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Kount is an artificial intelligence company that specializes in digital identity. The company analyzed 32 billion transactions across 17 billion devices to create a platform which is designed to stomp out fraud. They have over 30 patents to their name. Their most impressive feat is a Near Real Time Chargeback protection. Using that feat, they serve over 15,000 brands globally. It’s safe to say Equifax has its hands full with this acquisition.
Kount’s patented technology is not the only reason for the merger. According to Equifax CEO Mark Begor, managing digital fraud is a top priority for many of the company’s clients. Luckily, the two companies will be able to collaborate on a variety of solutions to prevent cyber crimes from hitting their networks. Not only that, but the company will also be able to leverage their combined physical and digital identifier data to better serve their customers.
The deal also allows the company to enter the digital identity space. As more and more businesses move their customer interactions online, establishing a solid digital footprint is becoming the norm. This is not to say the ol’ fashion way to protect your sensitive information is going away. A good security strategy is to take precautions like not storing your credit card details in plain view on your laptop. In addition, using the right encryption methods to encrypt your data will be the only way to ensure that your personal information is secure.
Taking a cue from Kount, the name derived from the fact that Kount used to refer to a sushi roll, Equifax will be able to leverage its vast database of customer and employee information to better serve its customers. By integrating the company’s products into its Luminate platform, customers can rest easy knowing that their data is in good hands. Likewise, Luminate will be able to more effectively monitor the performance of its offerings in order to provide a holistic view of its customer base.
What Is Equifax?
Equifax is one of the largest consumer credit reporting agencies in the United States. It sells credit reports to consumers, businesses, and insurance companies. It also markets analytics and identity theft prevention products.
Equifax is based in Atlanta, Georgia. In 1920, the company opened offices across the US and Canada. By the 1960s, it was one of the top three credit bureaus in the United States. However, the company suffered a data breach in May. The breach exposed 143 million Americans’ personal information, including names, Social Security numbers, driver’s license numbers, and phone numbers.
Although the breach was discovered in June, Equifax did not announce it until July. For a month after the breach, the company conducted an internal investigation. But in early August, the top Equifax executives sold their stock.
The breach was expected to cause identity theft. As a result, the company settled a class action lawsuit. They did not inform Minnesota residents of the breach.
However, the state of Texas Attorney General Ken Paxton launched an investigation. The investigation led to a Final Judgment against Equifax in January.
Equifax continues to work with the FTC and FBI. Additionally, it has a number of educational resources to help people protect themselves against identity fraud.
It is important to regularly check your Equifax file to catch any errors as early as possible. Common errors include clerical mistakes, outdated information, and merged accounts. If you notice any of these issues, you should contact Equifax Customer Care to investigate further.