How Barclays Is Preventing Fraud With AI

Bottom Line: Barclays and Kounts co-developed new item, Barclays Transact reflects the future of how companies will innovate together to use AI-based fraud prevention to the lots of payment obstacles merchants deal with today.

Achieve as few false positives as possible by making real-time updates to artificial intelligence algorithms and tweak merchant responses.
Lower the variety of manual reviews for scams analysts consistently by using AI and artificial intelligence to offer early warning of abnormalities.
Lessen the variety of chargebacks to merchant partners.
Minimize the friction and obstacles merchants experience with tradition fraud avoidance systems by enhancing the purchasing experience.
Enable compliance to UK-mandated regulative requirements while improving merchants and their clients buying experiences.

How AI Is Turning Trust Into A Sales Accelerator At Barclays.

In order to offer an AI-based suite of tools to help merchants make their online transactions both simpler and much safer, Barclays selected to partner with Kount. Their model of innovating together enables Barclays to enhance their merchant payment company with AI-based scams prevention and gain access to Kounts Identity Trust Global Network, the biggest network of trust and fraud-related signals. Kount gains understanding into how they can fine-tune their AI and artificial intelligence technologies to excel at payment services. Best of all, Barclays merchant customers will have the ability to sell more by enhancing the payment experience for their clients. The following is an introduction of the Barclays Transact suite for merchants.

Barclays and Kounts effective development and launch of a co-developed item is prescient and points the way forward for payment suppliers who need AI proficiency to fight fraud now. Thanks to Kounts acclaimed fraud detection software application, the new module will not just assist clients to combat fraud and prevent undesirable chargebacks, but it will likewise assist them to maximize sales, improve client experience, and much better prepare for the intro of SCA,” David Jeffrey, Director of Product, Barclaycard Payments said


Merchant payment companies have actually seen the seriousness, scope, and speed of fraud attacks increase tremendously this year. One in three merchants, 32%, focus on payment companies scams and security strengths over client assistance and trust according to a current YouGov study.

How AI Helps Thwart Fraud And Increase Sales at Barclays.

Barclays Transact examines every deal in real-time utilizing Kounts AI-based scams analysis innovation, scoring each on a spectrum of low to high danger. Each Barclays merchants entrance then uses this rating to identify the deals which get approved for TRA exemptions. This leads to a more smooth payment and checkout experience for customers, resulting in lower levels of shopping cart desertion and increased sales. Higher-risk transactions requiring additional inspection will still go through two-factor authentication, or be instantly decreased, per the regulation and customer threat appetite. The following is an example of the workflow Barclays and Kount were able to achieve by innovating together:.

Barclays Payment Services deals with 40% of all merchant payments in the UK. For Barclays, standing out at merchant and payment security is the only option.

Barclays and Kount specified objectives for Barclay Transact: secure against progressively sophisticated eCommerce scams efforts, enhance their merchants client experiences during purchases, prepare for UK-mandated Strong Customer Authentication (SCA) by allowing services to take advantage of Transaction Risk Analysis (TRA) exemptions, optimize payment approval workflows and take advantage of Kounts Identity Trust Global Network.

Annoyed by the constraints of existing scams prevention systems, lots of payment suppliers are working as quick as they can to pilot AI- and machine-learning-based applications and platforms. Barclays Payment Solutions decision to work with AI-based solution Kount is what the future of AI-based scams avoidance for payment providers looks like.

The Barclays Payment Solutions and Kount teams think that the more enthusiastic the objectives for Barclays Transact to deliver worth to merchants, the stronger the suite will be. Here are examples of objectives companies can accomplish with this collaboration:.


Including seriousness to the co-creation of Barclays Transact are UK regulative requirements. To help supply clarity and support to merchants and the market from the effect of Covid-19 the Financial Conduct Authority (FCA) have consented to delay the enforcement of a Strong Customer Authentication (SCA) till 14 September 2021 in the UK. The European Economic Area (EEA) due date remains 31 December, 2020. Kounts AI- and machine knowing algorithms developed into Barclay Transact, evaluated at beta websites and fine-tuned for the very first release, are reliable in meeting UK government mandates.


Barclays Payment Services manages 40% of all merchant payments in the UK. Theyve been safeguarding merchants and their clients data for over 50 years, and their scams and security teams have won industry awards. For Barclays, excelling at merchant and payment security is the only alternative.

In order to offer an AI-based suite of tools to assist merchants make their online deals both easier and much safer, Barclays chose to partner with Kount. Best of all, Barclays merchant clients will be able to sell more by simplifying the payment experience for their customers. The following is a summary of the Barclays Transact suite for merchants.


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