerator
AI and machine learning are proving to be very effective at finding anomalies in transactions and scoring which are potentially the most fraudulent. Any suspicious transaction attempt leads to more work for buying customers to prove they are trustworthy. For banks, e-commerce sites, financial institutes, restaurants, retailers and many other online businesses, this regularly causes them to lose customers when a legitimate purchase is being made and trusted customer is asked to verify their identity. Or worse, a false positive that turns away a good customer all together damages both that experience and brand reputation.
There’s a better way to solve the dilemma of deciding which transactions to accept or not. And it needs to start with finding a new way to establish identity trust so businesses can deliver better user experiences. Kount’s approach of using their Real-Time Identity Trust Network to calculate Identity Trust Levels in milliseconds reduces friction, blocks fraud and delivers an improved user experience. Kount is capitalizing on their database that includes more than a decade of trust and fraud signals built across industries, geographies, and 32 billion annual interactions, combined with expertise in AI and machine learning to turn trust into a sales and customer experience multiplier.