Industry leaders to launch powerful fraud solution to reduce merchant costs and risk associated with card-not-present fraud
DALLAS & BOISE, Idaho, Mar 15, 2010 (BUSINESS WIRE) -- Chase Paymentech, a leading merchant acquirer and payment processor, and Kount, a Boise, Idaho-based company that specializes in card-not-present (CNP) fraud prevention, today announced an agreement to offer a comprehensive suite of fraud detection, management and prevention tools for merchants.
Chase Paymentech processes a significant share of global CNP payments, in a wide variety of payment methods, and authorizes transactions in more than 130 currencies. Its expertise and fault tolerant infrastructure, paired with Kount's advanced fraud prevention technology, will introduce a new class of fraud management tools that will significantly improve the reliability and security of card-not-present transactions.
The ability to provide merchants with a real-time fraud score at the time of bank authorization will deliver unparalleled value. This benefit coupled with dynamic order linking, device fingerprinting, proxy piercing and other Kount capabilities will allow merchants to accurately detect and reject a significantly higher percentage of fraudulent orders, saving merchants costly chargeback fees and fines associated with fraud.
"This alliance underscores our commitment to provide merchants with the tools they need to significantly improve and sustain financial performance. Our partnership with Kount offers merchants the first truly integrated fraud-monitoring tool at the point of transaction authorization. This is a significant step toward a global effort to reduce CNP fraud," said Chase Paymentech president Mike Duffy.
"The result of our partnership with Chase Paymentech will be a new class of tools and utilities for controlling card-not-present fraud," said Kount CEO Brad Wiskirchen. "The comprehensive suite of products will give merchants a new level of certainty that current and future forms of fraud can be controlled."
About Chase Paymentech
Chase Paymentech, a business unit of JPMorgan Chase is a global leader in payment processing and merchant acquiring, capable of authorizing transactions in more than 130 currencies. The company's proprietary platforms provide access to a wide variety of payment methods, such as credit cards, debit cards, prepaid stored value cards and electronic check processing. Offering secure payment solutions, improving cash-flow management, mitigating risk and accelerating funding -- Chase Paymentech's consultative approach helps today's small and emerging businesses become tomorrow's industry leaders. On the Internet or at the point of sale, Chase Paymentech's unique combination of outstanding service, innovative solutions and financial strength offers solid benefits to companies both large and small. More information can be found at www.chasepaymentech.com.
About Kount
Kount(R) is the most advanced fraud-fighting technology available today. Developed with online and catalog merchant needs in mind, Kount defends against both traditional and emerging fraud threats. Kount defeats botnets and other organized crime using a formidable array of tools including two patented technologies -- device fingerprinting, and Proxy Piercer(R) -- along with Dynamic Scoring(TM), Geolocation techniques, and real-time data streams from websites all across the globe.
Kount provides merchants with maximum risk management control and flexibility, while automating costly manual review processes to improve the bottom line. For more information about Kount, please visit www.kount.com.
SOURCE: Chase Paymentech and Kount
