US anti-fraud technology Kount has presented its artificial intelligence (AI) fraud detection system, designed to automatically combat card-not-present (CNP) transaction fraud in real time.
AI or supervised machine learning is a branch of statistical learning theory, which uses data to make predictions without human intervention. The company said that this product combines historical training data with predictive function that can assess threats in real time. Kount added that active filters remove noise and bias that are often responsible for a high rate of false positives that other models generate.
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According to the Idaho headquartered company, the complexity of new fraud systems can sometimes result in slower response time which affects take up. Kount believes that its AI systems response time of 350 milliseconds is one of the fastest in the industry and gives them a competitive advantage.
Steve Rouse, chief operating officer at Kount, said: "Some of the huge challenges with using AI to detect fraud relates to the computational complexity of doing it in real time. Kount has solved these math problems, and reduced the overhead required to effectively deploy AI against evolving threats in real time."
The business also announced that it had promoted Don Bush from director to vice president of marketing.
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