Find the best Financial Fraud Detection Software
- Popular Comparisons
- Buyers Guide
- Related Software
Compare Products
Showing 1 - 25 of 152 products
Compare Products
Sort by
Reviews: Sorts listings by the number of user reviews we have published, greatest to least.
Average Rating: Sorts listings by overall star rating based on user reviews, highest to lowest.
Alphabetically (A-Z): Sorts listings by product name from A to Z.
Fraud.net is a cloud-based risk management platform that offers a suite of fraud prevention tools. This solution uses AI/machine learning, real-time analytics, data mining, identity proofing, rules management, and other technology to help businesses with f...Read more about Fraud.net
Fraud Prevention, Chargeback Guarantee, KYC, Working month-to-month - 0 risk, no commitments. Working month-to-month - 0 risk, no commitments. FUGU offers a 360° self-learning fraud prevention strategy fighting fraud at various points along the transacti...Read more about FUGU
ThirdLine is a no-code analytics software that allows government auditors and financial management teams to mitigate risk, combat fraud, generate audit reports, reduce waste, and identify cost savings options. The solution integrates with teams and provide...Read more about ThirdLine
SAS Fraud, Anti-Money Laundering & Security Intelligence is a comprehensive solution designed to proactively protect businesses from fraud, compliance breaches, and security threats. SAS combines advanced analytics, AI, and machine learning to deliver a un...Read more about SAS Fraud, AML & Security Intelligence
No reviews yet
Authorize.net helps makes it simple to accept electronic and credit card payments in person, online or over the phone. Get solutions that go to work for your business and let you focus on what you love best. Nearly 500,000 merchants. That's a lot of passi...Read more about authorize.net
Formica Fraud is an all-in-one platform helping you protect your customers and employees from fraudulent activities. You can encourage your team to make data-driven decisions while analyzing millions of risky fraud cases. By analyzing different data sour...Read more about Formica Fraud
ChargebackStop's unique approach centers on preempting chargebacks through accurate, timely alerts and mitigating fraudulent activities even before they result in lost revenue. With ChargebackStop, businesses are equipped to lift aggressive fraud rules pre...Read more about ChargebackStop
SEON is a modern fraud prevention SaaS that can be implemented into your website or app. Use our modular APIs to enrich customer data (IP addresses, emails and phone numbers) and our device fingerprinting to accurately track your users and quickly spot wou...Read more about SEON. Fraud Fighters
With Bolt’s One Click checkout you can boost sales and delight your shoppers with a better checkout experience you can turn on in minutes. Upgrade your checkout process with one-click checkout, 100% fraud chargeback guarantee, access to tens of millions of...Read more about Bolt
IPQS is a leading fraud prevention solution tailored for businesses like yours. Powered by the most up-to-date and comprehensive data, our advanced APIs and datasets specialize in real-time fraud prevention with unparalleled accuracy. Through the cutting-e...Read more about IPQS
Signifyd is a cloud-based eCommerce protection platform designed to help businesses of all sizes prevent fraud and maximize conversions. The Signifyd Commerce Network houses behavioral and transactional data for over 10,000 merchants in over 100 countries ...Read more about Signifyd
Sanction Scanner is an anti-money laundering solution that helps small to midsize businesses manage financial fraud. Key features include transaction monitoring, risk assessment, name screening and dashboards. Sanction Scanner allows financial institution...Read more about Sanction Scanner
Sumsub is an all-in-one technical and legal toolkit for KYC/AML needs. The company provides a web-based platform for converting customers, speeding up verification, reducing costs and detecting digital fraud. Sumsub’s global clientele, based in over 200 di...Read more about Sumsub
Company Watch is a financial risk solutions and business intelligence platform. It provides comprehensive financial risk management solutions to help users identify, assess, and manage financial risk. The platform offers features such as credit checks, dir...Read more about Company Watch
Kount is a financial fraud detection and DDoS solution that helps businesses reduce chargebacks, prevent account takeovers, detect anomalies and more from within a centralized platform. It allows staff members to identify, segment and prevent tickting, DDo...Read more about Kount
Caseboard is a solution specialized in data integration and analysis, whose functionalities improve the processes of criminal investigation, auditing, prevention and the fight against fraud. Based on interaction with various security and anti-fraud agenci...Read more about Caseboard
FraudNetic is a cloud-based financial fraud detection tool that lets users streamline processes, cut costs, and overcome the challenges inherent in fraud prevention. Irrespective of whether users are a global financial powerhouse or a burgeoning eCommerce ...Read more about Fraudnetic
PayPal is a digital payment platform that enables businesses and individuals to pay and accept payments through an online portal without revealing any financial details. The solution is suitable for businesses of all sizes. PayPal provides a one-touch...Read more about PayPal
The FISCAL Technologies software protects working capital by continuously preventing financial loss and eliminating supplier risk. The software forensically analyses every supplier and invoice, using AI, industry-recognised logic, financial analytics, an...Read more about NXG Forensics
Riskified is an AI-platform designed to help eCommerce businesses increase online revenue opportunities and prevent losses due to fraud. This solution includes a suite of products including account protection, payment authorization, dynamic checkout, alter...Read more about Riskified
Nethone provides an advanced SaaS fraud detection and prevention solution backed up by machine learning (ML) models. Our primary product, Nethone Guard, includes our proprietary 'Know Your Users (KYU)' profiling technology that allows merchants and financi...Read more about Nethone Guard
Simility is a cloud-based fraud detection software platform, designed to incorporate advanced machine learning techniques that are also used for spam detection and malware analysis. It's purpose is to reduce risk of chargebacks and fraud related to click &...Read more about Simility
Persona is an identity verification management solution for businesses ranging from startups to large enterprises who need help managing the balance between customer acquisition and fraud. This solution allows users to securely collect and verify user info...Read more about Persona
Feedzai is a cloud-based solution that helps businesses identify, remediate and prevent financial frauds using artificial intelligence (AI) technology and machine learning capabilities. Professionals can use the dashboard to establish digital footprints or...Read more about Feedzai
CertifID protects people, companies, and customers from wire fraud by guaranteeing the safe transfer of money. This easy-to-use solution allows you to validate customer identities and securely share wiring information. By leveraging industry-leading securi...Read more about CertifID
Popular Comparisons
Buyers Guide
This detailed guide will help you find and buy the right financial fraud detection software for you and your business.
Last Updated on November 07, 2023As more consumers move online for their shopping needs, companies must manage an increasing amount of transactions. When these transactions are made across the web, malicious users have more opportunities to commit fraud.
Whether it’s a chargeback initiated by a customer’s bank or a more complex hack of a customer’s account, businesses must protect themselves from the loss of revenue, but also prevent disrupting operations to review several transactions.
Retailers and ecommerce businesses are turning to financial fraud detection software to prevent unauthorized access to customer and internal data, as well as unnecessary payment declines to separate good orders from bad.
In this guide, we’ll cover:
What is financial fraud detection software?
Financial fraud detection software helps companies sort through orders to identify fraud, false declines and chargebacks, and prevent access to sensitive data as customers complete transactions online or in-store.
Modern financial fraud detection software offers a dashboard to review flagged transactions and manually establish rules to spot common fraudulent buyer behaviors and customize thresholds to trigger further action. Financial dashboards are a core feature of fraud detection software, where users can identify trends in customer behavior and quantify the losses from chargebacks or declined transactions.
A dashboard, as shown in Riskified, shows the ratio of approved versus fraudulent or declined transactions.
Artificial intelligence (AI) is transforming these systems into automated guardians for company data, analyzing several factors simultaneously to quickly understand how customers could undermine the system.
Common features of financial fraud detection software
Transaction approval | Review every online or in-store transaction for fraudulent behaviors, then approve or send them back for manual review. |
Pattern recognition | Analyze transactions as they occur to spot fraud and manage how the system identifies common problems. |
Internal fraud monitoring | Perform reviews of internal actions that may be fraudulent to determine if further investigation and monitoring is needed. |
Access security management | Manage the roles and types of users who can access transactional data to prevent tampering or malicious hacking. |
Custom fraud parameters | Customize the specific parameters and thresholds the system uses to measure threats of fraud, and establish trigger actions when thresholds are breached. |
Check fraud monitoring | Identify fraudulent check deposits to take action quickly, and ensure availability of funds for legitimate transactions. |
Investigator notes | Collaborate on investigations into fraudulent customer behaviors. |
What type of buyer are you?
Banks and financial institutions: Banks, credit unions, insurance companies, and other financial institutions commonly use financial fraud detection software, either developed in-house or by adopting a third-party system. Because of the volume of daily transactions these organizations conduct, automation is necessary to accurately manage each transaction as quickly as possible to reduce fraud and prevent losses.
Ecommerce and online retail: The increase in online shopping is leaving ecommerce businesses vulnerable to various types of fraud, such as illegitimate chargebacks or more complex account takeover fraud (ATO) attacks. Most providers of financial fraud detection software offer scalable versions of their systems that are affordable for smaller businesses that need protection.
Physical stores and in-person services: Aside from online transactions, companies want to prevent fraud in-person as well. While checks are used less for making purchases today, they are still commonly used to commit fraud by forgery, duplication, changing the content of a check, and counterfeiting. Financial fraud detection software allows companies to review all checks for fraud, instead of just high-value checks, using AI and image-recognition technology.
Benefits and potential issues
Keep good customers, filter out the bad: For companies with a high volume of customers, financial fraud detection software helps to automate the task of reviewing hundreds of transactions in a short time frame. This helps companies weed out customers who attempt fraud or take advantage of their customer service policies, and spend more time optimizing the experience for honest customers they want to retain.
Increased transaction visibility: The number of successful monthly fraud attempts has grown by 27% for small retailers and nearly 50% for midsize-to-large companies since the beginning of 2020, with a large spike following an increase of online shopping. However, without a dedicated fraud prevention system in place, companies struggle to quantify and combat fraudulent customers.
Improved customer experience: When retailers manually review transactions, it can cause slower service for their most valuable customers and sometimes ruin their experience. Automated management of transactions not only removes malicious customers, but also allows companies to provide faster, more reliable service to the majority of customers who don’t commit fraud.
Market trends to understand
Increase in online food delivery leads to more risk: In the first half of 2020, many small restaurants adopted and implemented online ordering systems to retain customers and launch new delivery options. This new initiative has left restaurants vulnerable to multiple types of fraud, including chargebacks, many of which aren’t necessarily on purpose—sometimes customers commit "friendly fraud" in which they initiate chargebacks after receiving food instead of connecting with the restaurant itself.
Account takeover fraud (ATO) spikes in 2020: Other types of fraud are growing, such as account takeover fraud (ATO), as more consumers shop online. Instead of simple forgeries or chargebacks, a more complex type of hacking is increasing where they access customer accounts to use as their own. Modern financial fraud detection software include features to detect compromised accounts, devices, and changes to personal information that can indicate ATO fraud quickly.
New 3D Secure 2 offers smoother transactions: A collaboration among several major card companies, including Visa and MasterCard, resulted in the 3D Secure platform, which enables communication of authorization data between businesses, payment providers and banks. Instead of a mandatory review period, this platform sends additional transactional data, such as shipping addresses, device information, and previous purchase histories, to the bank for faster authentication. Most of today’s ecommerce and point-of-sale software integrates with the new 3D Secure 2 platform to provide more security for businesses and a smoother experience for customers.