Are you looking for powerful fraud detection software to protect your business? If so, this guide is right for you.
According to TransUnion, there’s been a 43% increase in fraudster threats against businesses since the pandemic began, with credit card fraud being the most prominent and common type.
With over a decade of experience as an entrepreneur, I’ve learned the impact of digital frauds the hard way, especially when it comes to an eCommerce business. These fraud losses that I’ve had made an impact on me to search for the best fraud prevention solutions available in the market for all types of businesses.
Today, I’ll share with you my top recommendations, including their robust strengths, setbacks, and other essential details.
- What Is The Best Fraud Detection Software?
- 1. Fraud.net – Top Pick
- 2. Sift – Best Value For Money
- 3. TruNarrative Platform – Most Features
- 4. FRISS – Fraud Detection At Claims
- 5. Ekata – Feature Digital Identity Verification Solutions
- 6. Kount – Identity Trust Platform
- 7. Bolt – Unified Network For Merchants & Shoppers
- 8. Feedzai – Enhanced Fraud & Financial Crime Detection
What Is The Best Fraud Detection Software?
If you’re in a hurry, check out my top 3 picks: Fraud.net, Sift, and TruNarrative.
|Best overall. Cloud-based all-around fraud detection solution with data-driven analytics.||Best value for money. Specially tailored pricing for business growth and fraud protection.||Most features. Specialized fraud detection solutions for all business sizes and industries.|
|Try Fraud.net||Try Sift||Try TruNarrative|
Don’t let your business fall into the traps of fraudster scams. Let’s get this review rolling and find out which one best suits your business needs.
1. Fraud.net – Top Pick
Most Comprehensive Fraud Detection & Prevention Software [Custom Pricing]
Fraud.net is renowned for its all-in-one online fraud detection solutions.
As its description implies, the platform is purely cloud-based. Therefore, it saves you from the expensive deployment cost that traditional on-premises fraud detection software provides.
It also saves you time because it eliminates the need for manual download and installation.
The platform is customizable to ensure it will fit into every business’s needs. When it comes to its solutions, it’s packed with various advanced technologies for guaranteed accuracy without sacrificing the customer’s digital experience.
AppStore is on the top list of technologies included in the platform, and here, you can integrate all your business applications with ease.
It provides a fraud management sandbox to test new applications and ensure you’ll only make long-term commitments with genuine apps. Currently, there are 25+ data partners available for integration.
Fraud.net is powered by advanced artificial intelligence and machine learning enabling it to easily check for fraud patterns, user behavior, and even analyze fraud risks for businesses with relative ease.
As standard, AI automates workflows to boost your team’s productivity and streamline the approval process without compromising accuracy. Other functions it provides are for the following purposes:
- Minimize false positives
- Provide real-time risk scores per fraudulent activity (scale from 1 to 99)
- Continuous monitoring as customer behavior patterns evolve and market conditions change.
Analytics and reporting tools are provided to ensure you’ll stay on top of the latest fraud threats detected.
Since the dashboard is customizable, you can design it based on what matters to your business. The reports may consist of charts, graphs, and other visualization elements.
No need to wait long; you can generate data within seconds.
Reviewing tons of data can be overwhelming. Fraud.net makes it simpler through its case management solution.
It streamlines your case reviews on a single screen.
Here, you can group users based on their location, expertise, and other essential details. You can optimize each by creating rules.
There are 600+ preset filters to choose from for easy rule creation.
If you’re using Fraud.net with your team, you can assign user permissions for each member.
The last technology included is dedicated to Collective Intelligence Network. Through this network, your fraud investigators can search any individuals based on the following attributes:
- IP address
- Phone number
- Physical address
- Shipping and billing locations
Once all data is gathered, you can create billions of digital personas, which helps you assess whether customers are genuine or fraudulent.
Fraud.net also offers cybersecurity features such as login authentication tools and behavioral intelligence algorithms to better secure payment information and ensure the security of priority credentials for digital merchants and financial institutions.
Not only do businesses get fraud protection software but also privacy and cybersecurity tools alongside the platform if need be.
Pros And Cons Of Fraud.net
|Responsive and helpful customer support||Needs to improve the email address section on the generated database for easy sorting (it’s difficult to find your target individuals)|
|Easy to use and implement||No free plan|
|Provides robust solutions for 12 different industries and resolve 15 fraud types||Has some outdated information|
|Since built as a cloud-based app, it provides auto-update when a new version is released|
Fraud.net Pricing Plan
The company understands that every business is unique. For this reason, they also offer custom solutions.
Contact Fraud.net sales experts to get a personalized pricing quote based on your business needs.
2. Sift – Best Value For Money
Financial Fraud Detection Software For All Types Of Online Fraud [Custom Pricing]
Most fraud detection software is designed to create a secure customer experience and streamline business operations.
Sift has a different approach. Its creators built the software mainly to help businesses grow securely.
Like Fraud.net, it’s also designed to streamline operations by providing the following functions:
- Speed up the review process
- Automate workflows and actions
- Get more insights for in-depth investigations
You can perform all of these through its user-friendly Console.
Sift engine also uses real-time machine learning for fraud prevention. Through this technology and 16,000+ signals available, it can predict risks with utmost accuracy.
As standard, a fraud detection solution is implemented to stop account takeover attacks. Here are a few features included to strengthen your account defense:
- Uses an intuitive scoring system for complete control
- Utilize a KYC registry and perform KYC checks
- Custom ATO machine learning model detects risks upon login
- Include a free email 2FA and security notification tool (also known as Sift Verification)
Eliminating all types of payment fraud is also made possible.
Through its Insult Monitor, you can identify false positives and approve more payments securely. You can configure this setup when creating an order.
Moreover, Sift is only a few of the fraud detection software that offers Content Integrity.
It’s the product that can proactively block fraudulent content such as:
- Phishing and spam
- Fake or duplicate account signups
- Fake listings, reviews, and campaigns
- Policy violations and paywall evasions
More unresolved disputes can badly impact your cash flow. Sift offers an excellent dispute management platform where you can help you achieve more win rates and lower dispute rates.
Its system uses advanced automation to communicate with the issuing banks directly and gather more evidence to prove a dispute is invalid.
It can also automatically select a piece of evidence that is relevant to the dispute. The selection process is based on the industry, chargeback reason code, and applicable modifiers.
This feature is especially useful for big data that can be hard to sift through for each unique use case.
Additionally, all of Sift’s products include robust reporting to give you a closer and in-depth look at the insights. These can help you adjust your business strategies so you can grow without risks.
Pros And Cons Of Sift
|Provides a user-friendly Sift Console and Insult Monitor to help make accurate decisions and identify false positives||Manual generation of reports is still recommended because the auto-generated reports are not always accurate|
|Automation of workflows is flexible and easy to manage||Occasional slow loading time for initial integration|
|Intuitive and user-friendly dashboard interface|
Sift Pricing Plan
Explore what Sift can do for your business by requesting a demo. If you’re interested in using any of its products, you may contact its sales expert to get a personalized pricing quote.
3. TruNarrative Platform – Most Features
Fraud Detection Platform For Complex Workflow, Orchestration & Decisioning [Custom Pricing]
From the two fraud detection software discussed above, it’s clear how important for a business to have the following:
- Risk scoring and analytics to identify internal and external risks
- Successfully identity verification to prevent fraudulent impersonation
- Case management platform to ensure the right teams handle all risk cases
- Transaction monitoring to immediately stop fraud and other financial crimes
TruNarrative Platform can confidently deliver all with additional specialized solutions for various industries.
Organizations holding gambling industry licenses are one of the many that can benefit from TruNarrative. It provides a responsible gambling solution where operators can monitor a player’s transactions to determine what they can afford to gamble.
Its system is automated and runs in real-time to leverage streamlined accuracy.
It works by tracking a player’s activity and behavior and matching it on several data points such as:
- Income verification
- Current bank account turnover
Another great solution of TruNarrative Platform is Document Capture and Biometrics.
This is most advantageous for companies that process high volumes of documents to authenticate a person’s identity. There are two ways to use this solution:
- Upload any documents (bank statements, bills, etc.)
- Authenticate an image (passport, national ID card, etc.)
On the other hand, Network Fraud Detection is the solution you can count on to identify and prevent application fraud on all digital platforms.
Here, you can use fraud signals to detect a potential fraud profile. Currently, it supports 50+ third-party services in the Data Cloud App Store that you can use to detect genuine and false positives.
You can also add rulesets and scorecards.
Pros And Cons Of TruNarrative Platform
|Satisfactory customer assistance (also offers 24/7 live chat support)||Technical knowledge/experience required for integrating APIs|
|Suitable for companies of all sizes|
|Uses APIs to make the platform into an easy-to-configure environment|
|Fast and easy integration support|
TruNarrative Platform Pricing Plan
Find out what TruNarrative can do for your business by sending them your needs in detail. One of their experts will get back to you and provide a personalized online tour.
4. FRISS – Fraud Detection At Claims
Insurance Fraud Detection Software With Proactive Claims Monitoring [Custom Pricing]
Compared to the three fraud detection software discussed above, FRISS has a more straightforward goal in mind.
And that is to help all insurers fight insurance fraud and provide honest insurance for everyone. They deliver this by developing an AI-powered insurance fraud detection to reveal suspicious claims immediately.
It provides proactive claims monitoring to ensure you can consistently capture fraud before the claims are paid.
Performing tons of checks simultaneously can consume too much time.
You can save more time because FRISS lets you automate the process so you can quickly detect the following:
- False positives
- Genuine claims
- Hidden patterns
You can also automate the scoring of claims so that you can approve them fast without compromising their accuracy.
The good thing about FRISS fraud detection is that you can easily integrate its fraud analytics into your business core system.
It also has a plug-and-play design for quick installation.
Ease your mind that you’ll get the latest actionable insights that help you make a smart decision when handling a claim.
Pros And Cons Of FRISS
|Includes a superior detection engine||Fraud detection solutions designed solely for insurers|
|Automates fraud detection in claim processes to minimize false positives||Needs to add more online tutorials for new users|
|Provides real-time detection to ensure all claims are fraud-free before receiving payment|
FRISS Pricing Plan
Fraud Detection At Claims is only one of its four products available. If you’re interested, you can request a demo to get a closer look at its platform and functionalities.
Once you’re fully decided to purchase, FRISS experts will provide you with a personalized pricing quote.
5. Ekata – Feature Digital Identity Verification Solutions
Cloud-Based Fraud Prevention Software With Real-Time Fraud Detection [Custom Pricing]
Ekata may not be a full-fledged fraud detection software, but it remains a strong choice.
Mainly because its system can also provide reliable fraud prevention and customer identity verification designed for the following industries:
- Digital payments
- And, financial services
As standard, its system works to prevent fraudsters from creating an account and making a transaction. Ekata provides an account opening API to help you validate new accounts based on their provided application details.
Here’s a glance of how it works:
- All data will enter Ekata Identity Engine and assess the riskiness of the user’s location address (IP), device last seen location, and the provided phone and email address.
- It will also verify the email, phone, and address if it matches the customer’s name.
- It will measure the distance between the customer’s IP address and their provided addresses.
- For the phone number provided, the system will check the phone carrier and country code.
Ekata made it simpler for eCommerce merchants to reduce online fraud while providing an excellent customer experience continuously.
There are two products available, and one of them is the Merchant Review. As the name implies, this is a SaaS solution that can simplify the manual review process.
Here are the main features of this solution:
- Cross checks
- Network signals
- Identity Risk Score
- Distance calculation map
- Data matches and invalid alerts
Merchant Onboarding API is the other product available.
Its primary purpose is to onboard genuine small businesses and micro-merchants. It also combines automation and manual review to make better onboarding decisions like separate low to high risks sellers.
Currently, you can integrate Ekata to various eCommerce platforms like Shopify and Etsy.
Pros And Cons Of Ekata
|Built with an easy-to-read Identity Risk Score to determine which customers, interactions, and transactions are genuine or fraudulent (calculated in real-time)||No real-time human customer support via phone or live chat (provide email and support ticket only)|
|Includes admin tools for easy use and account management||Complex process when searching international phone locations|
|Provides international data coverage|
Ekata Pricing Plan
Contact an Ekata expert and find out what product can help your business identify good customers over fraudsters.
6. Kount – Identity Trust Platform
Full Suite Of Fraud Detection & Prevention Products [Custom Pricing]
Kount is the platform to trust anyone offering services or products through their eCommerce site or mobile app.
It uses an advanced AI fraud detection and prevention system to analyze data from customers’ interactions effectively. It’s equipped with supervised and unsupervised machine learning for optimum efficacy.
Supervised machine learning can work for different purposes, but Kount uses it to learn past decisions made.
While unsupervised machine learning is the one that detects hidden patterns and emerging attacks without the need for human intervention, together, they can detect and prevent past, existing, and new fraudster attacks.
You can control and manage everything inside the Command Center.
Kount understands that merchants who support card-not-present (CNP) transactions are the common targets of fraudsters. But you don’t have to worry about that because this platform implements multiple layers of protection.
As fast as milliseconds, it can identify if an order, sign-in, or payment indicates fraud.
Other fraudulent activities it can detect and prevent are listed as follows:
- eGift card fraud
- First-party fraud
- Account takeover
- Chargeback fraud
Pros And Cons Of Kount
|Equipped with patented technology to prevent account takeover, loyal frauds, and more.||Slow loading speed when adding new transactions|
|Uses artificial intelligence to detect new, existing, and past fraud attacks||Limited customization tools for the dashboard|
|Recommended for businesses that sell products/services in a digital environment||Learning curve required for generating reports|
|Fast and effective fraud management|
Kount Pricing Plan
Not sure what solution is right for your business? Contact Kount’s experts, and they will help you match the right solution based on your business goals and other essential needs.
7. Bolt – Unified Network For Merchants & Shoppers
eCommerce Fraud Protection Software With Effective Fraud Detection Engines [Custom Pricing]
Bolt is the eCommerce tool that you can use to fight fraud. Its interface is equipped with sophisticated technologies to create multi-layered protection.
As standard, its system analyzes over 200 behavioral signals in real-time so it can create a detailed picture of your customers.
It also uses supervised machine learning and rules. Supervised machine learning is the technology that continuously learns and scales your business processes.
You can create rules for various purposes, like instantly rejecting transactions that indicate fraud.
Bots are the common tool used for cyberattacks. Bolt provides you with an embedded bot detection tool so that you can block bot attacks before fraudsters complete the checkout process.
Other fraud detection and prevention features included are listed as follows:
- Order re-review
- Dynamic verification
- Rejected order insights
- Order verification emails
- 100% fraud chargeback guarantee
- Dispute management and reimbursement
As a merchant, you’re provided with a dashboard to access the analytics tab, upgraded monitoring, and more.
Please note that the upgraded monitoring only supports eCommerce platforms like WooCommerce and Magento Commerce (M2).
Pros And Cons Of Bolt
|Provides one-click account creation and checkout||Onboarding process takes longer than expected|
|Embedded with bot detection||May encounter a few bugs at times|
|Any issues encountered were resolved immediately with the help of their customer support|
|Supports all major shopping carts like WooCommerce, BigCommerce, and more|
Bolt Pricing Plan
Bolt’s eCommerce Fraud Protection Software pricing info is available by request. You may contact their sales expert by submitting the request form.
You may also request a live demo to get a closer look at its interface and functionalities.
8. Feedzai – Enhanced Fraud & Financial Crime Detection
Advanced Risk Management/Anti-Money Laundering Platform [Custom Pricing]
For my last recommendation, I’ll give you Feedzai.
Feedzai is a RiskOps platform that is built with comprehensive architecture and advanced AI technology. Together, it provides you with a unified platform to create a secure and seamless customer experience.
It also includes an excellent analytics suite to give you an in-depth view of all risks detected.
All data in reports are always updated and available for access. They are well-organized, too, to ensure the right team (fraud, AML, compliance, and risks) can view them.
Feedzai is also known as an Anti-Money Laundering (AML) platform.
It’s engineered with a powerful machine learning technology to detect and identify complex money laundering patterns and other suspicious behavior among transactions.
It includes behavioral alerting so that when an unusual customer behavior is identified, you’ll get notified asap.
A broad range of alert sets is available to ensure you can use what applies to your business. Other tools you can use are listed as follows:
- Visual Link Analysis: This lets you uncover relationships between accounts, companies, and entities.
- Scenario Scoring. This one allows you to monitor and assess customer behavior at an entity or transaction level.
- Case & SAR Manager. This enables you to manage, view, and investigate suspicious activities on one platform.
The best thing about Feedzai is that all its solutions are designed to detect fraud and financial crimes. As standard, its fraud detection solution can create a secure account opening experience.
You can simplify the application investigation and instantly identify relationships between fraudulent accounts through the visual link analysis tool.
Transaction fraud is another type you can confidently monitor using Feedzai. It’s equipped with device intelligence to understand your customers better and the device they use.
It also includes malware detection to immediately stop any cyberattacks – new, existing, and future.
Moreover, Feedzai uses machine learning rules to detect fraud. Here are a few of the fraudulent transactions it can reliably detect and block:
- CEO fraud
- Money mule
- Mandate fraud
- Payroll scheme
- Account takeover
- Fake invoice fraud
- Authorized push payment
Pros And Cons Of Feedzai
|Provides all tools to create, manage, and control machine learning rules and cases||Designed for enterprise-level companies|
|Offers cloud-based for accessibility and fast deployment||Customer support only available during business hours|
|Best for banks (retail and challenger), acquirers, payment processors, and merchants|
Feedzai Pricing Plan
There are three options available to get started with Feedzai:
- Become a reseller
- Request a live demo
- Request a personalized pricing quote that suits your business
Visit their website now to learn more about the product or other ways to contact customer support.
Finding the best fraud detection software for your business doesn’t have to be complicated. All you need to remember is to choose a software that’s scalable, cost-effective, and reliably supports your business (goals, transaction volumes, and more).
If I have to pick one from my recommendations, I’ll have to go with Kount.
It’s equipped with the most advanced technologies to create multi-layers of defense against fraud. It also provides Identity Trust Global Network that links signal data from over 32 billion interactions around 250 countries and 75+ industries.
Therefore, you can create a detailed profile of your customers and block fraudsters and other low-trust events in real-time.
It’s a bonus that Kount also built its platform with ease of use in mind.
If you have another excellent fraud detection software to share, you can drop it in the comment section.