The fraud detection and prevention market is filled with incredible tech and leading the way for the most effective use of artificial intelligence and machine learning.
In this article, we’ll learn more about Nethone, its technology, and what alternatives are available for businesses to choose from.
|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.
Best Nethone Alternatives
|Nubank, Air France, Kindred
|More in-depth customer profiling and flexible rules with ML, AML module and free plan
|Samsung, Toys”R”Us, Birkenstock
|Chargeback guarantee and automated actions
|New Balance, Staples, CD Baby
Payment fraud and ID vericiation with chargeback management
|Alipay, Equifax, and Microsoft
|IDV and transaction monitoring with mass integration availability
|Viva Wallet, Borgun, Novalnet
|Plug and play system that scales automatically
|Motorola, ASUS, Under Armour
|Chargeback protection with analyst support and risk strategy advice
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What Does Nethone Offer?
Founded in 2016, Nethone is an off-the-shelf type risk management solution that looks to reduce customer insult rates, time spent on manual reviews, and the risk of fraud.
The firm has built its product around the concept of KYU (know your user), which they view as an advancement of KYC (know your customer), with its Digital Profiler tool enabling merchants to see more about their customers and the devices they use.
It extracts over 5,000 device attributes that are fed into its ML models to provide real-time recommendations to support merchants in spotting any unusual patterns and ultimately stopping fraudsters from entering their domain.
Nethone provides merchants a customer success team (only available on the highest paid plan) to help create the ML engines and optimize consistently. Its KYC module is powered by Authologic, and designed to identify customers to block fraudulent sign ups.
Data plays a huge role in any fraud prevention product stack, and Nethone offers a unique data analysis hub via an API that can ingest any third-party data sources to create more holistic profiles of any given user.
Why Look for a Nethone Alternative?
Finding a fraud prevention product that suits your business takes time and research.
For some, having a dedicated data scientist that you work with to develop the best ML model might be too much hands-on work. Some businesses might prefer a completely automated solution that requires next to no input from their side.
Another reason why you might look for an alternative is that Nethone doesn’t have access to direct live data, unlike some solutions. It is also lacking in compliance features, for instance AML checks.
It is worth noting their solutions are able to be integrated with other solutions, although again some companies would prefer an all-in-one product rather than having to look at a multi-layered defense.
While still offering a fully comprehensive and powerful product, Nethone is in its early stages (series A in July 2021) so some businesses might prefer working with a more established fraud prevention company.
Six Nethone Alternatives
The fraud detection and prevention market is packed with innovative companies so we’ve brought together some of the other great products available for you to look into before making a decision.
SEON is built around two core principles: effective risk prevention and providing businesses of all sizes complete freedom in how they fight fraud.
Its solutions are built around two core principles: effective risk prevention and providing businesses of all sizes complete freedom in how they fight fraud.
SEON offers both individual API integration or a complete end-to-end solution that analyzes user behavior through a range of techniques including:
- velocity rules
- device fingerprinting
- software and hardware configuration
- data enrichment
- digital footprint analysis
- whitebox machine learning
These solutions are all brought together in a modern GUI with full team management features.
Data is fed into the machine learning system, which uses bespoke or preset rules to help businesses automate decision making and minimize time spent on manual reviews.
The digital profiling tool is one of the most exciting features of the anti-fraud system that uses OSINT and traces a user’s email address and/or phone number to reveal what we like to call their digital passport.
An AML module also lets you check names on the relevant government databases to ensure compliance when it comes to PEP, sanctions and crime watchlists.
All this is done behind the scenes, without any impact on a user’s journey, and can help verify the validity of a loan application, purchase or any other online transaction that requires due diligence.
Fraudsters will often use dud email addresses and phone numbers. With SEON’s solution, if the data provided has next to no online presence, this will trigger a rule within the scoring engine to raise awareness of the potential risks associated with this account.
Launched in 2011 by two former PayPal employees, Rajesh Ramanand and Michael Liberty, Signifyd is a more established alternative to Nethone. The firm now works with several household names, including Samsung, Philips, and Omega.
Signifyd breaks its offering into three key areas: revenue protection, abuse protection and payments optimization, with a separate product purely for payment service providers (PSPs).
Its data network tracks transactional and behavioral data across the thousands of merchants they work with and across over 100 countries globally to help spot potential risks.
With a chargeback-guarantee-based model and blackbox machine learning algorithm, the company puts a clear emphasis on automating processes for businesses.
Companies that expect higher volumes of transactions can automate many processes with Signifyd, although it is worth noting that a chargeback-guarantee model can be a differentiator for certain companies working with lower margins.
Furthermore, some users have stated online they saw lower transaction acceptance rates than expected and this could be due to the fact that chargeback liability falls onto the solution provider.
Founded in 1997 under the name Whitepages Pro, Ekata was formed to “better differentiate the company’s global B2B identity verification APIs and SaaS tool”.
The vendor offers a range of individual APIs, including:
- Address Risk API
- Phone Intelligence API
- Account Opening API
- Transaction Risk API
These APIs are supplemented by the Pro Insight identity review tool, which assist fraud teams during manual reviews to make quick and informed decisions.
Their product suite is powered by the Ekata Identity Engine, which is made up of two proprietary data-based solutions – the Ekata Identity Graph and the Ekata Identity Network.
Each API can be chosen individually and there are integrations available with a range of companies in the fintech/payments ecosystem, including Feedzai, Experian and Cybersource.
Ekata works with some of the biggest brands in the world, like Lyft, Alipay and Microsoft, and was acquired by Mastercard in 2021.
US-based fraud prevention specialist vendor Kount has been in the game since 2006 and boasts an impressive list of clients, including New Balance, Chase and Barclays. The company was acquired by Equifax in 2021.
Kount helps businesses make risk decisions via a range of typical solutions like behavior tracking, ID analytics, and safety scoring based on 13+ years of data.
They automatically make decisions based on a combination of its proprietary Identity Trust Global Network, machine learning and custom rules. Along with this, the company provides compensation for fraud-related chargebacks.
As well as its risk management platform, Kount offers the opportunity to utilize its roster of experts to optimize fraud policies, support more complex situations, and improve overall business operations.
Similar to Signifyd, merchants should be aware of the risks associated with automating decisions as well as stale data.
Another company offering 100% guaranteed coverage of any fraud-related chargebacks is the Brazil-headquartered ClearSale.
Founded in 2001 by former Olympic athlete Pedro Chiamulera, ClearSale works with over 6,000 merchants and offers access to a team of in-house fraud analysts.
To remove the tedious efforts of manual reviews from your team, if a transaction is approved that in turns results in a chargeback claim, the company will reimburse you.
Coupled with its risk management platform, this means companies can focus on other areas of the business, although some would argue that you can lose noticeable revenue due to the nature of the chargeback guarantee model.
On top of these features, ClearSale’s platform has many similar features to the other Nethone alternatives on this list, including customizable rules, a transaction scoring engine and real-time monitoring.
It also offers a vast amount of ecommerce integrations and insights on metrics beyond fraud – including most profitable products, best customers, and analysis of target markets.
Rounding off our article is another new kid on the block: Fraudio. Founded in 2019, the company raised $3.3m in 2021 and already has some great names on its books including Viva Wallet, Borgun and Novalnet, among others.
Its tech can be applied to any part of the payments ecosystem and breaks down into three core areas: payment fraud detection, merchant initiated fraud detection, and money laundering detection.
Fraudio’s proprietary AI algorithm connects each customer to create a unique network that shares information seamlessly and spots anomalies based on the data provided.
This automatically updates and scales, with minimum input from merchants. The database is built upon billions of previous transactions and continues to grow in accuracy as new partners join its network.
The solution is cloud-native and operates on a pay-per-use basis.
With this article, we’ve tried to offer a balanced view of what other anti-fraud vendors are available on the market, both legacy and next-gen.
Working with earlier stages startups, companies will expect to have more innovation and flexibility in what they require, whereas more established firms can offer a historically proven, reliable service.
Depending on the requirements of your business, costs, features and industry expertise are just some examples of what you should consider before making a decision on the best fraud prevention software.
FAQ for Nethone Alternatives
What cheaper alternatives are there to Nethone?
Since most anti-fraud vendors hide behind a paywall, it’s tough to estimate who exactly would be cheaper. However, keep in mind the types of clients each vendor caters to. Also, it’s worth noting that off this list, both SEON and Fraudio offer transparent pricing on their respective sites.
Where can I learn more about Nethone?
Along with the typical Google searches and website browsing, we recommend also reading the more detailed breakdown of SEON and Nethone we’ve produced.
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