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12 Best Fraud Detection Software and Tools in 2023

Your business is growing, payments are flowing in and customers are delighted. But at some point, inevitably, fraudsters rear their ugly heads and start targeting you. 

You’re not alone. The fraud management industry is set to grow to USD 38.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.8%, which proves that companies aren’t afraid to spend money on protection.

Now, these fraudulent attacks can take many forms: opening multiple accounts to claim your promos, stealing other customers’ accounts, or, most commonly, paying using stolen credit card details on your site. And dozens of other possibilities.

Whatever the case, you’re often the one who has to pay for these crimes – in loss of revenue, customers, chargeback costs or compliance fines. 

Something has to be done, right? Enter Fraud detection

List of the Best Fraud Detection Software

What Is Fraud Detection Software?

Fraud detection software is designed to monitor, investigate and block fraudulent activity on your website. It’s frequently used to prevent fraudulent transactions made with stolen cards or identities. This kind of software can typically be deployed at various touchpoints throughout a user experience to detect risk anywhere from account creation to checkout. Any fraud prevention platform will have a framework that:

  • Monitors: Fraud detection tools will give you in-depth identifying data on your users while they are on your domain. For example, an IP address or the kind of device they use.
  • Investigates: You also need to be able to learn more about users based on the data you have. This is where data enrichment can help, developing a full picture of an individual user’s risk, either for scrutiny during manual review, or else automatically taking that data to inform an overall risk score.
  • Block: Most fraud detection software will allow you to automatically allow or block user actions based on risk rules — scores that go up as enriched data shows a greater likelihood for fraud.

Reduce Fraud by up to 99% with Data Enrichment

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Top Features of Fraud Detection Software

Regardless of your company’s industry, finding the best fraud detection software involves considering a variety of features which may or may not be useful to address your needs. Agnostic of industry, however, risk management software should cover a lot of bases, from chargeback prevention to identity verification. Here are examples of must-have features:

  • Risk rules: The cornerstone of fraud detection. Risk rules allow you to filter user actions based on the data you find. A basic risk rule would be: If the IP address belongs to a VPN, block the login attempt.
  • Risk scoring: Some rules can be static. with the simple option to allow or reject user actions. More sophisticated systems let you play around with scores and thresholds, which give you a gauge of how risky an action is. For example: If a customer is not based in the same country as their payment card, add 5 points to their risk score.
  • Real-time monitoring: Consider your needs. When it comes to preventing chargebacks or to complying with anti-money laundering regulations, your detection software must be able to monitor payments on your site. For ID verification and account protection, you must also be able to immediately block a suspicious action before it’s too late.
  • Machine learning engine: Chances are that you’ll be poring over huge volumes of data. The best fraud prevention software will include an ML, or machine learning algorithm, that can help suggest risk rules based on your historical business data. Bonus points if it’s a whitebox system that allows you to understand the reasoning behind the risk rules. 

The Best Fraud Detection Software in 2023

Without further ado, let’s look at our list of the best fraud detection software for the year – including pros and cons and which problems they solve the best.

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 Q2 2023. Please feel free to contact us to request an update/correction.

SEON – Granular, Flexible and Transparent

SEON prides itself on being accurate, granular and fully customizable to suit the needs of any company.

When it comes to tools and technology, SEON features include in-depth device fingerprinting to develop comprehensive user profiles, complete data enrichment based on an email address, IP address or phone number, and a way to check 50+ social media and online networks for related user info that will help reveal your customers’ true intentions.

For verticals that have to be concerned with adhering to Anti-Money Laundering (AML) and Countering of the Financing of Terrorism (CFT) mandates, SEON’s AML toolkit provides risk and compliance teams with the data necessary to conduct thorough AML checks, screening users against PEP lists, sanctions lists, and other relevant watch lists.

The integration of SEON into your existing security stack comes with hands-on assistance from our fraud experts, both to facilitate the software integration itself, as well as to recommend how to tune your risk rules to specific pain points.

These risk rules are fully customizable, giving your organization the ability to satisfy your specific risk appetite. That being said, the SEON platform comes pre-loaded with risk rules generated by our fraud experts to address pain points common to different verticals. Meanwhile, the black- and white-box machine learning solutions analyze your data to suggest additional rules based on fraud insights generated from deep inside customer data.

Notable SEON customers include Patreon, Air France, Revolut, Ladbrokes and LeoVegas.

Pros of SEON

  • Device fingerprinting: Device IDs are increasingly — and more consistently — used to develop user ID confidence in the flow of international digital business. SEON’s device and browser hashing provide a way to detect fraud without friction.
  • Whitebox machine learning: Get rule suggestions in human-readable language so you can test and tweak them yourself.
  • Reverse social media lookup: Gather data from 50+ online signals including LinkedIn, Twitter, Telegram and more to get a 360-degree view of your users.
  • AML lookups: SEON’s AML solution comes with all the tools needed to help risk management teams stay on the good side of AML compliance.
  • SEON Free: SMBs can utilize the power of SEON for free, with unlimited users and rules and up to 2000 API calls per month.

Cons of SEON

  • No on-site integration: Enterprise clients might need to look elsewhere if they need to control the integration with their onsite tech stack.
  • No IDV checks: SEON does not have the functionality to analyze submitted ID cards and bills, so businesses that require those solutions should consider a multi-layered approach with a comprehensive software stack.

SEON pricing

  • SEON Free with up to 2000 API calls per month. Pro plan starts at $299 per month, comes with 4000, paid for per-call afterwards.

Choose SEON If:

  • It’s important for you to be protected without introducing friction to the customer experience, and you need seamless ID confidence or AML compliance.

Read SEON. Fraud Fighters reviews on G2

Signifyd – Automated Fraud Fighting for Merchants

You’ll be in capable hands with Signifyd’s team. After leaving PayPal, two engineers turned their expertise towards fraud software development, with a specific focus on enterprise ecommerce clients.

Signifyd now protects 10,000 online stores globally, helping them prevent chargebacks via three key products: Revenue Protection, Abuse Protection and Payments Optimization. 

Their products are specifically geared towards high volumes of transactions, and they even automate chargeback protection via a chargeback-guarantee model, where they assume payment for chargeback admin fees. 

Notable Signifyd customers include Samsung, Philips, and Omega.

Pros of Signifyd

  • Automated chargeback prevention: It’s not quite plug-and-play, but Signifyd is designed to run on autopilot with minimum user input.
  • Covers other ecommerce fraud challenges: Return abuse and friendly fraud, among others.
  • PSD2-compliant: The Payments Optimization module works with Strong Customer Authentication (SCA), which helps with compliance for EU-based payments.

Cons of Signifyd

  • No real-time data: Relying on databases can work. But you’re missing a piece of the puzzle, because fraudsters move fast.
  • Conflict of interest: A chargeback guarantee model can be great for small merchants, but this level of automation might not be suitable for SMBs who want to keep false positives to an absolute minimum and don’t make good use of full automation.

Signifyd Pricing

  • Signifyd focuses on enterprise clients with bespoke contracts. You’ll need to speak to a sales team to get an idea.

Choose Signifyd If:

  • You are focused on retail ecommerce and want automation when dealing with large volumes of transactions.

Sift – One of the Fastest Growing Anti-Risk Vendors

Launched in 2011, Sift is now a $1 billion company, funded in part by startup accelerator Y Combinator. They offer fraud protection for a whooping 34,000 sites and apps, including world-renowned names such as Airbnb and McDonald’s.

Its key products include a Digital Trust and Safety Suite, which combines all the individual API tools into one complete solution. Then, there is a module specifically designed to authenticate users and to avoid ATO attacks, which includes the ability to enable 2FA at the same time.

For all your chargeback challenges, Sift offers a Payment Protection product, which uses the data from its global network. It analyzes payment information in real-time and uses machine learning to develop new risk rules. 

Finally, you can also purchase the Dispute Management module, which is specifically designed to help monitor and log as much data as possible when going through a chargeback resolution process. 

Among Sift’s customers we find Airbnb, McDonald’s and Doordash.

Pros of Sift

  • Strong enterprise focus: While targeting the biggest companies, Sift offers plenty of products and tools to offer enough customization for your fraud fighting.
  • Chargeback resolution module: A great way to accept a certain percentage of chargebacks without increasing false positives, but while also having enough resources to fight fraudulent cases.
  • Content security add-on: Sift doesn’t specifically do anti-fraud; there is also an overlap with cybersecurity. The Content Integrity product, for instance, blocks spam, scams and malicious content on your site too. Sift also offers a passworldless authentication app to streamline customer experiences and boost security hygiene.

Cons of Sift

  • Blackbox AI: What you gain in ease of use, you lose in terms of being able to understand why the AI suggests certain risk rules.
  • No real-time social media checks: An important piece of the puzzle when it comes to ID proofing, reverse social lookup isn’t available with Sift.
  • No AML capabilities: Though they offer a digital assistant for PSD2 compliance, Sift does not currently have any ability to help maintain AML compliance through watchlist screening.

Sift Pricing

  • Available upon request to the sales team.

Choose Sift If:

  • You prioritize ease of use and also have cybersecurity needs to address.

Kount – Enterprise-Grade Fraud Detection

Founded by Brad Wiskirchen after he wrote his idea “on the back of a napkin during a sushi lunch”, Kount soon grew into a fraud detection behemoth, with 15,000 clients across the world. It was acquired by Equifax in early 2021.

Kount is focused on innovative risk tech (it owns 30 technology patents) and enterprise clients, such as Eharmony, Getty Images, and CDBaby, among others. They offer everything you need for retail fraud monitoring and protection, including authorization optimization tools, chargeback management, and ATO protection. 

To assist with compliance, Kount has also incorporated a global watchlist screening module and, in case of high-risk customers and transactions, a tool to simplify mandated regulatory reporting processes. 

Kount’s broad focus on retail ecommerce means that service providers and merchants of all kinds, from streaming services to dating apps, can protect their bottom lines from fraud and misappropriated chargebacks. 

Pros of Kount

  • Covers many industries: The variety of products available on offer means you can use Kount for a regulated industries or a tier 1 ecommerce brand.
  • Automated and customizable rules: Tailor rules to automate chargeback prevention or reduce manual review time, among others.

Cons of Kount

  • Limited ML capabilities: Despite custom rule creation capabilities, the machine learning features are not up to par with some newer solutions on the market, according to reviews.
  • Lack of data enrichment: Your fraud prevention accuracy is as good as the data you have access to. Unfortunately, with limited data points, your fraud-fighting gets harder.

Kount Pricing

  • Available after a sales call.

Choose Kount If:

  • You are looking to cover various risktech needs in one go.

Emailage – Reverse Email Lookup Specialists

An email address is a powerful data point if you know how to get the most info from it. It’s exactly what LexisNexis’s Emailage specializes in so you can get a customer profile with an associated risk score based on an email address only. 

Despite starting off as a startup, Emailage’s technology is now incorporated into LexisNexis, a huge cybersecurity and risk management corporation, which has helped it access data from 30 million fraud events a year and 5.9 billion digital identifiers worldwide. 

Though Emailage doesn’t list their high-profile customers specifically, as part of the LexisNexis stack, it is a large part of one of the larger, and more expensive, end-to-end software stacks available today.

Pros of Emailage

  • Real-time alerts: As far as email data enrichment goes, you get instant results.
  • Part of the LexisNexis Risk Network: If you buy more of the suite of products, you should get seamless integration.

Cons of Emailage

  • Not enough real-time intelligence: Emailage relies on email data enrichment only. Sophisticated fraudsters can still slip through the cracks.
  • No device fingerprinting: As the Emailage product functions exclusively on email data enrichment, the ability to spot multi-accounting abusers without additional programs in your security stack.
  • Integrates best with other LexisNexis products: Anti-fraud software in the LexisNexis stack is designed to integrate easily with other products in that proprietary stack, but less so with products from other companies.

Emailage Pricing

  • Available after contacting the sales team.

Choose Emailage If:

  • You are already an existing LexisNexis Risk Solutions customer and more LN products fit your budget.

ArkOwl – Live Data Enrichment from Several Sources

Founded in 2012, ArkOwl was developed by GitLab engineer Mike Greiling along with Rob Daline, before joining NICE Actimze’s platform-as-a-service in 2019.

ArkOwl’s key selling point? Its ability to pull email data from fresh databases such as social networking sites, WHOIS databases, webmail hosts, service providers and more. Though it’s main focus is email data enrichment, it can also scrutinize and enrice data from phone numbers or IP addresses – for instance, when looking at domain information. Currently it also scans several social media sites in order to deliver assessable user profiles.

Currently ArkOwl’s platform does not offer comprehensive end-to-end fraud fighting. Indeed, the company advertises itself as a solution to add over 81 data points into existing risk assessment stacks.

Pros of ArkOwl

  • Real-time live social media: The system checks several social media websites for fresh user data. 
  • Designed for integration: Companies requiring more comprehensive data enrichment will find ArkOwl a good addition to an existing security software stack.
  • Flexible pricing structure: You can choose to pay via a monthly subscription, prepaid bundles or pay as you go (API calls).

Cons of ArkOwl

  • Not suitable for all fraud challenges: Data enrichment is great as an add-on for a multi-layered approach – not so much for fully fledged anti-fraud software.
  • Less comprehensive social media checks: Currently ArkOwl scans “several” social media services to develop user profiles, which is valuable but less comprehensive for risk assessment, particularly in emerging economies.

ArkOwl Pricing

  • ArkOwl offers flexible pricing plans, with a free trial after registration.

Choose ArkOwl If:

  • You want to add more open data points to a pre-existing fraud prevention stack.

Ekata – Part of the Mastercard Group

Another mature and well-established fraud detection software. Founded in 1997 (originally under the name Whitepages), Ekata offers global identity verification and fraud prevention. Acquired by Mastercard in 2021, Ekata has first-hand experience with enterprise clients such as Lyft, Equifax and Microsoft. 

The anti-fraud platform consists of five main products, the Transaction Risk, Phone Intelligence, Account Opening, and Address Risk APIs, as well as the Pro Insight tool to manage those functions and execute manual fraud investigations.

As a subsidiary of MasterCard, Ekata is an eCommerce-focused product, including finance and payment processing. The data that is used to enrich user-submitted information and assess risk is vetted for value, and curated within two proprietary databases, the Ekata Identity Network and Identity Graph. The former utilizes data from outside your own company to foresee fraud patterns, while the latter aggregates over a billion identities, the value of which has been “vetted and groomed”.

Pros of Ekata

  • Expansive Databases: Ekata’s Identity Engine assess risk with machine learning solutions, based on the data from through the expansive MasterCard umbrella.
  • Graph visualization: Sold as the separate Ekata Identity Graph product.
  • Brand recognition: If it’s good enough for Microsoft, you should be able to trust it.

Cons of Ekata

  • Historical data: As is often the case with legacy anti-fraud software, they rely on their humongous databases built over the years. Though this data is vetted for quality, fraudsters can work around these data points if real-time data isn’t weighted heavily into risk calculations. 
  • Optimized for specific software stacks: Ekata’s network of partner fraud solutions offers easy integration, but only if you are an existing customer of some specific services, most of which are suitable for specific industry use cases but may not be suitable for all.

Ekata pricing

  • Enterprise-level contracts at an undisclosed price on the website. Speak to their sales team for more info.

Choose Ekata If:

  • You have an in-house manual review team that deals with high volumes.

TruValidate (formerly Iovation) – An iGaming Staple

Don’t let the multiple name changes confuse you: TruValidate is now an offering from within the massive TransUnion catalogue of digital offerings, but was formerly Iovation, and has been operating since 2004.

TruValidate’s key products are Digital Insights, Identity Insights, Fraud Analytics, and Omnichannel Authentication. Together, the products develop low-friction identity confidence through device and IP intelligence, detect synthetic identity fraud, and authenticate inbound traffic from across distribution channels. Simultaneously, the platform develops insights on individual fraud issues while also streamlining the associated workflows.

The proprietary databases from across the TransUnion product network includes over 1 billion consumer records and 10 billion device profiles.

Pros of TruValidate

  • Native device fingerprinting: To check the configurations of software and hardware users rely on to connect to your website.
  • Part of the TransUnion ecosystem: While all the products are sold separately, you can expect seamless integration between all TransUnion’s services.

Cons of TruValidate

  • Stale data: A massive database is useful but sometimes having less data that is fresher fares better.
  • No real-time data enrichment: You’re relying on an extremely large database but not on open source info such as social media data.
  • No free/batch trial: Prepare for a lengthy onboarding via multiple sales calls before you can test TruValidate.

TruValidate pricing 

  • Available upon request.

Choose TruValidate If:

  • Certainly one to consider if you are an existing TruValidate customer needing to integrate a low-friction fraud platform with ease.

ThreatMetrix – Protection, Seamlessness, Personalization

Founded in Australia in 2005, ThreatMetrix was later acquired by the LexisNexis Risk Solutions platform, which also includes the aforementioned Emailage. By leveraging the huge databases of LexisNexis’ parent company, RELX Group, ThreatMetrix’s trust decisions and fraud detection are informed by 78 billion records, with 270 million transactions being processed and analyzed daily.

The main products offered by the software suite are designed to be a complete fraud prevention platform, leaning on the massive data capabilities of the LN network inside the LexID product. This function combines current and historical data to develop comprehensive user risk assessment. The Digital Identity Network further illuminates patterns of high-risk behavior across the user journey, including the existence of VPNs, botlike behavior, cookie deletion, and other connections not apparent at manual review. At the contract level, ThreatMetrix has services available to cater to distinct verticals, and to large-scale businesses in particular. This data can then be voluntarily submitted to the Consortium, to fight fraud collectively among ThreatMetrix customers.

ThreatMetrix customers include SunTrust Banks, United Healthcare and The North Face clothing.

Pros of ThreatMetrix

  • ThreatMetrix Consortium: connecting customers in vertical-specific communities to share insights and collected fraud data.
  • On-site integration: ThreatMetrix offers to send a human fraud partner to support the integration of the product into your existing architecture.
  • ThreatMetrix Mobile: A software development kit specifically to improve the security of the mobile device channel.

Cons of ThreatMetrix

  • Part of larger software portfolio: ThreatMetrix does not handle all aspects of fraud prevention in a customer journey, so modules like payment-specific security have to be purchased separately and integrated, with their own respective price tags.
  • Less payment flexibility: ThreatMetrix does not currently have a free trial option, and its focus on enterprise-level businesses that will purchase multiple suites from the LexisNexis stack puts it at a decidedly high price point.

ThreatMetrix Pricing

  • Not currently listed online. Contact the sales team for a quote.

Choose ThreatMetrix If:

  • You use other LexisNexis products and would like to add a fraud prevention platform.

Cybersource – Modern, Modular Platform for Growth

As Visa’ proprietary payment fraud solution, the expectations for this software are naturally high. Cybersource was founded in 1994, and pioneered online payment as soon as ecommerce became a reality, then vastly expanded its capabilities by acquiring Authorize.net in 2007. 

In terms of sheer processing and analytical power, Cybersource offers four main modules to address payment fraud, all of which are powered by Visa’s Decision Manager software, which processed some 32 billion transactions in 2021. Those main modules for payment acceptance, fraud management, payment security, and unified commerce payment solutions come together to provide automated end-to-end service for ecommerce payments.

In particular, the unified payment solution allows businesses to easily transition between payment models, like BNPL, as well as take on new forms of payment currency with confident fraud protection. Other granular modules in the suite are also dedicated to helping merchants grow their reach, with capabilities for currency conversion, global tax compliance, and customer lifetime management. 

Cybersource’s customers include Zoom, Rimowa and Colgate-Palmolive.

Pros of Cybersource

  • Growth-specific software modules: Cybersource has leaned into being a provider for companies upscaling their growth, and has modules specifically for both diversifying payment models and streamlining them, with super low friction 3DS-backed click-to-pay deployable.
  • Dynamic data analysis: The fraud detection module constantly updates its ML statistical models and also dynamically applies the best model for each transaction, smoothening automation.
  • International compliance: Offers both the ability to collect international payments with its currency conversion module and the confidence that you are staying compliant with local mandates with the Global Tax Calculator.

Cons of Cybersource

  • Large business focus: Though Cybersource offers a quite complete payment fraud prevention package, their focus is on businesses moving towards international diversification and omnichannel models, which smaller businesses will find untenable.
  • No real-time data: Because the software leverages Visa’s truly massive yet historic database of ID and transaction data, there is always a chance some of the data could be stale.

Cybersource Pricing

  • Because Cybersource does not currently publish its pricing online, you’ll have to contact the sales team for a quote.

Choose Cybersource If:

  • You’re looking to streamline or diversify your payment models and scale up.

FraudHunt – Affordable Security for Emerging Markets

FraudHunt was founded with the goal of providing emerging markets with a lightweight and affordable fraud prevention option. To achieve this, the founding team of data analysts and developers took proven methods, focusing on device fingerprinting, and developed a platform that provides a dynamic security solution for ecommerce marketplaces of all sizes and verticals – including notable customers Crediexpress and DataBrain.

FraudHunt’s risk prevention solution revolves around scoring incoming traffic based on risk points in their device and browser fingerprint. Each user gets assigned a score based on whether or not they flip certain triggers, such as proxy detection and identifying data from operating systems, browser information, and their behavioral patterns inside the marketplace.

The software develops a real-time score based on lookups performed during the customer journey, then assigns each a score to segment the traffic into quality, low-risk, or potentially fraudulent customers. 

Pros of FraudHunt

  • Competitive pricing: As the company focuses heavily on emerging markets, both the integration process and monthly premiums are relatively low, and the company also offers specialized packets for extenuating financial circumstances.
  • Fingerprint ID module: FraudHunt’s flagship product leans heavily into bot detection to prevent ATOs, credential stuffing attacks, affiliate scams, and content fraud.
  • Accessibility: The main software offers Google Analytics integration capabilities and an intuitive reporting tool.

Cons of FraudHunt

  • Limited native analytics: FraudHunt offers a streamlined Google Analytics integration to break down their Fingerprint Key user profile data, to determine things like suspiciously repeated device hashes. While this may be a convenience for some, many products such insights within the platform to smoothen automated processes.
  • Not optimal for scaled businesses: In FraudHunt’s effort to be an affordable fraud solution for emerging markets, its product offers less of the automation that an enterprise-level business would require, and less advanced lookups for AML/PSD2 compliance. Even medium-sized companies will likely need another product to complement their security.

FraudHunt Pricing

  • FraudHunt offers a range of pricing structures, starting at as little as $25 per month for the Bronze package to up to $2500 per month for up to 10 million unique users.

Choose FraudHunt If:

  • You’re in an emerging market looking for a cost-effective but efficient solution.

Accertify – Dynamic Automation to Suit Your Preference

The American Express company’s fraud prevention solution is Accertify. The company touts itself a true end-to-end fraud solution provider, from customer authentication to SCA optimization, and even chargeback management for those inevitable occurrences. 

Having processed its first transaction more than 15 years ago, Accertify is one of the prevention solutions with the most legacy available today. Indeed, many of its customers were originally brick-and-mortar merchants that made ecommerce offerings available later in their histories and chose to turn to a known credit provider for its stability. 

Accertify’s main fraud detection mobile is called Accertify Digital Identity. To develop insights, the machine learning algorithms reference databases of community user behavior analytics and device intelligence to decide how to label each user. This is coupled with chargeback and reputational data from across the massive network of ecommerce partners – which also inform Accertify’s day-one strategies so that results can be seen as soon after integration as possible.

Notable Accertify customers include SouthWest Airlines, StubHub! and Urban Outfitters.

Pros of Accertify

  • Dynamic automation: Accertify’s automated scoring system can be adjusted to include more or less manual review, depending on the customer’s risk appetite.
  • Huge databases: As an Amex subsidiary, Accertify draws data points like IP reputation data from a huge network of legacy ecommerce providers.
  • End-to-end capability: Accertify’s main offering includes modules like chargeback management and an international entire payment gateway, with additional compliance modules available, so interested companies can potentially ingest the entire infrastructure.

Cons of Accertify

  • No social media enrichment: As the company is supremely confident (understandably) in the scope of its databases, it does not look into alternative or real-time data such as digital footprints, which can lead to less conclusive reports.
  • Enterprise-level focus: Smaller businesses will find the price point high, as the vendor is focused on legacy companies.

Accertify Pricing

  • Contact the sales team for a quote and demo. 

Choose Accertify If:

  • You are an enterprise and appreciate access to huge databases.
Block Fraudsters Instantly with SEON

SEON’s fraud APIs are highly configurable for various business use cases to match your needs, with machine learning, unique digital footprint analysis and granular reporting.

Book a Demo

How to Choose Fraud Detection Software

As fraud shows no signs of slowing down, you now have access to more risk management tools than ever before. The problem: it can be hard to evaluate, test, and choose the best one based on your fraud challenges. 

We hope this comparison will provide a good primer on the topic and that you’ll soon get started on your road towards a safer, healthier online business. 

FAQ

What should I consider when purchasing fraud detection software?

The more you know about your organization’s fraud issues, infrastructure, and risk appetites, the easier it will be to choose the best software solution. After ascertaining these points, consider features like customizable risk rules, device fingerprinting, alternative data scoring, real-time data assessment, and convenient machine learning systems. 

Who needs fraud detection tools?

Today, all businesses are at risk from fraud, no matter their sector. In fact, the current fraud landscape demonstrates that those companies and decision-makers who think they couldn’t be affected are more likely to be targeted – exactly because they are less likely to invest in their defenses.

How much does fraud detection software cost?

Legacy fraud detection software companies tend to lock clients into costly, multiyear contracts. However, newer solutions favour the more flexible way of paying per API call, where the price varies upon your usage.

What are the main features of a fraud tool?

A good fraud tool should let you automate risk management by calculating risk and declining, accepting, or letting you review user actions. The risk is calculated with data, which is why data enrichment, social media lookup and device fingerprinting can help you complete the picture.

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SEON Team


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