We have chosen Kount as our fraud-prevention partner because of their world-class card-not-present experience...
Melville, NY (PRWEB) August 27, 2012
Today, GroupGifting.com, announced that it has completed the implementation of Kount, Inc. as its partner in delivering fraud detection and prevention services for MyGiftWand, the company’s social gifting service. Kount provides best of breed card-not-present fraud prevention. Its advanced systems are being used to protect some of the best-known brands in the world. The MyGiftWand service provides users with the ability to send, contribute to, receive and redeem eGift Cards for more than 40 brands using Facebook, iPhone or Android apps in just a couple of clicks.
“We have chosen Kount as our fraud-prevention partner because of their world-class card-not-present experience, and because the service is a great fit with the proprietary systems that we already have in place,” said Tyler Roye, CEO of GroupGifting.com.
Kount’s proven technology has already reviewed hundreds of millions of transactions for companies around the world providing fraud protection using its real-time analytics and Risk Decision Rules Engine. Simply reacting to suspicious transactions is no longer an option in the fast-moving world of digital fraud. Kount is a recognized solution because of their ability to perform proactive, real-time processing.
“With response times that average less than 350 milliseconds, there’s no disruption in our end user’s experience. That’s critically important to us,” said Roye. Additionally, the solution helps users of GroupGifting.com’s MyGiftWand Facebook and mobile apps to benefit from the last-minute-gifting potential of eGift Cards. “We can release cards with confidence, knowing that we have our best-of-breed fraud protection in place,” added Roye.
When a transaction occurs, hundreds of risk variables are analyzed and weighted in real-time to create a clear picture of the risk and are sent to Kount’s Risk Decision Rules Engine. Based on a customizable set of rules the Risk Decision Rules Engine approves, declines, or forwards the transaction for further review. The customizable rules provide a level of flexibility and the ability for the system to be adapted to new, growing business models and types of transactions as needed in the future and that is important to innovative companies like GroupGifting.com. “Kount helps us lower our fraud costs so we can price our services more competitively,” said Roye.
“Companies are looking for maximum protection from fraud and other associated risks for both themselves and their customers. Kount was developed to help businesses working in card-not-present environments avoid the damage fraudsters can cause such as lost product, wasted time and operational expense while confidently growing sales,” said Kount COO Steve Rouse.
“In the end, our job is to enable a social gifting process that gets eGift Cards to the customer and the customer to the store”, said Roye. “Kount provides a level of service that allows fraud protection to occur seamlessly and without impact on the end user experience allowing us to concentrate on what we do best - unlocking the potential of commerce in social and mobile spaces by providing a great end-user experience and great service to our retailer customers.”
MyGiftWand allows retailers to make promotional eGift Cards available to Facebook users based on the age, gender and location of the recipient in a true friend-to-friend marketing environment. The service can be used by retailers to reach completely new groups of customers or as a tool for brands to monetize prior social investments by activating a powerful social chain reaction through their own fan base. Because retailers only pay a fee for the service when the recipient comes to the store and uses the eGift Card it is a true Cost-Per-Acquisition model.
GroupGifting.com develops innovative social and mobile technologies designed to revolutionize the act of gift giving. Our offerings create a fun and social experience for consumers while helping retailers unlock the viral potential of gift giving in social spaces. Founded in 2011 by a group of proven tech entrepreneurs, GroupGifting.com is based in New York. Visit us at http://www.eGifter.com.
Kount delivers an all-in-one fraud and risk management platform for companies working in card-not-present environments looking to simplify their fraud/risk operations while dramatically improving bottom line results. Kount provides a single, turnkey fraud solution that is easy-to-implement and easy-to-use. Kount’s proprietary technology has reviewed hundreds of millions of transactions and provides maximum protection for some of the world’s best-known brands. Kount’s solution is feature rich and technology proven. For more information about Kount, please visit http://www.kount.com.