Equifax kount ai id 640m luminate o’brien venturebeat highlight about a deal where Equifax will pay around $60 million for Kount’s AI-driven identity and fraud prevention tools to make their existing system even more secure, safe and better than ever before!
A recent article published by VentureBeat states that Equifax has purchased Kount, a startup that employs artificial intelligence to assist organizations in preventing fraud. It is believed that the transaction will be worth 640 million dollars and their improved AI tool will help a lot.
Why is Kount used by so many people?
Kount delivers a set of solutions designed to assist organisations in preventing identity thieves from committing fraudulent acts using stolen identities.
The technology of the company comprises a real-time ID verification service that may be utilised to verify the identification of an individual who is attempting to make a transaction or register an account with the company.
Why did Equifax decide to buy Kount?
The purchase demonstrates that Equifax is committed to utilising AI as a tool in its battle against fraud. In recent years, the corporation has increased its investments in artificial intelligence (AI) and machine learning, and just lately, it opened an AI lab in collaboration with IBM.
In the past few months, Equifax has been at the centre of a big scandal, which began after it was discovered that the corporation had made public the personal information of 145 million individuals. As a result of the incident, there have been calls for the credit reporting sector to be subject to more stringent regulations, and Equifax has been striving to enhance its security practises.
Could the relationship between Equifax and Kount be successful?
It is quite possible that the acquisition of Kount will assist Equifax in regaining some of the trust that it has lost. The company has high hopes that the technology developed by Kount would be able to assist it in preventing another data breach.
There are other companies than Equifax who are also utilising AI to combat fraud. Investments in artificial intelligence-based security solutions have been made by banks and other types of financial institutions. In addition, Google introduced a new anti-fraud service early this year. This service makes use of machine learning to recognise fraudulent behaviour and then blocks it.
The application of artificial intelligence (AI) in the prevention of fraud is still in its infancy; yet, it is already obvious that it has the potential to become a useful instrument in the battle against fraud. As a result of Equifax’s acquisition of Kount, we are likely to witness an increase in the number of businesses employing AI to deal with this escalating problem.
Kount’s artificial intelligence examines every identity that is used to create an account, attempt to log in, or make a payment in order to determine whether or not it can be trusted. It enables businesses to fine-tune the level of trust in their systems and choose the percentage of transactionss that are blocked and sent to customer support. In other words, it gives businesses more control over their systems. In addition to this, it helps businesses to provide improved service to their respective clients.
The objective is to bring that percentage down by accelerating the rate at which transactions are authorised while simultaneously reducing the number of cases of fraud and chargebacks. It has been revealed by Equifax that the company plans to eventually include the Kount products into its very own Luminate fraud platform.
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