Equifax kount ai id 640m luminate o’brien venturebeat
Equifax kount ai id 640m luminate o’brien venturebeat highlight the deal to acquire Kount, a company that uses artificial intelligence to drive its fraud prevention and digital identity services.
According to a new report from VentureBeat, Equifax has acquired Kount, a startup that uses AI to help businesses prevent fraud. The deal is worth an estimated $640 million.
Why Kount is so popular?
Kount provides a suite of tools to help businesses stop fraudsters from using stolen identities to commit fraud. The company’s technology includes a real-time ID verification service that can be used to verify the identity of someone who is trying to open an account or make a purchase.
Why Equifax acquired Kount?
The acquisition is a sign that Equifax is serious about using AI to fight fraud. The company has been investing in AI and machine learning in recent years, and it recently launched an AI lab in partnership with IBM.
Equifax has been embroiled in a major scandal in recent months, after it was revealed that the company had exposed the personal data of 145 million people. The incident has led to calls for stricter regulation of the credit reporting industry, and Equifax has been working to improve its security practices.
Would the Equifax Kount partnership work?
The acquisition of Kount is likely to help Equifax recover some of the trust that it has lost. The company is hoping that Kount’s technology will help it prevent another breach from happening.
Equifax is not the only company that is using AI to fight fraud. banks and other financial institutions have been investing in AI-based security solutions. And, earlier this year, Google launched a new anti-fraud service that uses machine learning to identify and block fraudulent activity.
The use of AI in fraud prevention is still in its early stages, but it is clear that it has the potential to be a powerful tool in the fight against fraud. With Equifax’s acquisition of Kount, we are likely to see more companies using AI to combat this growing problem.
Any identity that is used to create an account, attempt to log in, or make a payment is evaluated by Kount’s AI to assess whether or not it can be trusted. It enables businesses to fine-tune the level of trust in their systems and pick the percentage of transactions that are blocked and routed to customer support. Additionally, it enables businesses to better serve their customers.
The objective is to bring down that percentage by increasing the speed at which transactions are authorised while simultaneously cutting down on instances of fraud and chargebacks. Equifax has stated that it intends to eventually include the Kount products into its own Luminate fraud platform.
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