Knout, a provider of artificial intelligence (AI)-powered fraud protection and digital identification solutions, has formally agreed to be acquired by Equifax® (NYSE: EFX), a world leader in data, analytics, and technology, for $640 million as per Equifax 640m kount O’Brienventurebeat.
In order to combat the rising issue of online fraud and reduce user friction as the speed of global digital transformation quickens and shifts consumer interactions to digital channels in unprecedented numbers, businesses need creative solutions to develop digital identity trust in real-time. The Knout Identity Trust Global Network, the leading risk-based authentication platform in the market, will help businesses better engage with their customers while preventing fraud due to this acquisition, increasing Equifax‘s global footprint in digital identity and prevention solutions.
Equifax Kount AI 640m Kount Equifax
Today, Knout, a business that employs artificial intelligence to power its fraud prevention and digital identification services, revealed that Equifax would spend $640 million to purchase it. Executives from Equifax stated in a press statement that the agreement would enable the company to enter these markets further.as per equifax kount id 640m kount equifax.
Using artificial intelligence, Kount analyses 32 billion operations from 17 billion devices. Intending to assist businesses in preventing digital fraud, the system is transitioning from analysis-only to predictive modes as it grows in intelligence.
Equifax CEO Mark Begor’s Statement on Investment
According to Equifax CEO Mark Begor, one of our customers’ top issues is handling verification and online fraud while maximizing the consumer experience. Our investments in data and cloud technology enable us to swiftly and proactively integrate new data and analytics assets, like Kount, into our worldwide operations and offer new, market-leading products and solutions to our clients.
About AI Firm Kount and Its Services
Kount, a company founded in 2007, is an example of businesses’ ambitions for using AI and machine learning to assist scale security in meeting the expanding resources behind cyberattacks.
In this situation, Kount’s AI evaluates any identity used to register an account, log in, or make a payment to determine its reliability. Businesses can choose the percentage of blocked activities and forward them to customer support, as well as how much faith they want to place in their systems.
By increasing the rate at which transactions are approved while reducing fraud and chargebacks, the target percentage is to be decreased. Products from Knout according to Equifax will eventually be included in its own Luminate fraud platform.
Managing identification and data theft while enhancing the customer experience has emerged as one of our customers’ top concerns as the rate of digital migration accelerates. According to Equifax CEO Mark W. Begor, acquiring Kount would increase the company’s differentiated data assets and provide worldwide businesses with the knowledge and services required to build online identity trust.
According to Sid Singh, President of (USIS) at Equifax
According to Sid Singh, President of United States Information Solutions (USIS) at Equifax, “Equifax and Kount will work together to leverage a powerful set of distinguishable information assets and actionable insights to deliver superior efficiency, incorporated view of both digitally-native exchanges and signals and offline marketing identity fraud risk indicators while preserving privacy and security at the highest levels. We are making it possible for companies from all different sectors to build solid digital identity confidence behind every connection and to enable new ways of consuming content with clients.
Each payment, account settings, and login event’s amount of trust in each identity is determined by identity trust. Businesses can decide how much risk and trust they are willing to take on to detect fraud in real-time and provide customized consumer experiences. In addition to eliminating digital fraud, chargebacks, false positive rates, and manual reviews, quick and accurate identity trust determinations can result in safe payments, account creation, and login events.
CEO Of Kount Bradley Wiskirchen Statement
According to Bradley Wiskirchen, CEO of Kount, “more than 9,000 organizations globally depend on the Kount Identity Trust Global Network to protect and prevent digital fraud while enabling individualized customer experiences and new e-commerce channels.” “We’re thrilled to be able to provide Kount solutions with such a vast array of Equifax data, analytics, and products. The global presence of Equifax will hasten the adoption of Kount on a global scale, enabling us to assist more businesses globally in better safeguarding their technological technologies and customers from emerging dangers while enhancing the customer experience.
The entire Kount product line, which is generated by the Identity Trust Global Network and will be incorporated into the Equifax Luminate Platform, consists of Kount Command for e-commerce fraud protection with the Ominiscore AI-driven transaction safety rating, Kount Control for account takeover preventative measures and digital account protection, Kount Data on Demand for advanced data analysis and actionable customer insights, and Near Real-Time Chargeback protection. A complete fraud platform called Luminate orchestrates several technologies with machine learning to give risk managers insights to aid in managing fraud choices across the lifecycle of consumer accounts.
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