Fraud protection specialist Kount and Philadelphia-based payments platform FreedomPay are teaming up to offer “an integrated, complete solution to enable international expansion with fraud-free payments and frictionless customer” experiences.
In a press release, the companies said that their integrated products would comply with the latest regulations. These include: PSD2, a European regulation for electronic payment services, along with 3DS2, a multi-factor authentication setup used to confirm digital identity during eCommerce checkout.
“Especially around this holiday season, fraud prevention is a primary concern for businesses across all industries, ” said John Mansfield, FreedomPay’s SVP for global business development. “Our partnership with Kount will assure all merchants on FreedomPay’s Commerce Platform that purchases are fraud-free,” while providing speedy service, he said.
The partnership between the two companies would allow its business customers to “improve authorization rates, improve the customer experience, and comply with industry regulations,” said Tom War, Kount’s chief sales officer.
FreedomPay said it is “rapidly expanding on a global scale” in such markets as retail, eCommerce, hospitality and food and beverage. “FreedomPay’s robust solutions across payments, security, identity, and data analytics are available in-store, online and on-mobile,” the press release said.
Gary Sevounts, Kount’s chief marketing officer, told PYMNTS in a recent interview that the frontline in the fraud-prevention fight right now involves bots, those automated software apps that rapidly perform basic but often critical tasks.
“The reality of bots is that they’re pretty much in all areas of the customer experience and customer journey,” Sevounts said. “Before, they were limited to one or two areas. Today, they’re pretty much everywhere.”
Of course in recent years, bots have been given a bad name, due to Russian bots bombarding social media outlets during the 2016 election.
Sevounts said eCommerce businesses use “good” bots the most during account log-ins, followed by checkout/payment, account creation and coupon redemption.