In 2016, Cathy Ross and Whitney Anderson founded Fraud.net, applying over 20 years of experience in finance and online retail to create a fraud solution that would put more cybersecurity agency in the hands of the business owners themselves.
Since then, the company has radiated to cover as many verticals as are disrupted by fraud, from financial products to ecommerce to gaming. Fraud.net markets itself as an all-in-one tool to capitalize on meatier profits from these industries, with software design that caters to the viewpoints of C-executives, security teams, as well as fraud analysts.
Here, we compare and contrast the strong points of Fraud.net with SEON’s own fraud-fighting software.
Disclaimer: Everything in this article was gleaned from online research, including user reviews. We did not have time to manually test all the tools. However, we ensured the information was correct as of Q4 2022. Feel free to contact us to request an update/correction.
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Fraud.net Key Products
To safeguard the bottom line of its customers, Fraud.net concentrates the power of its software into six main AIs: Application, Transaction, Login, Account, Device, and Email. To complement these, Fraud.net also offers additional modules that address pain points that occur across industries – such as MFA to harden user authentication and programs built to recover and protect compromised business email accounts.
All of Fraud.net’s AI modules make use of huge pools of data to inform their risk scoring. Taking whatever data points exist from the customer, the AIs enrich these data points by referring to a “unique” data source that has reference points in the billions. These are reinforced by signals harnessed from their network of partner machine learning algorithms, as well as any other data apps integrated through Fraud.net’s proprietary AppStore program.
As an all-in-one solution, the Fraud.net user journey does not end at just a risk analysis, however. Beyond the moment that a good user becomes known as a fraudster, there is a case management module to handle the entire customer journey, as well as other visualizable fraud analytics tools and access to the Collective Intelligence Network, containing the details of over 50 billion transactions.
Together, the software suite offered by Fraud.net aims to provide a solution that satisfies multiple echelons of a company and facilitates communication between teams.
As an all-in-one solution, it will be popular for companies who want to simply integrate a single product and be up-and-running. Indeed the product prioritizes a fast integration process into an existing infrastructure – less than 30 days according to the site. Smartly, the company achieves this all-in-one status through a network of partner solutions that fill any gaps in customers’ needs.
Fraud.Net Pros and Cons
- Comprehensive partner network: On its journey towards being a true all-in-one offering, Fraud.net has assembled a network of partner products that can be integrated via its AppStore module. These partners provide complementary services in areas like ID verification, step-up authentication, KYC, AML, and social media lookups.
- Diverse module options: Fraud.net provides its customers with programs and modules that they need, regardless of vertical. Products like MFA, industry benchmarking, and darkweb intelligence provide specific solutions to specific pain points.
- Fast integration: Companies that need a total solution can expect Fraud.net’s stack to be ready to go within 30 days, according to their marketing documentation.
- Difficult to implement custom rules: According to reviews posted online, adding customized rules into your own deployment of the Fraud.net software requires communication with the Fraud.net developers, and the deployment process can be complicated as well.
- Integration challenges: Integration via the AppStore module is convenient for Fraud.net’s established partners, but does not necessarily have compatibility with other software outside of that partner network. The same is true for any software infrastructure within the company itself – integration will be challenging.
SEON vs Fraud.net Features Comparison Table
|Email data enrichment||Yes||Yes|
|Phone data enrichment||Yes||Yes|
|Find user social media||Yes, 50+ platforms||Yes|
|User authentication||Yes, via hashes||Yes|
|Custom rules||Yes||Yes, via CS|
|Machine learning suggestions||Yes||No|
|Industry preset rules||Yes||Yes|
|Custom API fields||Yes||Yes|
|Integration with other tools||Yes||Yes, within partner network|
|Cost per month||Flexible tiered pricing based on API requests.||Not available – speak to their sales team|
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Where SEON Wins Over Fraud.net
- SEON’s data is always real-time-fresh and doesn’t rely on any databases for its API calls. Fraud.net boasts an impressive collection of data points to reference, but also runs the risk of false positives (or false negatives) from stale data.
- SEON’s fraud-fighting ability does not have all the add-ons that Fraud.net offers, such as MFA and deep web monitoring, but offers fraud tech that is just as effective, without the same price tag. For those doing math to meet the needs of their bottom line, SEON can be a much more sensible option, particularly for companies who aren’t quite ready for enterprise-level solutions and price tags.
Where Fraud.net Wins Over SEON
- Acquiring the entire Fraud.net software suite does provide a fraud solution for nearly any vertical, with partner apps filling in any holes left by their own proprietary stack.
- The Fraud.net product offering includes many useful modules that help companies scale, like specific programs for customer case management and the recovery of compromised business emails.
- You need a cost-effective anti-fraud product that works with your payment ecosystem, and customizability and modular flexibility are important for your business.
- Your fraud prevention team wants a lookup tool with no risk of stale data and up-to-the-second risk signals from live API calls.
- You need a fraud solution with easily-implemented custom rulesets, as well as the out-of-the-box power of both whitebox and blackbox MLs so you can hit the ground running.
- You are looking for a total all-in-one solution that includes both fraud prevention and tools to mitigate the fallout from any breaches you may experience.
- You want a fraud solution that offers perspective to multiple levels of your company, from executive to security.
- You are dealing with persistent data security concerns, like compromised business emails and even top-down issues like collusion and insider threats.
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