Fraud Detection Software

Fraud Detection Software Overview

Fraud detection software automatically monitors transactions and events in real time to detect and prevent fraudulent activities occurring in-house, online or in-store. It prevents improper access to sensitive company and customer data. The suspect transaction or event is flagged and can be manually reviewed through an investigative dashboard.
Fraud detection software prevents illegitimate activities related to payments, purchases, and chargebacks. It is used to secure web, mobile and phone based financial transactions. The software helps prevent digital payment fraud, and account takeover by validating identities sometimes employing two step authentications, and by identifying malicious logins, and bot activity.
Click fraud software is used by online advertisers to identify and block malicious and non-converting traffic. Fraud detection software is also used to prevent insurance fraud, and money laundering. The software helps ensure compliance with security and data privacy regulations.
The software can monitor internal and external data, employees, customers, transactions, events, and databases. Detection and prevention are based upon rules or predictive models.
Fraud detection software increasingly uses AI for Predictive Analytics which identifies fraud patterns Ai is also employed for Customer Analytics which detects deviations from a customer’s usual behavior and Social Media Analytics which gathers information from social media and blogs. These patterns are analyzed to help identify fraudulent behavior.
In the future behavioral biometric capabilities will be readily incorporated into fraud detection software. This entails analyzing a user’s mouse gestures, typing speed and pattern to detect deviations from the norm as an indicator of potentially fraudulent activity. Real-time biometric analysis will prevent identity theft and account takeovers.

Fraud Detection Products

(1-25 of 108) Sorted by Most Reviews

The list of products below is based purely on reviews (sorted from most to least). There is no paid placement and analyst opinions do not influence their rankings. Here is our Promise to Buyers to ensure information on our site is reliable, useful, and worthy of your trust.
D&B Credit

D&B Credit is a global, cloud-based risk management solution fueled by Dun & Bradstreet’s industry-leading data and analytics. With powerful portfolio segmentation tools, configurable alert monitoring, and easy-to-read digital credit reports, finance and credit professionals…

ClickGUARD

ClickGUARD headquartered in Los Angeles offers their search engine marketing click fraud tool, designed to prevent fraudulent clicks by bots or malicious actors.

NICE Actimize

NICE Actimize is a fraud detection solution, acquired and now supported by Nice Systems since 2007.

SEON. Fraud Fighters

SEON aims to reduce the costs, time and resources lost to fraud. For global leaders or a new startups, SEON modular fraud tools adapt to the user's business, with automated decisioning, accelerated manual reviews.SEON's products are designed around two core goals: deliver effective…

F5 Shape Security

Shape Defense, now from F5 (acquired January 2020) provides all-in-one security to protect a website from bots, fake users, and unauthorized transactions, preventing large scale fraud and eroded user experiences. Companies get the visibility, detection and mitigation outcomes they…

IBM Trusteer

IBM Security offers the IBM Trusteer fraud detection and prevention application, to support financial institutions and antivirus applications with additional malware and phishing prevention, as well as provide digital identity protection and prevent fraud. IBM acquired Trusteer in…

CGI HotScan360

CGI offers HotScan360, a fraud detection and financial risk management application for financial institutions, with included reporting and analytics.

Signifyd Commerce Protection Platform

The Signfyd Commerce Protection Platform is fraud protection software that aims to enable online retailers to provide a friction-free buying experience for their customers. Signifyd leverages big data, machine learning and domain expertise in order to provide a financial guarantee…

Kount

Kount Fraud Detection Software is an option from the company of the same name in Boise, Idaho.

Sift Digital Trust & Safety Suite

Sift Science headquartered in San Francisco offers their software, Machine Learning and Device Fingerprinting, for fraud detection and prevention, priced per services added and volume of devices and orders checked.

Wolters Kluwer OneSumX

OneSumX, from Wolters Kluwer, is a product line providing compliance management, risk management, and financial crime control.

Equifax Credit Risk

Equifax Credit Risk Insight helps lenders build models help monitor delinquency, default, loss severity and mortgage borrower credit health trends at the loan level, across zip codes, vintages and market segments.

Oracle Adaptive Access Manager

Oracle's Adaptive Access Manager is a fraud detection solution.

AppZen

AppZen headquartered in San Jose delivers an AI platform for modern finance teams, providing auditing of business spend with automation of manual process, and optimized decision making. The platform combines deep learning, computer vision, and semantic analysis with intelligence…

Riskified

Riskified, headquartered in Tel Aviv, helps businesses to realize the potential of eCommerce by making it safe, accessible, and frictionless. Their eponymous platform allows online merchants to create trusted relationships with their consumers. Leveraging machine learning that benefits…

mSIGNIA

mSignia offers authentication through digital biometrics.

Broadcom Payment Security Suite (formerly CA Payment Security, or Layer7)

The Broadcom Payment Security Suite (based on the former CA Risk Analytics Network) is a payment fraud detection solution. CA Technologies entered into fraud detection and prevention with the acquisition of RiskFort in 2010, along with the original developer Arcot Systems. Broadcom…

Digital Resolve

Digital Resolve Fraud Detection is offered by Digital Resolve, of Digital Envoy, a company in Norcross, Georgia, which in turn is a unit of Dominion Enterprises.

Quantifind Graphyte

The Graphyte Platform, from Quantifind headquartered in Palo Alto, offers comprehensive data coverage, AI-driven entity resolution accuracy, dynamic risk typologies, patented search optimization techniques, investigation applications. Graphyte makes this technology available to KYC-…

Equifax FraudIQ Identity Score

Equifax offers FraudIQ, a consumer fraud protection suite. The suite includes FraudIQ Identity Alerts, FraudIQ Identity Score, FraudIQ Manager, and FraudIQ Authenticate (based on Anakam.TFA, an authentication system acquired by Equifax in 2010).

Outseer Fraud Manager

Outseer Fraud Manager provides the foresight to know which customer interactions are fraudulent, before they happen.

Precise ID with FraudNet

Precise ID with FraudNet is fraud detection and authentication software developed in part by 41st Parameter, now owned and supported by Experian since the October 2013 acquisition of 41st Parameter and its FraudNet software.

Interceptas

Interceptas is a fraud detection platform from Accertify in Itasca, Illinois, now a subsidiary of American Express.

Outseer FraudAction

As businesses embrace digital transformation, they face frequent and sophisticated cyberattacks. Outseer FraudAction monitors the threat landscape to shut down cyberattacks that target your customers or impersonate your brand.

TransactionGuard

TransactionGuard is a fraud detection from Entrust (Entrust DataCard, post-merger) headquartered in Minneapolis, Minnesota.

Learn More About Fraud Detection Software

What is Fraud Detection Software?

Fraud detection software automatically monitors transactions and events in real time to detect and prevent fraudulent activities occurring in-house, online or in-store. It prevents improper access to sensitive company and customer data. The suspect transaction or event is flagged and can be manually reviewed through an investigative dashboard.
Fraud detection software prevents illegitimate activities related to payments, purchases, and chargebacks. It is used to secure web, mobile and phone based financial transactions. The software helps prevent digital payment fraud, and account takeover by validating identities sometimes employing two step authentications, and by identifying malicious logins, and bot activity.
Click fraud software is used by online advertisers to identify and block malicious and non-converting traffic. Fraud detection software is also used to prevent insurance fraud, and money laundering. The software helps ensure compliance with security and data privacy regulations.
The software can monitor internal and external data, employees, customers, transactions, events, and databases. Detection and prevention are based upon rules or predictive models.
Fraud detection software increasingly uses AI for Predictive Analytics which identifies fraud patterns Ai is also employed for Customer Analytics which detects deviations from a customer’s usual behavior and Social Media Analytics which gathers information from social media and blogs. These patterns are analyzed to help identify fraudulent behavior.
In the future behavioral biometric capabilities will be readily incorporated into fraud detection software. This entails analyzing a user’s mouse gestures, typing speed and pattern to detect deviations from the norm as an indicator of potentially fraudulent activity. Real-time biometric analysis will prevent identity theft and account takeovers.


Fraud Detection Software Features

· Real-time fraud monitoring of internal and external data, employees, customers, transactions, events, and databases.

· Real time transaction screening and review

· Pattern recognition / Anomaly detection

· Custom fraud parameters – establish organization specific parameters and thresholds to trigger fraud prevention actions

· Investigations

· Security management – manage role-based user access to transactional data to prevent tampering or hacking

· Internal fraud monitoring – review of internal actions to determine need for investigation

· Data security and privacy regulations compliance

Fraud Detection Software Comparison

Consider the following when purchasing fraud detection software.

Use Case – What kind of business or organization will be using this software? Banks and financial institutions, eCommerce and online retail, physical and in-person services, will all have different challenges when it comes to fraud prevention. Some fraud tools are specialized to support those needs, other vendor offerings are generalized to support a wide range of industries.
For Financial Fraud Protection – It is essential that the product has the capability to perform real-time analysis to flag suspicious activities as they occur and to take the appropriate actions.
Dashboards – a robust dashboard provides the capability to review transactions, identify patterns, provide insights, and make informed decisions.

Pricing Information

Pricing is driven by the number of transactions/queries, validation and grouping rules supported, features provided and level of customer support. Basic plans range from $25 to $1,000 a month. Some enterprise plans begin at $1250 a month. Licenses can cost $49,000 or more. Many vendors require a quote for their product and services.



Frequently Asked Questions

What does Fraud Detection Software do?

Fraud detection software prevents fraudulent activities related to accounts, payments, and purchases by reviewing transactions, and events in real time to detect fraudulent activities. It helps protect sensitive company and customer data.

What are the benefits of using Fraud Detection Software?

Financial – It protects against revenue loss by identifying fraudulent transactions and minimizing false declines.

Security – It prevents access to sensitive customer and company data and prevents account takeovers.

Brand Reputation – When an organization is exposed to fraudulent activities, its reputation can suffer as there can be a loss of trust. Minimizing this exposure protects the brand.

Customer Experience – Proper use of automated fraud protection software will seamlessly approve legitimate customer transactions in a timely manner.

How much does Fraud Detection Software cost?

Pricing is driven by the number of transactions, validation rules supported, features provided and level of customer support. Basic plans range from $25 to $1,000 a month. Many vendors require a quote for their product and services.