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The GRC sphere today with the advancement of digitalization is witnessing a rise in the occurrence of frauds. In this era of ‘interconnectedness’, it is getting easier for fraudsters to get into the security system and there is a risk of substantial loss. The need of the hour is to implement appropriate rules through governance around security risk alongside representing significant compliance hurdles in the cyber-space. Kount understands this risk and thus delivers solutions to protect substantial loss due to frauds over the internet space. “We help people protect themselves from frauds and end the daunting circumstances that our clients are facing in the age of digitalization,” says Rich L. Stuppy, COO of Kount.
Kount caters to the needs of varied industries, today industries have begun digitizing the customer experiences and each time a new channel is digitized, it opens the door for frauds and attacks. Elaborating on the same, Stuppy says, “Kount focuses in instances where customers are present, on the internet, call center to help our customers identify the fraudsters who are posing as genuine users and also help the genuine users to have a friction free experience.” With cost-effective solutions, Kount provides quality solutions for its clients to leverage on.
Kount features a software platform to protect clients from fraudsters, this platform includes three areas such as—Fraud detection— Strategy management—operational management. First, fraud detection includes the collection of real time data and real time analytics alongside preventing, protecting, detecting, and predicting fraud in real time. The data is collected from the customers and analyzed with machine to protect breach in real time.
We help people protect themselves from frauds and end the daunting circumstances that our clients are facing in the age of digitalization
Second, Strategy management is composed of a set of capabilities that allow a business based on their governance to craft an anti fraud and risk strategy to match the business strategy. Lastly, Operational management is composed of tools and techniques to easily integrate Kount’s platform into any operation. Adding to the platforms provided by Kount, Stuppy says, “When we put Fraud detection, strategy management and operational management together, it allows for an effective ROI for our clients and customers.”
Kount offers a complete product for comprehensive fraud controls namely Kount Complete, Kount Central, Kount Access, and Kount AI services. Expecting the unexpected, Kount understands the need of people, Stuppy says, “The fraudsters are changing all the time, digitization is changing all the time, you need people, not just machines to be successful.” Kount believes that it is critical to have a smart and well implemented GRC program for monitoring the digital interaction with clients.
One of the clients of Kount, CD Baby—an online distributor of independent music, a couple of years back were facing a challenge of recurring fraud attacks that drove the chargeback up to 2.6 percent of transactions. The fraud kept occurring repeatedly in the field of Card testers, imposters and affiliate fraud. The Kount team then put together the best of their solutions to put an end to the fraud attacks faced by CD Baby. Kount’s solutions instantly brought down the chargeback rates to 0.1 percent within a month of its implementation.
Kount carries forth a world tour program known as Fraud 360 which includes a series of educational events. Describing the details about this program, Stuppy explains, “We bring together educational content and best practices to people going on the road. We distribute genuine education material about fraud and risk to educate every person.”
Defined by a significant team in IT, Machine learning, data analytics and marketing, Kount follows an intent hiring process to make sure that only the best are hired. Looking at the roadmap ahead, Kount aims to expand its business in Asia Pacific, Europe and Latin America. “We have a really substantial roadmap, we are working to incorporate new AI and machine learning techniques around different sorts of digital business,” concludes Stuppy.