10 Best Financial Risk Management Software in 2023

Custom risk rules, machine learning suggestions, and the ability to extract user, business and payment data are needed. Additionally, KYC and AML features can help protect your business in the long run.

List of Top Financial Risk Management Software

Key Features of Financial Risk Management Software

There is really only one way to fight transaction fraud: by acquiring more knowledge about your customers. But what you can do with it varies based on the kind of features you have access to. The most important include:

  • Custom rules: As risk is an ever-evolving threat, you want to be able to quickly update or edit your risk rules without the need to go through developers.
  • Risk scoring: Static rules and flags have their place, but more sophisticated risk managers want to be able to set thresholds for what is considered low, medium or high-risk.
  • AML tools: The ability to manage both fincrime and meet compliance requirements from the same dashboard is a great advantage.
  • Machine learning suggestion: If you are struggling to identify risk patterns in your large volumes of data, an AI or machine learning system can help. 
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The 10 Best Financial Risk Management Software

Disclaimer: Everything you’ll read in this article was gleaned from online research, including user reviews. We did not have time to manually test every tool. This article was last updated in Q3 2023. Please feel free to contact us to request an update/correction.



Our Unique Take on Risk Management Software

SEON is an end-to-end fraud platform that efficiently addresses pain points and works transparently to protect transactions and revenue. There are also tools that provide invaluable insight for manual reviews, helpful presets, and flexible ways to integrate. Among these is the data enrichment module, which scours open-source intelligence (OSINT) sources to create each customer’s digital footprint, complete with 90+ social and web platform signals – to help both manual and automatic decision-making.


  • Flexibility
  • End-to-end solution
  • Unique digital footprinting


  • No on-site integration
  • No on-premise support

SEON Pricing

  • Starts at $599 per month, with a free version available. Book a live product demo to see how we can help your business.

Choose SEON If

  • You would like to take advantage of the real-time accuracy of digital footprint analysis to catch fraudsters and identify good users.

Read SEON. Fraud Fighters reviews on G2


Some of the features on offer include:

  • Ease of integration: Our integration timeline is one of the shortest in the fraud tech world. The flexibility of the modular APIs also gives you plenty of control over how you connect SEON to other web apps.
  • Outstanding UX: From full team management features to a Gmail-like transaction view, we understand that delivering a better experience for fraud teams translates directly into a better way to identify risks for business growth.
  • Complete anti-fraud suite of tools: Advanced device fingerprinting, transaction monitoring, IP analysis, velocity checks, and social media lookup solutions. SEON is also customizable enough to fit a number of industries by helping with anti-money laundering (AML) and geo-compliance, chargebacks, account takeover, and bonus abuse, among other things.
  • AML features: If your financial risk involves dealing with regulators, SEON lets you perform the right AML checks and transaction screening.
  • Innovative features: Our Google Chrome extension for enrichment and messenger lookup is pretty much unique on the market.
  • Complete transparency: Our machine learning engine delivers rules in a human-readable format so that you always know how best to leverage them. We are also the only fraud tech company to deliver clear, transparent pricing and a free trial.

Plus, we are always improving. Our online resources are constantly updated to deliver a fully self-serve approach, while the algorithms are updated to examine and take into account more data points, becoming ever more accurate.


  • Flexibility: SEON is fully modular, transparent, and flexible, with easy-to-implement amendments to default rulesets and actioning.
  • End-to-end solution: For those who choose to use it as such, the vendor can be a fully-fledged end-to-end fraud prevention, alternative data enrichment, and customer insights solution.
  • Unique digital footprinting: SEON does real-time social media and online platform data enrichment, offering accurate intel based on just an email address or phone number.


  • No on-site integration: Though SEON plays well with other software due to its modular APIs, there is no on-site integration for customers.
  • No on-premise support: There’s no on-premise support available at the time of writing.


Lightweight Email & Phone Analysis

ArkOwl provides live, accurate, and rich analysis mainly for email and phone verification. This helps predict how risky a user will be before they process a payment on your site. Its analysis looks at the domain, breaches, and social networks, among other things.


  • Lightweight
  • Real-time


  • Limited documentation
  • Not many sources

ArkOwl Pricing

  • Pricing is per API request, but you must contact sales for a quote.

Choose ArkOwl If

  • You have risk management software in place but would appreciate some extra knowledge points.

The tool counts 81+ points used for analysis and delivers data in raw form, with what ArkOwl claims are no false positives or negatives. There are no limits on the number of users you can add to an account, as you only pay for the bandwidth you use. Payment is flexible, either as a monthly subscription or pay-as-you-go, and there is a free trial.

When it comes to social media, it’s worth noting that ArkOwl looks at some of the main networks (Google, Facebook, Twitter), but the number of databases it can check is limited. This is certainly due to the fact that ArkOwl is a small team – and scraping social info can be extremely complex and time-consuming, as the sites change their settings all the time.

ArkOwl Pros

  • Lightweight: You get email and phone data enrichment with basic social media checks but not that many features.
  • Real-time: There is no stale data because all searches are in real-time, unlike companies that rely on databases.

ArkOwl Cons

  • Limited documentation: It is a very small company, so there is little online documentation.
  • Not many sources: ArkOwl uses a limited number of sites for social media profiling, missing out (for instance) on phone messenger lookups. It can’t help with more advanced attacks.


Mature, Reliable End-to-End Platform

Now acquired by the tech corporation LexisNexis, Emailage delivers risk intelligence via email address analysis and predictive scores. The company has been operating for a long time, putting it in the category of mature, enterprise risk management software, but it nevertheless innovates with tools such as the Chrome extension.


  • Lightweight
  • Integrates with LexisNexis


  • Missing fraud prevention
  • Pricey

Emailage Pricing

  • Emailage uses pay-per-check pricing, but the details are unavailable to the public.

Choose Emailage If

  • You are an enterprise with high budgets and local customers.

When it comes to analysis, Emailage has a surprisingly low number of data points; it analyzes in real-time, relying instead on proprietary databases they have built over the years. This can make it challenging to use effectively in certain emerging markets.

On the flip side, the dashboard is well-designed, and there is no shortage of online resources thanks to webinars, good documentation, and 24/7 customer support, which could make it one of the best risk management software for enterprise clients.

Emailage Pros

  • Lightweight: Emailage provides lightweight email and phone verification with basic social media checks for risk assessment.
  • Integrates with LexisNexis: As part of the LexisNexis suite of products, which numbers dozens of quality solutions, Emailage integrates well with everything on the LexisNexis roster, such as ThreatMetrix.

Emailage Cons

  • Missing fraud prevention: Emailage homes in on email intelligence, but fraud prevention modules are offered separately by its parent company, LexisNexis. There is no device fingerprinting for extra analysis, preset rules, or permissions for team management.
  • Pricey: Price per request is at the higher end of the spectrum, and support is a paid extra, so not recommended for small and medium enterprises (SMEs).


Ease of Use and Modular APIs

Ekata leverages identity verification to validate customers and prevent risk. For analysis, it uses a tool called the Ekata Identity Graph. This acquires global data from other providers to see which users have been vetted based on phone, address, and email validation.


  • Ease of use
  • Modular


  • Lacks some functionality

Ekata Pricing

  • You will have to speak to the Ekata team to learn more about pricing.

Choose Ekata If

  • You have a small risk assessment team who would prefer to pick and choose features for a multi-layered security stack.

Here again, the lack of real-time data can be problematic and impact companies in international markets. Your defense strategy will need to be tweaked based on how much information the company’s databases already hold. 

The advantage is that you can use Ekata’s risk management software as a modular tool by selecting its Transaction Risk, Account Opening API, Data Enrichment, or Address Validation APIs. You can also use the Pro Insight tool, built especially for manual reviews.

Ekata Pros

  • Ease of use: It is really easy to use for manual reviews.
  • Modular: Ekata offers modular tools, so you don’t have to integrate functionality that does not serve your needs.

Ekata Cons

  • Lacks some functionality: Fraud prevention reports are fairly basic and don’t include critical social footprint checks. You won’t be able to perform Know Your Customer (KYC) checks or plan to block advanced fraud attempts.

TruValidate (formerly Iovation)

The iGaming Go-to

TransUnion TruValidate (once called Iovation) was an iGaming risk management software leader. However, in recent years, it has grown into a full suite of risk management solutions, including some suited for financial risk. 


  • Device fingerprinting
  • Focus on insurance companies


  • False positives
  • No real-time digital footprint

TruValidate Pricing

  • You pay per API call and must contact the sales team for a quote.

Choose TruValidate If

  • You are in financial services relating to insurance, or you need to leverage multiple products from the TruValidate ecosystem.

Founded in 2004 and subsequently acquired by TransUnion, the solution has amassed a knowledge base of more than 10 billion unique devices (including devices from every country worldwide), which can help block potential fraudsters who use the same browser.

But the company offers many more tools designed for risk management, such as TruLookup for manual lookups, TruVision for credit risk, and TruValidate, the flagship product for identification.

TruValidate Pros

  • Powerful device fingerprinting: This vendor’s device fingerprinting is among the strongest and most comprehensive on the market.
  • Focus on insurance companies: Truvalidate is one of the rare financial risk management solutions that offer modules specifically for insurers.

TruValidate Cons

  • False positives: Historically known for false positives due to customers gaming the shared blacklists.
  • No real-time digital footprint: There are no reverse email and phone lookups, which might not work for those who need advanced enrichment features for fraud prevention.


Database-Powered Payments Powerhouse

Owned by Visa, Cybersource is a popular financial risk management software vendor. It was founded back in 1994 and has since amassed experience that led it to boast $691 billion in transactions in 2021.


  • Payments focus
  • Set and forget


  • Data is not live

Cybersource Pricing

  • The vendor uses a tier-based pricing model.

Choose Cybersource If

  • You’re a merchant looking to safeguard orders taken online, over the phone, and in person with an end-to-end platform.

This risk management solution is flexible and multi-layered to better adapt to suit businesses of different sizes and with different needs. The vendor promises to reduce financial risk by targeting areas such as data security, fraud prevention, global tax compliance, and even currency conversion.

In line with this, Cybersource is marketed as a “global” solution, available across all locales and in every currency, to help organizations better manage financial risk. 

Cybersource Pros

  • Payments focus: This comprehensive platform combines payment and risk management for point of sale (PoS), phone, and online payments. 
  • Set and forget: Gives merchants peace of mind as it’s more of a set-and-forget solution than others, for those who don’t want to customize their approach as granularly.

Cybersource Cons

  • Data is not live: The payment database is based on historical data, so it could potentially be stale, especially compared to real-time solutions.


Recognize Returning Customers

Following its 2018 acquisition, ThreatMetrix continues to deliver innovative risk management and cybersecurity services with a focus on authenticating personas and transactions – now as part of the expansive family of LexisNexis Risk Solutions.


  • Whitebox
  • Reduce churn


  • Tricky to integrate into a stack
  • No customer intel

ThreatMetrix Pricing

  • ThreatMetrix operates a pay-per-transaction model. For more details, you’ll have to speak to the sales team.

Choose ThreatMetrix If

  • You want a full identity and authentication platform and already use other LexisNexis products.

The dynamic decision platform is a single portal that gives analysts a wealth of information to improve decision making, gathered through behavior analytics, fingerprinting, and IP analysis. In fact, ThreatMetrix claims to be able to “recognize up to 95% of returning customers” in milliseconds, doing away with friction.

The digital identity intelligence delivered by this financial risk management vendor allows for prioritizing workflow, and the machine learning employed is whitebox, providing context and reasoning alongside risk scores.

One caveat for those considering adding ThreatMetrix to their solution stack is that there are reports of integration issues when deployed alongside tools from other companies. There is also no free trial at present.

ThreatMetrix Pros

  • Whitebox: Unlike many of its competitors, ThreatMetrix utilizes a whitebox machine learning approach, which means all decisioning is fully explainable.
  • Reduce churn: Featuring a dynamic decision platform, the vendor focuses on reducing churn.

ThreatMetrix Cons

  • Tricky to integrate into a stack: ThreatMetrix does not integrate so well with solutions from other vendors.
  • No customer intel: The type of data gathered about customers does not help with segmentation, as some vendors that offer data enrichment do.


The Fortune 500’s Favorite

SAS is one of the largest financial risk solutions on this list. It’s also the oldest. Founded in 1984, SAS, or Statistical Analysis System, has been adopted as the risk management solution of choice for a number of Fortune 500 companies in banking, insurance, and the pubilic sector. 


  • On-premise deployment
  • Highly granular modules


  • Heavy integration
  • Dated UX

SAS Pricing

  • Not available online, but it is understood that it is at the higher end of the spectrum.

Choose SAS If

  • You are a Fortune 500 or enterprise company that wants to be in good hands for your risk management solutions.

Acquired by the Kamakura Corporation in 2022, SAS has grown into a risk management behemoth that focuses on the banking and finance sectors, but also services companies such as Lockheed Martin, Nestle, and HSBC.

While the company’s main product is its data analytics platform SAS Viya, you can also purchase SAS Continuous Monitoring for Procurement Integrity, SAS Detection and Investigation, SAS Identity 360, and SAS Fraud Management.

SAS Pros

  • On-premise deployment: As is often the case with enterprise software of this calibre, you can deploy SAS on-site to be fully integrated into your business processes.
  • Highly granular modules: Few other solutions on this list offer modules for the education sector as well as the insurance vertical.

SAS Cons

  • Heavy integration: As a legacy system, SAS requires extensive human resources to integrate and run.
  • Dated UX: Another consequence of being a huge machine is that SAS hasn’t had many opportunities to upgrade its tools when it comes to modern user experience (UX) and user interface (UI).


Fighting Financial Crime

One fast-growing leader in financial risk management is Feedzai, a Silicon Valley company that reached unicorn status in 2022 and now employs 600 people in 11 offices around the world. 


  • Unified compliance
  • Trusted by North American Fortune 500s


  • Opaque pricing
  • Limited data enrichment

Feedzai Pricing

  • Not available online.

Choose Feedzai If

  • Your financial institution needs both fraud prevention and compliance solutions.

The company specializes in AI-driven solutions, as reflected in its RiskOps platform, which offers a complete view of transactions and user profiles for both compliance and fraud protection. 

Feedzai leverages machine learning to flag financial risk and fight fincrime. It also uses more traditional tools such as its Case Manager, which allows reporting to regulatory bodies with a simple, streamlined dashboard. 

Feedzai Pros

  • Unified compliance and fraud prevention: If your financial risk stems from AML and KYC issues, Feedzai lets you manage both challenges from the same platform.
  • Trusted by North American Fortune 500s: 80% of the world’s Fortune 500 companies and four of the five largest US banks rely on Feedzai to manage financial risk.

Feedzai Cons

  • Opaque pricing: It’s impossible to know how much Feedzai will cost until you have a demo and sales call. 
  • Limited data enrichment: If you want to fight financial crime by leveraging real-time data enrichment, you should look elsewhere.


Risk Management and Business Intelligence

What do traditional finance companies such as Santander, Volkswagen Financial Services, and ING have in common? They’re all protected by Actico, a KYC and AML solution known for offering full compliance and risk management.


  • Risk management and compliance
  • Part of a larger ecosystem


  • Enterprise pricing
  • No real-time data enrichment

Actico Pricing

  • Not available online.

Choose Actico If

  • You rely on the Avaloq Core banking system and need both KYC and AML compliance as part of your financial risk management software.

Actico is also a full digital transformation and decision automation solution, which is why it has been at the forefront of the risk management drive for traditional financial institutions. 

A key advantage of Actico is its full integration with the Avaloq Core banking system, which is used by the most mature financial services.

Actico Pros

  • Risk management and compliance: You get KYC, AML, and transaction screening, among others.
  • Part of a larger ecosystem: Credit decisioning, fraud prevention, claims management, and fraud prevention are all covered by Actico and its numerous products.

Actico Cons

  • Enterprise pricing: You won’t find a transparent pricing page for Actico, but it’s fair to say that it is at the pricier end of the spectrum as it targets enterprise clients.
  • No real-time data enrichment: Actico offers KYC with tried-and-tested methods such as ID verification, but not with agile, real-time data enrichment.
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What Is Financial Risk Management Software?

Financial risk management solutions protect the finances of an organization by providing a clear overview of threats to cash flows and revenue, as well as managing and mitigating them. 

In practice, every application or module that helps give information or make better decisions related to financial risk can fall under this category. These often relate to areas such as approving transactions, disputing chargebacks, ensuring compliance, or onboarding new customers. 

This umbrella term includes every tool that can serve organizations whose interactions with the public or with other businesses involve real-money transactions – in other words, almost every company out there. 

There are also tools for the finance and banking sector itself, which often target needs and pain points specific to the industry – for example, underwriting and credit scoring tools, payment approvals, and financial fraud prevention tools. 

Comparison Table of Financial Risk Management Tools

Pricing modelPay per API callPay per API callPay per checkPay per API callPay per API callTier-basedPay per check
Transparent pricingYesxxxxxYes
Free integrationYesxxYesxxx
Free trialYesYesxYesxxx
No integration batch trialYesYesxYesxxx
ISO 27001 certifiedYesxxxxYesx
Social and web lookup90+7+00000

How to Choose the Best Financial Risk Management Software

The risk identification and fraud risk management landscape is fast evolving. Legacy giants continue to grow and acquire each other. Meanwhile, younger startups develop innovative solutions and target specific niche markets. Choosing the best solution depends on your business needs and priorities.

At SEON, we are dedicated to creating the ultimate fraud monitoring tools. Not just to reduce chargebacks but also to combat bonus abuse and multi accounting, and help with KYC processes and AML regulations.

Our goal was always to develop risk management software that was flexible, powerful, and transparent enough to fit any industry and meet any challenges for risk managers head-on. We certainly find our clients are more than satisfied with what we’ve built so far, and we hope you’ll give our products a try too.

Integration Type

Financial risk management software will be deployed in-house or online depending on your regulatory requirements. The former is more expensive but gives you more control over data security. The latter is more flexible, as they are essentially sold under the SaaS model. You connect your own business data via API. They include:

  • Data enrichment: These solutions let you aggregate more info based on a single point, such as an email address or phone number. They are ideal for manual reviews or for managers who just need extra insights. Some calculate a risk score; others deliver in raw form.
  • End-to-end platforms: These provide extra data and rules to calculate a risk score more efficiently. This gives you much more control and flexibility over mitigating risk. The most sophisticated platforms use machine learning (ML) to help you discover new risk rules automatically.

Note that most financial institutions layer multiple solutions, for instance one dedicated to AML, another to KYC, and one to anti-fraud.

Pricing Models & Hidden Costs

While all fraud companies operate under the software as a service (SaaS) model, you can also roughly group them based on how they charge:

  • Chargeback guarantee: The provider will charge a percentage of the amount it processes and offer to cover the fees in case a chargeback request slips through the net.
  • API or check-based: You pay a micro fee every time the software checks an action. 

Chargeback guarantee models seem great because your business won’t have to deal with disputes any longer, but the vendor has a strong incentive to block more payments. This often results in more false positives, which could actually damage your bottom line in the long run. On the other hand, for API or check-based calls, you only pay for what you use.

You also need to consider how long it takes to integrate and deploy, the learning curve (which could result in several false positives and negatives at first), and whether there is unlimited – and free – customer support.


What are the biggest risks to cash flow?

The biggest risks to cash flows that risk management software can help with include chargebacks, compliance issues and fines, and various fraud schemes, including friendly fraud and triangulation fraud.

Do I have to subscribe to get financial risk management software?

Not always. There are different payment models in risk management. You’ll find everything from subscription models to pay-per-query above. Some vendors, such as SEON, also offer more than one payment model for you to choose from.

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