Top 10 Fraud Investigation Software & Tools 2023

Fraudsters are adaptive. They don’t care what kind of business model you operate as long as they can exploit it. SEON was designed to address that problem. The key idea? To offer multipurpose, modular tools that can adapt to your fraud risk.

In terms of investigative power, you’ll benefit from data enrichment – the best way to learn as much as possible about users with as little information as possible. It’s the equivalent of an OSINT tool aggregating extra data based on single data points. A simple email address, phone number, or IP address can yield hundreds of data points for you to learn more about people and transactions.

The biggest bonus of using SEON is that it’s suitable for every industry, from neobanks to iGaming companies and from online stores to buy now pay later (BNPL) businesses. The platform is highly customizable, granular and also offers machine learning.

SEON Pricing

• Starts at $599. Also, free plan available with limited API calls.

Choose SEON If

• You put people first and don’t want to weigh down the experience of customers or staff.

As a full analytics investigation platform, SAS is in a good position to help with fraud prevention. It’s exactly what the company’s Detection and Investigation product offers, using embedded artificial intelligence and machine learning.

The idea is simple: The software consolidates enormous amounts of data from both external and proprietary sources and creates a hybrid analytic approach to predict fraud, link cases, and enable reporting for investigators. 

A key advantage of SAS is its social network diagram feature, which will help you visualize where fraud lies in your business so you can investigate it better.

SAS Pricing

• You won’t find a clear answer on the website, but online users report packages starting at $6K per year, going up to $64K per year, depending on the features you need.

Choose SAS If

• You want the convenience of visualizations and appreciate a hybrid approach.

If the kinds of fraud investigations you undertake relate to compliance, Actico is a strong contender. The “digital decisioning platform” favored by companies such as Santander, Volkswagen Financial Services, and ING is a one-stop shop for AML, KYC, and Know Your Transactions (KYT).

In short, it’s a complete compliance suite, which includes tools for Politically Exposed Person (PEP) and sanction lists investigations.

Actico should give you all the tools to investigate users in the context of anti-money laundering regulations, and you can also use real-time transaction monitoring to avoid compliance fines. 

Actico Pricing

• It’s only available upon request. 

Choose Actico If

• You have AML and KYC compliance needs to cover, in addition to fraud concerns.

The iGaming world is unique, requiring specific tools to investigate its fraudulent schemes, including poker chip dumping, collusive play, bots, and multi-accounting users.

This is how TruValidate, formerly known as Iovation and TransUnion, made its mark – by providing anti-fraud tools for iGaming companies such as online casinos and poker rooms.

These days, the core products include an authentication suite, which features document and biometric verification (TruLookup), designed for manual investigations, and TruVision, a complete risk management platform for insurance risk, tenant risk, or employment risk, among others.

TruValidate Pricing

• Only available via a sales call. 

Choose TruValidate If

• You’re looking to combine fraud prevention and investigations with biometrics and IDV.

This vendor focuses firmly on financial fraud for banking, fintech, and payments processing. It boasts offices in 11 different cities around the world.

Feedzai is all about data science and whitebox machine learning. However, this does not mean ignoring humans altogether: On the contrary, the Feedzai promise is to provide real-time alerts and scoring, so that fraud analysts are better equipped to conduct their investigations.

It is perhaps telling that this company was founded, back in 2011, by an aerospace engineer, as it has championed advanced tech solutions from day one.

Twelve years later, 80% of Fortune 500 companies worldwide use its services, making Feedzai well-known in the banking and payments field.

Feedzai Pricing

• Due to its size and target clientele, Feedzai’s pricing model has been described as rather complicated. It is not available without speaking to someone from the team.

Choose Feedzai If

• You want a data-based fraud platform with extensive logging and reporting.

Canadian company i-Sight markets a dedicated case management platform well equipped to offer up a wealth of data to assist fraud investigations. And in fact, it has been around since 1999, making it the oldest solution on our list.

This vendor’s customers include household brands such as Hello Fresh, Electronic Arts, Johnson & Johnson, and Costco. It can help with HR issues, fraud, and forensic investigations. Beyond this, it also addresses insurance fraud, corporate security, and compliance.

i-Sight Pricing

• Unfortunately, there is no pricing information available online – however, the company promises that the software “pays for itself in seven months,” according to the official website.

Choose i-Sight If

• You often have several teams collaborating in each (internal) fraud investigation.

An increasing number of companies and individuals around the world have a vested interest in the results of online investigations using OSINT.

Hunchly is a browser extension built to assist with this. It was created by Canadian security consultant Justin Seitz, who is known for his anti-terrorism research and other open investigations – especially on the dark web.

Hunchly Pricing

• For a single user on as many devices as they like, Hunchly costs $129.99 annually. Conveniently, there is a 30-day free trial.

Choose Hunchly If

• You want a no-frills, convenient way to keep good track of your fraud investigation journeys across the web.

That “know your user” (KYU) is a buzzword for Nethone is a clear indication of just how comprehensive this company’s fraud investigation software promises to be.

The company was founded in 2016 and is big on machine learning and user profiling, promising the type of automation that makes fraud investigations accessible to merchants and other non-experts. At the same time, its multiple APIs can be utilized by developers as they best see fit, with the help of comprehensive documentation.

Nethone Pricing

• Unfortunately, Nethone does not make its pricing available before you speak to the sales team.

Choose Nethone If

• You want quick deployment in an in-depth device fingerprinting solution.

The white pages are pretty much a relic of the past these days, but thanks to services like Pipl, it’s still possible to search for businesses as part of your fraud investigation. Central to Pipl’s cloud-based offer is its database of five billion trusted identities and 330 billion trust signals. 

Searching is as easy as typing the information into a search field, and the results come in a few minutes at most. There is also an API version if you need to search for that information directly from your own backend. 

Pipl has also launched a secondary product called Pipl Trust, which lets you automatically calculate how trustworthy a business is based on the company’s proprietary trust signals and blackbox algorithms.

 Pipl Pricing

• Not available online.

Choose Pipl If

• Your business needs to perform KYB fraud investigations to vet potential partners, suppliers, or customers. 

Founded by a former GitLab engineer in 2012, ArkOwl’s goal was to offer a simple, lightweight fraud investigation tool that focuses on email, phone, and social media data enrichment. 

The software pulls its data from a variety of open sources such as networking sites, WHOIS databases, webmail hosts, and ISPs to let you understand exactly who you are dealing with. You can perform manual searches or integrate ArkOwl via APIs. 

The social media lookup is particularly unique. While it doesn’t offer as many sources as other solutions on this list, it still checks seven sites, including the major Western ones. 

 ArkOwl Pricing

• Not available online.

Choose ArkOwl If

• You need a simple, lightweight phone and email analysis tool to investigate the identities of your users and customers.