In February 2021, Equifax made a significant move in expanding its business into cybersecurity by acquiring Kount, an Idaho-based company that specializes in using AI for fraud prevention and security, for a staggering sum of $640 million. This acquisition aims to address the growing concern of securing the rapidly increasing number of connected devices.
Kount was established in 2007 with the goal of using artificial intelligence and machine learning to tackle the problem of online and identity theft. By analyzing and securing over 17 billion devices globally, Kount was able to prevent fraud in over 32 billion transactions at the time of the acquisition.
CEO Mark Begor on the Kount Acquisition
Equifax CEO Mark Begor stated that as the world shifts towards digital migration, the challenge of authenticating and preventing online fraud while optimizing the consumer experience has become a top priority for customers. The acquisition of Kount and integration of its technology into Equifax’s global capabilities will allow the company to bring new, market-leading products and solutions to its customers.
The combination of Equifax and Kount’s digital products will help meet the growing demand for secure transactions. Equifax also plans to integrate Kount into its fraud detection product, Luminate. With Kount’s use of AI and predictive machine learning models to determine the trustworthiness of transactions, this acquisition is poised to result in safer transactions for everyone.
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