Moneris, Canada’s largest processor of debit and credit payments has teamed up with Kount, an online fraud protection platform that assesses customer transactions in real time.

The Moneris Kount automated fraud detection platform will allow large businesses using the Moneris Gateway to reduce fraud exposure and chargeback risks from online and in-app transactions.

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Card-not-present (CNP) transactions are the highest risk for fraudulent payments that affect businesses – specifically those that do mail order, telephone order or ecommerce transactions. Since Canada’s shift to chip and PIN card transactions in 2011, CNP fraud has increased by 130%.

“We are pleased to partner with Kount to bring more payment protection to our merchants,” says Jeff Guthrie, Chief Sales and Marketing Officer at Moneris. “Online spend is growing and it’s important for businesses to keep on top of fraud threats.

“Solutions that take advantage of machine learning, and other customisable data points to reduce ecommerce, in-browser and in-app payment fraud are part of the suite of services we’re committed to providing our merchants.”

Moneris Kount allows businesses to set a risk tolerance profile that best meets their business needs. The system analyses transaction data in real time, helping businesses make informed decisions to block problematic transactions before they are processed.

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“Large merchants can use the solution seamlessly with the Moneris Gateway and receive assistance throughout the set-up and integration process via the Moneris Kount support team.

“Currently, Moneris Kount tracks merchant identified transactions that flow through Moneris’ online merchant portfolio and helps to keep clients safeguarded from potential fraud,” says Don Bush, VP of Marketing at Kount.

“Our mission is to help businesses accept more legitimate orders, and reduce chargebacks and lost revenue. We are happy to partner with Moneris to bring more merchants the tools that they need to run their business better.”

The Moneris Kount partnership provides businesses with layered fraud management tools. These tools take advantage of predictive modeling to analyse hundreds of variables and generate a numeric risk score for each customer that can be applied to the transaction in real-time.

This helps businesses to determine valid orders from fraudulent ones, minimising manual reviews, reducing decision time and margin of potential error.

Moneris Kount will be available to small businesses across Canada later in 2018.