Barclaycard Payments Partners With Kount to Deliver Industry-leading Fraud Prevention and Prepare Businesses for Strong Customer Authentication (SCA)
The partnership will help merchants protect against eCommerce fraud, maximize sales, and improve customer experience
Barclaycard Payments, which processes almost 40 per cent of card transactions in the UK, has announced a new partnership with leading fraud prevention provider Kount to give Barclays Transact customers access to award-winning fraud detection software.
Partnership between @barclaycard and @kountinc brings a new era of friction-free #payments and #fraud prevention.
Barclays Transact is a suite of tools designed to help merchants make their online transactions both simpler and safer.
Transact’s new fraud module, powered by Kount, uses complex data linking within the Identity Trust Global Network and artificial intelligence algorithms to detect fraudulent transactions in real-time, at the point of check-out, helping protect the business from false positives and chargebacks.
Kount is the only fraud prevention system with the Identity Trust Global Network, the largest network of trust and risk signals, which is comprised of 32 billion annual interactions from more than 6,500 customers across 75+ industries. Kount’s AI utilizes both supervised and unsupervised machine learning to detect emerging and existing complex fraud. Kount’s customers have reported results such as a 99 percent reduction in chargebacks, 70 percent reduction in false positives, and an 83 percent reduction in manual reviews.
The fraud module can also help businesses better prepare for the introduction of the EU’s Strong Customer Authentication (SCA) regulation, which aims to tackle growing rates of fraud and cybercrime. SCA requires that all EEA transactions go through a two-factor authentication process, unless they qualify for an exemption. One consequence of this regulation is that the authentication process will introduce a degree of friction into the shopper journey, which may result in an increase in cart abandonment, and ultimately in lost revenue for retailers.
“The Kount and Barclaycard Payments partnership is a mutually beneficial relationship. Barclaycard Payments gains access to Kount’s Identity Trust Global Network to bring insights and protection to its global merchants, especially those in Europe requiring PSD2 and SCA support. Kount broadens its global visibility with a significant increase in UK card transactions,” said David Mattei, Senior Analyst at Aite Group. “The real winners are merchants using Barclays Transact for advanced AI-driven fraud mitigation and prevention.”