Equifax Empowers Australian eCommerce Businesses in the $206bn Fight Against Online Payments Fraud with Kount
Australians’ electronic transactions have more than doubled in the past decade, with the explosion of payment options for online purchases leaving many eCommerce businesses struggling to tackle financial fraud from all angles.
The rise in digital commerce has been accelerated by the pandemic, with online retailing sales in Australia totalling over $3,672 million in April 2022 (in seasonally adjusted terms)1. However, this increase comes with a serious downside – Research indicates that global online payment fraud merchants stand to lose $206 billion between 2021 and 20252.
To help retailers reduce online payments fraud while also meeting increasingly high customer expectations, Equifax, the global data, analytics and technology company, has today announced the launch of Kount in Australia.
Tehani Legeay, General Manager, Fraud & ID at Equifax said: “In today’s increasingly customer-first eCommerce environment, a negative customer experience when purchasing an online order could lose businesses a sale – and make consumers less likely to return for future transactions. For online retailers, controlling fraud in eCommerce transactions is a constant balancing act. Increasing your fraud controls can make it harder to give your customers a seamless online experience, but reducing friction can expose your business and customers to serious – and costly – fraud incidents.”
Kount is designed to protect businesses against eCommerce fraud and give customers a frictionless journey from account login to payment transaction. Its advanced AI uses machine learning to link to the Identity Trust Global Network, establish a safety score and identify a high risk interaction. This enables businesses to accurately monitor payments to prevent fraud, ID takeover and online account takeover.
The solution, which has already been implemented in global markets, can reduce manual reviews by up to 83%, chargebacks by up to 99% and false positives by up to 70%3.
Kount’s ability to accurately produce a safety score called Omniscore™, which identifies safe or high risk transactions, stems greatly from the Identity Trust Global Network. Linked by AI, the Identity Trust Global Network combines trust and fraud signals from 32 billion annual transactions from more than 17 billion devices to block fraud in real time, to enable the most effective fraud prevention. The results are immediate, including low false positives, high automation, low manual reviews, personalised customer experiences, and frictionless customer interactions – all of which help retailers grow their revenue.
Source: Equifax press release