Equifax, one of the largest consumer credit reporting companies in the world, has announced it would acquire Kount for $640 million. Kount is a provider of artificial intelligence driven fraud prevention and digital identity solutions, and its technology is used to analyze over 32 billion transactions annually.
Equifax itself is no stranger to high volumes of data, as the company collects data on over 800 million consumers worldwide. However, its record is hardly perfect. In 2017, the company announced that a hack had exposed the customer data of over 140 million people. This acquisition should help increase data security and improve the services offered by Equifax.
In a statement, Sid Singh, President of United States Information Solutions (USIS) at Equifax, said, “Together, Equifax and Kount will leverage a powerful set of differentiated data assets and advanced analytics to deliver a high performance, integrated view of both digitally-native transactions and signals and traditional offline identity fraud risk indicators while maintaining privacy and security at the highest levels.”