Barclaycard Payments has formed a new deal with fraud prevention company Kount to improve its fight against fraud.
With the support of Kount, Barclays Transact, which offers a suite of tools for merchants to complete online transactions, will enable clients to access real-time insights and detection of fraudulent transactions at the point of check-out.
Barclay Card Payments processes around 40% of card transactions in the UK, it claims.
Kount combines AI with the Identify Trust Global Network, which is a network of trust and risk signals made from more than 32 billion interactions and over 6,500 customers across 75 industries.
The platform uses machine learning to detect emerging and existing complex fraud and claims to have helped with getting a 99% reduction in chargebacks, 70% drop in false positives and 83% decrease in manual reviews.
Kount CEO Brad Wiskirchen said, “The eCommerce environment is rapidly growing and changing. This partnership between Barclaycard and Kount brings together both stability and innovation to provide merchants with an innovative solution to combat emerging fraud strategies while providing a seamless payment experience for customers.
“Barclays Transact and Kount’s Identity Trust Global network operate together to deliver a top of the line customer experience. By leaving fraud prevention and regulation management up to the experts, businesses can focus on what they do best.”
Earlier in the year, Kount released its Email First Seen service to inform customers the age of an email, helping them assess identity trust.
Copyright © 2018 RegTech Analyst
