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 143) 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 Finance Analytics

D&B Finance Analytics is a global credit-to-cash solution that provides Dun & Bradstreet data, analytics, and technology to help improve cash flow, increase operational efficiency, and mitigate risk. This AI-driven solution comprises two platforms – D&B Credit Intelligence…

Riskified
Customer Verified

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…

ClickGUARD

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

Treasury Intelligence Solutions (TIS)

TIS helps organizations simplify and streamline their global payments and liquidity management operations. Our cloud-based platform empowers businesses to optimize critical functions surrounding cross-border and domestic payments, bank connectivity, cash forecasting, fraud prevention,…

Midigator

Running a business should be about delivering quality products and services, not managing payment risks. So Midigator offers a technology platform to prevent and fight chargebacks. Midigator offers users customized automation and relevant, and real-time analytics to enable data-…

Kount

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

SEON. Fraud Fighters

SEON is fraud prevention for businesses that is built to be adaptable and accessible, presented as a risk tech stack for a digital generation, including fintech companies like Revolut, NuBank, Afterpay, and Mollie. SEON boasts a 30-day free trial, rapid integration, and pay-as-you-…

NICE Actimize

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

F5 Distributed Cloud Bot Defense

F5 Distributed Cloud Bot Defense (formerly Shape Defense, acquired January 2020) provides security to protect a website from bots, fake users, and unauthorized transactions, preventing large scale fraud and eroded user experiences. Companies get visibility, detection and mitigation…

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…

TrustID

TrustID are experts in identity document validation solutions, designed to make identity checks easy, from the office or remotely. TrustID services are designed to simplify ID checks, protecting businesses of all sizes from fraud, saving time, driving efficiencies and ensuring compliance.…

Fraud.net Email Sheild

Email Shield is a cloud-based email security add-in, which helps businesses across various industry verticals such as banking, fintech, eCommerce, government, mobile, travel, gaming, telecommunications and more, prevent email-based fraud attempts and receive fraud risk scores and…

Forter

Forter is a security platform for online merchants that allows them to check each transaction for fraud.

With Reach

With Reach headquartered in Calgary partners with dynamic retail brands looking to connect with shoppers around the world. Using their Merchant of Record model, Reach helps retailers process global payment transactions wherever a retailers customer is based.

Wolters Kluwer OneSumX

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

Risk Proof

Risk Proof, a PwC Product, aims to enable organizations to act quicker to stay on top of the ever-changing world of financial risk. It streamlines risk assessments into a single platform, in order to make the entire process visual, interactive, trackable and actionable. The vendor…

Transmit Security CIAM Platform

Transmit Security headquartered in Boston offers their identity orchestration solution, providing strong customer authentication and authorization for entities that need it.

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.

Oracle Adaptive Access Manager

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

Pipl

Pipl is an identity trust company that uses the deep connections between data elements that make up an identity to provide identity resolution. Pipl analyzes the relationships of many identifiers such as email, mobile-phone and social-media data that spans the globe. Its identity…

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…

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.

ACI UP Payments Risk Management

ACI Worldwide offers their fraud detection suite, the UP Payments Risk Management suite designed to detect fraud in transaction and provide automated preventative and protective measures to eliminate or mitigate it.

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

· Data security and privacy regulations compliance· 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

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.

Fraud Detection Software Best Of Awards

The following Fraud Detection Software offer award-winning customer relationships, feature sets, and value for price. Learn more about our Summer Best Of Awards methodology here.

Best Of Summer 2022 Awards Winners for the Fraud Detection category. For Best Relationship, first place is Riskified. For Best Feature Set, first place is Riskified.

Related Categories

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.

What are the best Fraud Detection Software products?

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.