Barclaycard Payments has joined forces with US-based fraud prevention provider Kount to equip its transaction tool Barclays Transact with fraud detection software.

Barclays Transact’s fraud module powered by Kount will help its business clients prevent e-commerce fraud, boost sales and customer experiences.

The fraud module will also help the merchants comply with EU’s Strong Customer Authentication (SCA) regulation, a part of the Payment Services Directive (PSD2) which helps mitigate fraud and cybercrime.

Kount’s fraud prevention system combines artificial intelligence (AI) and machine learning with Identity Trust Global Network (ITGN) to help merchants prevent chargebacks and false-positive claims.

The company’s network comprises of 32 billion annual interactions from over 6,500 customers across more than 75 industries.

Kount claims that its customers have enjoyed a 99% reduction in chargebacks, 70% in false positives and 83% in manual reviews.

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Kount CEO Brad Wiskirchen said: “This partnership between Barclaycard and Kount brings together both stability and innovation to provide merchants with an innovative solution to combat emerging fraud strategies while providing a seamless payment experience for customers.

“Barclays Transact and Kount’s Identity Trust Global network operate together to deliver a top of the line customer experience.”

Barclaycard Payments, which processes nearly 40% of card transactions in the UK, will leverage SCA-approved Transaction Risk Assessment (TRA) exemptions to identify genuine transactions based on its level of risk.

High-risk transactions will go through two-factor authentication or immediately declined based on the merchant’s risk appetite.

This not only allows merchants to skip the two-factor authentication process but also enables frictionless payment journey and the faster checkout experience.

Barclaycard Payments product director David Jeffrey said: “Thanks to Kount’s award-winning fraud detection software, the new module will not only help customers to fight fraud and prevent unwanted chargebacks, but it will also help them to maximize sales, improve customer experience, and better prepare for the introduction of SCA.”