Digital payments have revolutionized business operations, offering opportunities but exposing companies to advanced fraud risks. Valued at $3.53 trillion in 2018, the global digital payment market is expected to reach $19.89 trillion by 2026, highlighting the need for advanced fraud detection strategies to match this rapid growth.

Emerging threats require proactive, intelligent anti-fraud solutions that evolve with new tactics while staying efficient and user-friendly. To meet the demand for seamless prevention, the industry has developed innovative tools featuring cutting-edge technology, streamlined processes, and real-time adaptability.

Key Features of Fraud Detection Software

Effective fraud detection software combines multiple technologies into a single, seamless system. The best solutions enhance security, improve efficiency, and adapt to evolving threats. Here are the key features that define modern fraud prevention:

• All-in-One fraud protection: Combines fraud detection and AML tools in one platform, reducing the need for multiple systems. This improves teamwork and strengthens security.
• Live risk monitoring: Tracks digital footprints in real time using trusted data sources. Analyzes devices, emails, phones, and IPs while ensuring compliance with sanctions and watchlists.
• Clear AI-driven insights: AI-generated rules that provide easy-to-understand explanations, so managers can trust fraud detection decisions without relying on complex algorithms.
• Flexible, adaptive security: Adjusts quickly to new fraud threats and business needs with customizable rules, keeping businesses compliant with changing regulations.
• Quick and easy integration: Deploys fast with minimal setup, making fraud prevention seamless without disrupting business operations.

Top 10 Fraud Detection Software Companies

Disclaimer: Everything you’ll read in this article was gleaned from online research, including user reviews. We did not have time to test every tool manually. This article was last updated in Q1 2025. Please feel free to contact us to request an update/correction.

SEON

SEON is the leading fraud prevention and anti-money laundering solution, transforming how top-tier risk teams fight fraud. Founded initially to solve fraud problems in the crypto space, the company has evolved to protect over 5,000 global companies, including Afterpay, Revolut, Wise, Bilt and Branch.

SEON uses real-time digital footprint, device intelligence, and a customizable AI-driven rules engine to help businesses detect and prevent threats. Specializing in iGaming, fintech, financial services, and ecommerce, SEON has prevented $200 billion in fraud. It is highly trusted, with over 300 positive reviews on G2, Capterra, and the AWS Marketplace.

SEON’s Features

• Solution: SEON delivers end-to-end fraud and AML protection with custom-built tech that streamlines collaboration, boosts efficiency, and cuts costs across teams.
• Extensive real-time data: SEON delivers real-time insights from 200+ digital sources, device intelligence, IP and BIN lookups, card checks, and AML screening. It centralizes key data to detect patterns and prevent fraud and money laundering.
• Transparent, AI-driven insights: SEON blends blackbox AI with transparent models to spot emerging threats and deliver clear, actionable insights. This lets you understand detection logic and adapt with human-readable, AI-suggested rules.
• Adaptable and customizable risk rules: SEON provides customizable risk rules tailored to your regulatory needs, enabling you to build unlimited rules. This flexibility keeps your fraud and AML defenses strong as your business evolves.
• Speedy integration: SEON simplifies integration with a single API connection. Our dedicated customer support ensures a quick, smooth setup and provides tailored assistance to help you fully utilize the platform and address any concerns.

SEON’s fraud detection platform not only meets the diverse needs of fraud and compliance teams but also turns fraud detection into a strategic advantage, enhancing competitiveness in the market.

Read More About our Reviews on G2

Feedzai

Feedzai is a robust risk management and AML platform designed for retail banks, corporate banks, and PSPs. It offers features like AI-powered AML screening, visual link analysis, and whitebox decision explanations. However, its reliance on historical and third-party data can reduce its ability to adapt quickly to new fraud patterns. While it uses behavioral biometrics for user authentication, this method can struggle with accuracy in real-world conditions and may be vulnerable to spoofing.

Feedzai is primarily geared toward large enterprises and often requires lengthy integration and system adjustments, which can slow down deployment. It also offers limited access to real-time digital and social signals, which are increasingly important for assessing fraud risk, especially in underbanked regions or for fast-growing businesses that need flexible and scalable solutions.

TruValidate

After acquiring iovation in 2018, TransUnion rebranded it as TruValidate, expanding its fraud prevention offering. While iovation was strong in device recognition and authentication, TruValidate now includes identity and transaction analysis but still lacks built-in AML and machine learning tools for full compliance coverage.

TruValidate offers a wide range of tools beyond fraud prevention, including risk scoring with TruVision, analytics via TruIQ, credit tools through TruEmpower, OSINT with TruLookup, and marketing solutions like TruAudience and TruContact. It leverages extensive data and supports niche use cases such as insurance and tenant screening. However, its lack of pricing transparency, absence of AML or PSD2 features, and US-centric focus may limit its suitability for global or emerging-market businesses.

ThreatMetrix

ThreatMetrix, founded in 2005 and now part of LexisNexis Risk Solutions, focuses on user identity verification and authentication using over 78 billion data instances. Despite its data capabilities and integration potential, it has limitations that may hinder its effectiveness as a comprehensive fraud prevention solution.

ThreatMetrix is ideal for organizations with established fraud teams and technical infrastructure. It integrates well with other LexisNexis tools, offering easier setup for existing users. On-site support is available to help new users navigate its advanced interface. With near real-time verification, behavioral analytics, and global shared intelligence, it provides a scalable solution for fraud prevention. Its flexible design allows for custom risk rules, making it a solid choice for large businesses focused on long-term protection.

Sift

Sift, a fintech leader, offers tailored solutions for fraud-affected sectors like retail, food and beverage, travel, and ticketing. Its flagship product, the Digital Trust & Safety Suite, aims to reduce losses and enhance efficiency. However, it has significant gaps compared to a modern fraud prevention system, potentially hindering protection.

Sift offers standalone tools like Payment Protection, Content Integrity, Account Defense, Dispute Management, and Passwordless Authentication, along with PSD2 support and Sift Connect for integrations. Its real-time decisioning, IP analysis, and content protection make it a strong fit for enterprises seeking scalable, AI-driven fraud prevention. Trusted by brands like McDonald’s and Airbnb, Sift supports large organizations with both targeted solutions and full journey protection.

Emailage

Acquired by LexisNexis in 2020, Emailage specializes in email data enrichment to assess fraud risk using predictive scoring. It combines insights from LexisNexis’ Digital Identity Network with its own proprietary email database and limited social media signals, applying a blackbox machine learning model to generate risk assessments.

While Emailage is effective for specific fraud scenarios, it lacks broader capabilities like device intelligence, transparent machine learning, and built-in compliance tools such as KYC and AML. As a point solution, it may help detect certain types of fraud but can fall short in uncovering hidden risks or scaling with a business’s evolving fraud landscape.

ArkOwl

ArkOwl is a lightweight data enrichment tool that supports customer verification during registration and onboarding. It focuses on email and phone validation, analyzing over 80 live data points such as domain status, breach history, and limited social media presence. These insights help businesses assess whether contact details are legitimate, especially during manual reviews or early onboarding stages.

The tool offers real-time analysis, flexible pricing, and unlimited users per account. However, it has a limited feature set, lacking IP analysis, device intelligence, and machine learning capabilities. Social media coverage is also narrower compared to some other tools. While effective for quick identity checks, ArkOwl is best used as a supporting solution within a broader fraud prevention strategy, rather than as a standalone option for more complex risk management needs.

Trustfull

Trustfull is a fraud prevention solution focused on customer onboarding, combining digital footprint analysis, device intelligence, and IP-based geolocation to assess risk in real time. It helps businesses validate users during account creation by analyzing behavioral and technical data points, offering a fast and lightweight way to detect suspicious sign-ups.

Trustfull performs around 37 digital and social checks using a mix of daily and real-time data. While effective for onboarding, it lacks broader features like AML screening, transaction monitoring, and customizable rules. Its blackbox machine learning limits transparency, as decisions can’t be easily explained or adjusted. Trustfull is a solid point solution for front-end fraud, but high-risk or regulated businesses may need additional tools for full customer journey coverage.

Kount

Kount helps businesses prevent fraud, verify identities, and increase transaction approvals using AI-driven technology and global data insights. Its platform offers advanced fraud detection, device fingerprinting, IP tracking, transaction scoring, and real-time analytics to reduce risk and enhance customer trust.

Kount’s product suite includes Kount 360 for AI-based payment risk management, Command for card-not-present transactions, Central for credit card payment workflows with PSPs, and Control for protecting accounts from takeover attempts. It also offers a chargeback management tool and a device module that gathers data from user hardware and software. Kount integrates with platforms like WooCommerce, Magento, and Shopify, making it adaptable to various business environments.

SAS

SAS Fraud Management is a comprehensive, real-time platform designed to help organizations detect and prevent fraud across multiple channels. It combines advanced analytics and machine learning to deliver fast, accurate decisions that adapt to evolving threats.

Built for scalability, the platform enables enterprise-wide monitoring and supports seamless data integration to improve risk detection and operational efficiency. By reducing false positives and speeding up response times, it helps businesses protect revenue, ensure compliance, and deliver a smoother customer experience. Recognized by industry analysts, SAS is a trusted choice for organizations looking for reliable, data-driven fraud prevention.

How to Choose a Fraud Detection Software

Choosing the right software is a strategic decision. It should meet your needs now, scale with growth, and integrate smoothly with your operations.

Here are key factors to consider for effective risk management:

• Detection features: It’s crucial to ensure the software provides the necessary features to combat specific types of fraud, such as identity theft, payment fraud, or unauthorized account access. Tailor your choice to address your most pressing fraud concerns.
• Integration flexibility: Although many fraud detection systems are offered as Software as a Service (SaaS), depending on your company’s infrastructure and security requirements, on-premise integration might be necessary.
• Payment model: Avoid lengthy contracts that may not be cost-effective in the long run. Opt for a solution that offers a trial period or a short-term payment option to evaluate the software’s effectiveness before making a long-term commitment.
• Support and documentation: Confirm that the vendor provides comprehensive customer support and free assistance, particularly during the software integration phase. The availability of clear, detailed documentation is essential, allowing you to resolve issues independently without constant reliance on customer support.

Buy vs. Build Decision for Fraud Detection Software

Choosing between an in-house solution or a third-party provider has pros and cons. A well-informed decision can boost security and efficiency. Here are key factors to consider:

• In-house vs. outsourced fraud solutions: Choosing between managing fraud detection internally or using a third-party provider depends on factors like control, data security, and operational costs.
• Established providers vs. startups: Experienced vendors offer reliability and strong ROI, while startups bring innovation, flexible contracts, and cost-effective solutions.
• Static vs. customizable transaction monitoring: Customizable monitoring tools improve security by adapting to an institution’s unique risk profile.
• Whitebox vs. blackbox machine learning: Whitebox models offer transparency and control over decision-making, while blackbox models provide efficient, hands-off automation.
• Friction vs. seamless user experience: Strong security must be balanced with usability, ensuring fraud prevention doesn’t disrupt the customer experience, especially for neobanks.

Related Case Studies

• SEON: Revolut Leverages SEON’s Anti-Fraud Platform With Great ROI
• SEON: LeoVegas Boosts Fraud Detection by 10% and Enhances Analyst Efficiency with SEON
• SEON: Mokka Dropped Their Fraud Rates by Over 65%

Frequently Asked Questions