News

Kount launches service to catch criminal and 'friendly' cyber fraud

October 30, 2019

Kount, a Boise, Idaho-based cybersecurity firm, launched what it calls the industry's first comprehensive service that protects digital companies against both criminal and friendly fraud.

Kount said the service, called the Friendly Fraud Prevention Solution, is designed to protect merchants and other companies against hackers and first person fraud, which is sometimes called chargeback fraud or consumer abuse. 

"Digital businesses today face many threats, from organized criminal fraud rings to competitive threats to threats against their own customers," Brad Wiskirchen, CEO of Kount, told Mobile Payments Today via email. "Friendly fraud, made up of chargebacks and lost goods due to intentional and unintentional exploitation of disputes by real customers, can account for up to 40% to 80% of all fraud losses.”

He said the Kount service, which utilizes AI and machine learning, detects pre- and post-transaction fraud and provides a first-line defense against transaction disputes.

The service features a technology called Visa Merchant Purchase Inquiry, which is part of Visa's claims resolution process, which is designed to reduce chargebacks and cut dispute resolution time. 

Cover image: Kount.