The data, analytics, and technology company of the globe, Equifax has announced its definitive agreement to acquire the digital identity solution and AI-driven fraud prevention company, Kount, for $640 million.
To drive the interaction of customers to the digital channels in record numbers in this accelerated digital transformation globe, new ideas are required by businesses to develop a trust in digital identity that will help in fighting the ever-growing online fraud problems while reducing the friction of customers.
Equifax also said that this acquisition will help in expanding the worldwide footprint of the company in digital identity and fraud prevention ideas, and that will help the businesses to engage with their customers in a better and more meaningful way.
The Atlanta headquartered multinational consumer credit reporting agency, Equifax is considered among the 3 best consumer credit reporting companies in the world. It is a global data, analytics, and technology company that plays an essential role in the global economy that helps financial companies, institutions, government agencies, and employees to undergo critical decisions with prominent confidence. It is supported by over 11K employees, working worldwide, and has investments in twenty-five countries of Europe, North America, the Asia-Pacific region, and Central and South America.
The CEO of Equifax, MarkW. Begor said,
As digital relocation is advancing, customers are facing many issues with managing online frauds and authentications, and optimizing these issues is the main work for them.
He added that the acquisition of Kount will help in expanding the differentiated data asset of Equifax that will help in bringing the global business solutions they need to develop the online identity trust.
The President at Equifax’s United States Information Solutions(USIS), Sid Singh said,
A powerful set of differentiated data assets and ultra-modern analytics will be leveraged by the mixture of Kount and Equifax that will deliver a high performance and united view of both traditional offline and digital transactions fraud risks while maintaining security and privacy at the highest level.
The Boise, US-based fraud prevention and personalization provider company, Kount delivers accurate and quick identity trust decisions. It can automatically decline, approve, or hold transactions as well as customize the policies of the business with advanced risk scoring to rectify the strategies of fraud prevention.
The Kount Identity Trust Global Network which is the result of a strong parent portfolio uses Artificial Intelligence to link the fraud data signals and trust from the 32B digital interactions from 17B devices on which 5B annual transactions take place among the 200 territories and countries. As much as networks come in the connection of Kount, the company will become more predictive and help in fighting more frauds while personalizing the customer’s experience.
The CEO of Kount, Bradley Wiskirchen said that,
The Identity and Trust Global Network of Kount is trusted and used by over 9 thousand brands, all around the world to protect from digital fraud and also to enable the personalized experience of the customer.
He added that they are extremely excited to offer their services to Equifax data, analytics, and technology. And according to him, the global reach of Equifax will help in the acceleration of Kount’s international growth and help in safeguarding more businesses, around the world, from the emerging threats of digital fraud.
Kount is a hopeful enterprise that ensures that AI and machine learning can be used as a defense against increasing cyberattacks.
It determines the realness and authenticity of any identity used to create an account, make a payment, or attempt to log in and this will help Equifax to be the most safest and reliable credit company in the field while maintaining the personalization of their customers.
Conclusion
Equifax announced its deal of $640 million to acquire AI-driven fraud prevention solutions and digital identity services. The main aim is to decares digital fraud and to maintain the personalization of customer experience.
FAQS
Ans. Equifax acquired the Kount company.
Ans. Kount was acquired by Equifax for $640 million.
Ans. To expand the worldwide footprint of the company in digital identity and fraud prevention ideas, and to help the businesses to engage with their customers in a better and more meaningful way.
Ans. It is in Atlanta, Georgia.
Other Related Posts-
Langoo: AI-Powered Language Learning App Raises $20M
Flexiv: China’s Adaptive Robot Maker Raises $100M
