US-based risk management solutions provider Kount, a subsidiary of Keynetics, has launched a new online fraud control solution targeting the online retail market.
The company said that the Kount is a hosted application, which works with any payment platform and features customisable business rules and manual review automation tools. The company said that it guards against organised crime at retail sites and removes proxies through advanced geo-location technology. It also reports changes in risk through a dynamic scoring system.
Legacy tools such as neural networks, Bayesian inference, and machine fingerprinting are no longer enough to guard against emerging online fraud, said Brad Wiskirchen, chief executive at Kount and Keynetics. Today’s criminals are very sophisticated and highly aggressive. What’s more, they’re strategically organizing against online retailers and money transfer agents.
Kount’s technology has helped online retailer of ebooks and software company ClickBank, a subsidiary of Keynetics, to reduce fraud losses by more than 30%.
According to a research conducted by Jupiter Research, US residents will increase their online spending for retail products and services at an annual average clip of 12% through the end of 2010. It also said that in 2005 approximately $81 billion was spent on online retailers and it is expected to reach $144 billion in 2010.
Source: ComputerWire daily updates