Hear from finalist in the Best Use of AI and ML category, Kount
At the inaugural Finovate Awards in New York in September, over 200 of the industry’s brightest stars gathered fora gala dinner and night of entertainment, to celebrate the fintech industry's best and brightest across some very competitive categories. We sat down with one of the finalists in the Best Use of AI and ML, Kount, to hear about what they've achieved with these new technologies.
Kount’s AI simulates the decision process and instinct of an experienced fraud analyst by weighing the risk of fraud against the value of the customer on a faster, more accurate, and more scalable basis than human judgement alone. Combining patented technology with supervised and unsupervised machine learning, Kount’s AI recognizes patterns, anomalies, linked associations, as well as historical outcomes, to detect complex and emerging fraud in milliseconds. It was designed to reduce the need for manual rules and offers flexibility to adjust business policies. AI is crucial for making real-time decisions at the scale and speed demanded in today’s digital environment.
Kount was the first to use unsupervised machine learning (UML) models for anomaly detection, complex link analysis, and scoring to detect emerging fraud trends and attacks. Further, Kount’s supervised machine learning (SML) assesses historical data and outcomes. UML and SML are combined together with additional, sophisticated calculations to form Kount’s AI, which produces a risk prediction called Omniscore.
The highly predictive score can be relied upon when decisioning orders, so that there is less need for manual review and reactive fraud rules. The result is fewer false positives and negatives, and more accepted transactions that generate revenue.
Kount’s combination of technology and expertise in an enterprise business decisioning platform is a differentiator that does not exist anywhere else. Kount’s Universal Data Network is built on 13+ years of experience and billions of transactions from 250+ countries and territories across industries, verticals, and payment networks. That analytical richness feeds into machine learning models so they are properly trained to accurately predict risk.
Kount’s advanced data analytics helps provide businesses with intelligence into fraud specific to their business as well as data that can help them with proactive initiatives. Kount’s Datamart takes the rich data from payment transactions, customer interactions, and outcomes and puts them into the hands of customers to provide insights into business performance. It also helps businesses pinpoint areas for improvement to enhance operational efficiencies, such as customer experience, margins and revenue.
Find out more about Kount