diff --git a/HISTORY.rst b/HISTORY.rst
index 5108d27..c20c47a 100644
--- a/HISTORY.rst
+++ b/HISTORY.rst
@@ -3,11 +3,15 @@
 History
 -------
 
-2.11.1
+2.12.0b1
 +++++++++++++++++++
 
 * ``setuptools`` was incorrectly listed as a runtime dependency. This has
   been removed.
+* Added support for the new risk reasons outputs in minFraud Factors. The risk
+  reasons output codes and reasons are currently in beta and are subject to
+  change. We recommend that you use these beta outputs with caution and avoid
+  relying on them for critical applications.
 
 2.11.0 (2024-07-08)
 +++++++++++++++++++
diff --git a/minfraud/models.py b/minfraud/models.py
index 3c2bc2f..389a7ce 100644
--- a/minfraud/models.py
+++ b/minfraud/models.py
@@ -1075,6 +1075,146 @@ class Subscores:
     }
 
 
+@_inflate_to_namedtuple
+class Reason:
+    """The risk score reason for the multiplier.
+
+    This class provides both a machine-readable code and a human-readable
+    explanation of the reason for the risk score.
+
+    Although more codes_ may be added in the future, the current codes are:
+
+    - ``BROWSER_LANGUAGE`` - Riskiness of the browser user-agent and
+      language associated with the request.
+    - ``BUSINESS_ACTIVITY`` - Riskiness of business activity
+        associated with the request.
+    - ``COUNTRY`` - Riskiness of the country associated with the request.
+    - ``CUSTOMER_ID`` - Riskiness of a customer's activity.
+    - ``EMAIL_DOMAIN`` - Riskiness of email domain.
+    - ``EMAIL_DOMAIN_NEW`` - Riskiness of newly-sighted email domain.
+    - ``EMAIL_ADDRESS_NEW`` - Riskiness of newly-sighted email address.
+    - ``EMAIL_LOCAL_PART`` - Riskiness of the local part of the email address.
+    - ``EMAIL_VELOCITY`` - Velocity on email - many requests on same email
+      over short period of time.
+    - ``ISSUER_ID_NUMBER_COUNTRY_MISMATCH`` - Riskiness of the country mismatch
+      between IP, billing, shipping and IIN country.
+    - ``ISSUER_ID_NUMBER_ON_SHOP_ID`` - Risk of Issuer ID Number for the shop ID.
+    - ``ISSUER_ID_NUMBER_LAST_DIGITS_ACTIVITY`` - Riskiness of many recent requests
+      and previous high-risk requests on the IIN and last digits of the credit card.
+    - ``ISSUER_ID_NUMBER_SHOP_ID_VELOCITY`` - Risk of recent Issuer ID Number activity
+      for the shop ID.
+    - ``INTRACOUNTRY_DISTANCE`` - Risk of distance between IP, billing,
+      and shipping location.
+    - ``ANONYMOUS_IP`` - Risk due to IP being an Anonymous IP.
+    - ``IP_BILLING_POSTAL_VELOCITY`` - Velocity of distinct billing postal code
+      on IP address.
+    - ``IP_EMAIL_VELOCITY`` - Velocity of distinct email address on IP address.
+    - ``IP_HIGH_RISK_DEVICE`` - High-risk device sighted on IP address.
+    - ``IP_ISSUER_ID_NUMBER_VELOCITY`` - Velocity of distinct IIN on IP address.
+    - ``IP_ACTIVITY`` - Riskiness of IP based on minFraud network activity.
+    - ``LANGUAGE`` - Riskiness of browser language.
+    - ``MAX_RECENT_EMAIL`` - Riskiness of email address
+      based on past minFraud risk scores on email.
+    - ``MAX_RECENT_PHONE`` - Riskiness of phone number
+      based on past minFraud risk scores on phone.
+    - ``MAX_RECENT_SHIP`` - Riskiness of email address
+      based on past minFraud risk scores on ship address.
+    - ``MULTIPLE_CUSTOMER_ID_ON_EMAIL`` - Riskiness of email address
+      having many customer IDs.
+    - ``ORDER_AMOUNT`` - Riskiness of the order amount.
+    - ``ORG_DISTANCE_RISK`` - Risk of ISP and distance between
+      billing address and IP location.
+    - ``PHONE`` - Riskiness of the phone number or related numbers.
+    - ``CART`` - Riskiness of shopping cart contents.
+    - ``TIME_OF_DAY`` - Risk due to local time of day.
+    - ``TRANSACTION_REPORT_EMAIL`` - Risk due to transaction reports
+      on the email address.
+    - ``TRANSACTION_REPORT_IP`` - Risk due to transaction reports on the IP address.
+    - ``TRANSACTION_REPORT_PHONE`` - Risk due to transaction reports
+        on the phone number.
+    - ``TRANSACTION_REPORT_SHIP`` - Risk due to transaction reports
+        on the shipping address.
+    - ``EMAIL_ACTIVITY`` - Riskiness of the email address
+      based on minFraud network activity.
+    - ``PHONE_ACTIVITY`` - Riskiness of the phone number
+        based on minFraud network activity.
+    - ``SHIP_ACTIVITY`` - Riskiness of ship address based on minFraud network activity.
+
+    .. _codes: https://dev.maxmind.com/minfraud/api-documentation/responses\
+    /#schema--response--risk-score-reason--multiplier-reason
+
+    .. attribute:: code
+
+      This value is a machine-readable code identifying the
+      reason.
+
+      :type: str | None
+
+    .. attribute:: reason
+
+      This property provides a human-readable explanation of the
+      reason. The text may change at any time and should not be matched
+      against.
+
+      :type: str | None
+    """
+
+    code: Optional[str]
+    reason: Optional[str]
+
+    __slots__ = ()
+    _fields = {
+        "code": None,
+        "reason": None,
+    }
+
+
+def _create_reasons(reasons: Optional[List[Dict[str, str]]]) -> Tuple[Reason, ...]:
+    if not reasons:
+        return ()
+    return tuple(Reason(x) for x in reasons)  # type: ignore
+
+
+@_inflate_to_namedtuple
+class RiskScoreReason:
+    """The risk score multiplier and the reasons for that multiplier.
+
+    .. attribute:: multiplier
+
+      The factor by which the risk score is increased (if the value is greater than 1)
+      or decreased (if the value is less than 1) for given risk reason(s).
+      Multipliers greater than 1.5 and less than 0.66 are considered significant
+      and lead to risk reason(s) being present.
+
+      :type: float | None
+
+    .. attribute:: reasons
+
+      This tuple contains :class:`.Reason` objects that describe
+      one of the reasons for the multiplier.
+
+      :type: tuple[Reason]
+
+    """
+
+    multiplier: float
+    reasons: Tuple[Reason, ...]
+
+    __slots__ = ()
+    _fields = {
+        "multiplier": None,
+        "reasons": _create_reasons,
+    }
+
+
+def _create_risk_score_reasons(
+    risk_score_reasons: Optional[List[Dict[str, str]]]
+) -> Tuple[RiskScoreReason, ...]:
+    if not risk_score_reasons:
+        return ()
+    return tuple(RiskScoreReason(x) for x in risk_score_reasons)  # type: ignore
+
+
 @_inflate_to_namedtuple
 class Factors:
     """Model for Factors response.
@@ -1188,6 +1328,17 @@ class Factors:
       A :class:`.Subscores` object containing scores for many of the
       individual risk factors that are used to calculate the overall risk
       score.
+
+    .. attribute:: risk_score_reasons
+
+      This tuple contains :class:`.RiskScoreReason` objects that describe
+      risk score reasons for a given transaction that change the risk score
+      significantly. Risk score reasons are usually only returned for medium to
+      high risk transactions. If there were no significant changes to the risk
+      score due to these reasons, then this tuple will be empty.
+
+      :type: tuple[RiskScoreReason]
+
     """
 
     billing_address: BillingAddress
@@ -1205,6 +1356,7 @@ class Factors:
     shipping_phone: Phone
     subscores: Subscores
     warnings: Tuple[ServiceWarning, ...]
+    risk_score_reasons: Tuple[RiskScoreReason, ...]
 
     __slots__ = ()
     _fields = {
@@ -1223,6 +1375,7 @@ class Factors:
         "shipping_phone": Phone,
         "subscores": Subscores,
         "warnings": _create_warnings,
+        "risk_score_reasons": _create_risk_score_reasons,
     }
 
 
diff --git a/tests/data/factors-response.json b/tests/data/factors-response.json
index c328ef1..0b69b24 100644
--- a/tests/data/factors-response.json
+++ b/tests/data/factors-response.json
@@ -204,5 +204,43 @@
       "input_pointer": "/account/username_md5",
       "warning": "Encountered value at /account/username_md5 that does meet the required constraints"
     }
+  ],
+  "risk_score_reasons": [
+    {
+      "multiplier": 45.0,
+      "reasons": [
+        {
+          "code": "ANONYMOUS_IP",
+          "reason": "Risk due to IP being an Anonymous IP"
+        }
+      ]
+    },
+    {
+      "multiplier": 1.8,
+      "reasons": [
+        {
+          "code": "TIME_OF_DAY",
+          "reason": "Risk due to local time of day"
+        }
+      ]
+    },
+    {
+      "multiplier": 1.6,
+      "reasons": [
+        {
+          "reason": "Riskiness of newly-sighted email domain",
+          "code": "EMAIL_DOMAIN_NEW"
+        }
+      ]
+    },
+    {
+      "multiplier": 0.34,
+      "reasons": [
+        {
+          "code": "EMAIL_ADDRESS_NEW",
+          "reason": "Riskiness of newly-sighted email address"
+        }
+      ]
+    }
   ]
 }
diff --git a/tests/test_models.py b/tests/test_models.py
index a8472fa..b42bacb 100644
--- a/tests/test_models.py
+++ b/tests/test_models.py
@@ -273,6 +273,28 @@ def test_warning(self):
         self.assertEqual(msg, warning.warning)
         self.assertEqual("/first/second", warning.input_pointer)
 
+    def test_reason(self):
+        code = "EMAIL_ADDRESS_NEW"
+        msg = "Riskiness of newly-sighted email address"
+
+        reason = Reason({"code": code, "reason": msg})
+
+        self.assertEqual(code, reason.code)
+        self.assertEqual(msg, reason.reason)
+
+    def test_risk_score_reason(self):
+        multiplier = 0.34
+        code = "EMAIL_ADDRESS_NEW"
+        msg = "Riskiness of newly-sighted email address"
+
+        reason = RiskScoreReason(
+            {"multiplier": 0.34, "reasons": [{"code": code, "reason": msg}]}
+        )
+
+        self.assertEqual(multiplier, reason.multiplier)
+        self.assertEqual(code, reason.reasons[0].code)
+        self.assertEqual(msg, reason.reasons[0].reason)
+
     def test_score(self):
         id = "b643d445-18b2-4b9d-bad4-c9c4366e402a"
         score = Score(
@@ -303,6 +325,7 @@ def test_factors(self):
         response = self.factors_response()
         factors = Factors(response)
         self.check_insights_data(factors, response["id"])
+        self.check_risk_score_reasons_data(factors.risk_score_reasons)
         self.assertEqual(0.01, factors.subscores.avs_result)
         self.assertEqual(0.02, factors.subscores.billing_address)
         self.assertEqual(
@@ -371,6 +394,17 @@ def factors_response(self):
                 "time_of_day": 0.17,
             },
             "warnings": [{"code": "INVALID_INPUT"}],
+            "risk_score_reasons": [
+                {
+                    "multiplier": 45,
+                    "reasons": [
+                        {
+                            "code": "ANONYMOUS_IP",
+                            "reason": "Risk due to IP being an Anonymous IP",
+                        }
+                    ],
+                }
+            ],
         }
 
     def check_insights_data(self, insights, uuid):
@@ -396,3 +430,12 @@ def check_insights_data(self, insights, uuid):
         self.assertIsInstance(
             insights.warnings, tuple, "warnings is a tuple, not a dict"
         )
+
+    def check_risk_score_reasons_data(self, reasons):
+        self.assertEqual(1, len(reasons))
+        self.assertEqual(45, reasons[0].multiplier)
+        self.assertEqual(1, len(reasons[0].reasons))
+        self.assertEqual("ANONYMOUS_IP", reasons[0].reasons[0].code)
+        self.assertEqual(
+            "Risk due to IP being an Anonymous IP", reasons[0].reasons[0].reason
+        )
diff --git a/tests/test_webservice.py b/tests/test_webservice.py
index e4ba942..7f5a9c9 100644
--- a/tests/test_webservice.py
+++ b/tests/test_webservice.py
@@ -267,6 +267,15 @@ def test_200_with_reserved_ip_warning(self):
 
         self.assertEqual(12, model.risk_score)
 
+    def test_200_with_no_risk_score_reasons(self):
+        if "risk_score_reasons" not in self.response:
+            return
+
+        response = json.loads(self.response)
+        del response["risk_score_reasons"]
+        model = self.create_success(text=json.dumps(response))
+        self.assertEqual(tuple(), model.risk_score_reasons)
+
     def test_200_with_no_body(self):
         with self.assertRaisesRegex(
             MinFraudError,