Are you looking for the best anti-fraud software to detect and stop fraud on your site? then you are on the right page, as we have done the research for you. the article below highlights the best anti-fraud software in the market right now.
Overview of Best Fraud Detection Software in the Market
- Sift — Overall Best/Best For Payment Fraud
- Riskified — Fraud Management Tool For E-Commerce
- ClickCease –- Best For Ad And Click Fraud Detection
- fraud fighter — Best Anti-Fraud Tool For Generating Fraud And Customer Insights
- Fingerprint — Best Online Fraud Detection Tool For Developers
Best 15 Anti-Fraud Software (Fraud-Detection Tools)
Fraudulent activities have increased significantly online as a result of the rapid advancement of technology and, most especially, in digital transactions. As a result, these hackers spend their time and energy defrauding retailers and customers who are particularly gullible. Fraudsters leverage legal loopholes in the same way malware exploits security flaws to infiltrate a computer system. The most significant thing is that they are constantly coming up with new schemes to scam people and businesses.
As of October 2018, around 23% of internet users had been victims of online identity theft. Credit card fraud, bank fraud, and tax-related issues are some examples of cybercrimes. Also, according to PwC’s Global Economic Crime and Fraud Survey report for 2022, 53% of organizations experienced financial loss due to fraudulent activities on their platform, with a quarter of them losing up to $1 million.
Finding a solution that addresses the issue is therefore necessary for safeguarding both yourself and your company against fraud. Anti-fraud software, which includes specific capabilities for monitoring, detecting, and preventing fraud, can assist with this.
Therefore, the monitoring and elimination of high-risk or fraudulent online transactions are possible for organizations through the use of these fraud monitoring and protection systems.
Here we have compiled the top 15 fraud detection tools you can leverage to avoid the risks of online fraud, which are increasing as everyone and everything goes digital.
1. Sift — Overall Best/Best For Payment Fraud
The first on our list is Sift, the fastest-growing and arguably best fraud detection and prevention software solution in the market. Launched in 2011, Sift is built with a single, intuitive console. Its end-to-end solution eliminates the need for disconnected tools, single-purpose software, and incomplete insights that drain operational resources.
Its key products include a Digital Trust and Safety Suite, which combines all the individual API tools into one complete solution. This suite proactively prevents fraudulent payments, fake accounts, scams, account takeovers, spam, and disputes while reducing false positives and enabling frictionless experiences.
It also helps in adding connected data, adaptability, and intelligent automation to every aspect of risk operation. They offer fraud protection for leading brands like Twitter, McDonald’s, SkillShare, Zillow, and Yelp, just to mention a few.
For banking, eCommerce, and travel companies, this fraud solution brings it all together. Be it payment fraud prevention, chargeback minimization, spam prevention, or user acquisition defense. No matter your industry, Sift has got your back with fraud protection.
2. Riskified — Fraud Management Tool For E-Commerce
Riskified is one of the top tools for managing fraud in eCommerce, much like Sift. It aims to spot fraud in addition to increasing consumer conversion rates. It takes pride in being a “frictionless fraud management tool” for eCommerce.
As such, if you want to boost your online sales, expand your business, or simply provide your customers with a better purchasing experience, Riskified is a fantastic eCommerce anti-fraud solution to consider. This software protects your accounts and upholds the reputation of your business through chargeback assurance, payment authorization, and account protection.
Hence, Riskified’s key solutions are chargeback guarantee, policy protection, and PSD2 (payment) optimization solutions. With their Chargeback Guarantee, you get to enjoy accurate, real-time order decisions. This can help you scale to adapt to your growth and evolving business needs.
Riskified is best for eCommerce platforms but also for payment service providers, consultancies, and agencies. Some of the brands that use the Riskified fraud management solution include Deloitte, Payoneer, Dentsu, and checkout.com.
3. Chargebacks911 — Leading Chargeback Management Solution
As the name implies, this is one of the leading fraud detection and prevention software solutions, uniquely positioned specifically to execute a chargeback on our list. It is an extremely user-friendly solution that is great at helping to track chargebacks and identify areas of risk.
Their user interface is great and very relevant in decision-making and drawing conclusions. Assuming you run a business in a place like the United States of America, Chargebacks911 sends you tools every month that help keep you up to date on the laws and regulations behind payments and chargebacks in each state. Their system fully manages chargebacks, from detection to prevention to dispute.
This tool makes sure that your ad campaigns boost sales while lowering risk. Chargebacks911 is 100% agnostic and adaptable to current systems, regardless of the size of your company or industry. As a result, Chargebacks911 provides scalable solutions that are tailored for any organization of any size in any industry—eCommerce, travel, institutions, and digital. Some of their portfolio companies include Salesforce, Bluesnap, Shopify, PayPal, etc.
4. Signifyd — Good substitute for Riskified
This is another great eCommerce fraud monitoring and prevention solution like Riskified. Signifyd is commerce protection software that recognizes the identity and intent behind every payment. They help their clients approve 5%–7% more orders on average.
Also, the scaled automation of payments is possible for their clients based on their 100% financial guarantee against fraud and abuse. Their products are specifically geared toward high volumes of transactions, and they even automate chargeback protection via a chargeback guarantee model. However, it’s not quite plug-and-play, but Signifyd is designed to run on autopilot with minimal user input.
Some of this software’s key features include fraud protection, abuse prevention, account protection, and payment optimization. The Payments Optimization module works with Strong Customer Authentication (SCA), which helps with compliance for EU-based payments.
Some of the big brands that secure their commercial transactions and prevent fraud with this tool are Samsung, eBay, Lacoste, Mango, and a number of others. If you are looking for a great substitute for Riskified, then Signifyd is it.
5. Kount — Reliable Identity Trust Solution For Fraud Detection
This one deserves your consideration if you're seeking a tool that safeguards the complete customer journey. Kount has the distinctive feature of identity trust detection, which sets it apart from every other eCommerce-focused fraud protection solution we have previously discussed.
As such, businesses of all sizes and in a variety of sectors can recognize trustworthy clients and fraudsters. Kount also aids in identifying current and potential dangers, choosing the best product lines, and expanding revenue opportunities.
For someone in eCommerce, Kount is one of those tools to help you prevent digital payment fraud, deflect disputes and chargebacks, and lower your fraud costs. As such, this software protects over 15,000 businesses worldwide, some of which include Barclays, Staples, Petsmart, Purple, etc.
6. Fraud.net — Reliable and Modular
Fraud.net is truly a powerhouse for addressing fraudulent attacks. This software is basically an AI-based fraud detection and prevention toolkit that streamlines fraud management by defending against several forms of fraud with a single solution. This toolkit is customizable, meaning the platform is organized as a menu of modules, and you can decide which of those services to use.
The tool can be updated and expanded in tandem with your business. Its services are tailored towards specific industries like travel, eCommerce, and the financial services sector. Just in case you plan to check this one out, they offer a demo version and a free fraud analysis. Some of the brands that use this solution are Mastercard, Microsoft, Amazon Web Services, etc.
7. Ekata — One of the Oldest Anti-Fraud Software
With a history dating back to 1997, Ekata is one of the oldest established fraud detection tools on our list. However, Mastercard bought it in 2021. Ekata provides transaction risk, address risk, and phone intelligence APIs as well as global identity verification and fraud prevention services via APIs.
The Ekata Identity Engine combines the Ekata Identity Graph and the Ekata Identity Network, two proprietary databases, using powerful data science and machine learning. These datasets are constructed around fundamental identity features that are translated into distinctive and priceless insights that help firms undertake informed risk assessments of their clientele.
Ekata’s services are cut across three industries: eCommerce, payments, and financial services. If your business falls within these industries and you require good fraud protection software with identity verification just like Kount, you should consider Ekata. A few businesses that utilize this anti-fraud cloud-based software include Patagonia, Avant, Air Asia, American Airlines, Dior, and Esty.
8. ClickCease — Best For Ad And Click Fraud Detection
ClickCease is an impression, ad, and click fraud detection and protection software. It is a top-rated, Meta- and Google-approved click fraud and ad fraud prevention service that protects your Facebook ad campaigns by detecting and excluding fraudulent audiences. It also protects your Google Ads by using industry-leading detection algorithms that help block fraudulent IPs automatically.
As the manager of a digital advertising campaign, you are aware that click and ad fraud can waste up to 20% of your PPC advertising spending. This has significant implications because it could affect your revenue.
With ClickCease, you can stop these fraudsters from tampering with your campaign by automatically banning invalid traffic from clicking on your Google advertising and seeing your Facebook advertisements in real time, ensuring that no harm is done to your ad budget. Leading businesses like Lyft, HP, Click Up, and Deel uses this fraud protection to boost the effectiveness of their advertising.
9. SEON. fraud fighter — Best Anti-Fraud Tool For Generating Fraud And Customer Insights
SEON can provide you with insights into every account, interaction, transaction, order, and even customer by combining open data from digital and social media, email, phone, IP, and device lookups in real-time. Using this application, you can find fraud tendencies and income potential to improve business decisions.
You can acquire information from more than 50 web signals using SEON, including Twitter, LinkedIn, and many other sources. This would enable you to get a complete picture of all of your users and identify any that are false.
Due to SEON's main capabilities, including deep device fingerprinting, machine learning, anti-money laundering (AML) technologies, as well as digital and social media fingerprinting, all of these are made possible. With well-documented Rest APIs and plug-and-play SDKs for your data collection, SEON can be implemented in a matter of hours.
If you are intrigued, you should give this tool a try since they have a free trial on their website. iGaming and gambling, eCommerce, online lending, banking, and insurance, as well as cryptocurrency and trading, are some of the use cases for this technology.
10. Opticks — Best For Fraudulent Ad Traffic Detection
Ad fraud is a major challenge for many businesses involved in digital ad campaigns. As such, Opticks is one of the most advanced ad fraud traffic detection, protection, and intelligence software tools used by the top growth teams to maximize their ad spend.
With fraudulent traffic from bad bot actors accounting for 27.7% of web traffic in 2021, it is obvious that these fraudsters are not relenting in their constant efforts. Because of this, marketers have a hard time understanding the true performance of their investments.
Notwithstanding, Opticks can assist you in clearly understanding which campaigns are generating income and which ones aren't. With the help of Opticks, complex online ad fraud is easily detected and tracked, enabling you to steadily raise your income.
This solution can help you increase your conversion rates and meet your growth goals by blocking fraudulent, unqualified traffic from entering the funnel.
Like some of the other anti-fraud tools we've talked about, Opticks provides a demo for potential customers to try out the service before making a purchase. They have brands including Huawei, Holt, Nissan, and Mondia in their portfolio.
11. ClearSale — Good Fraud Detection Tool For Integrating With Popular Ecommerce Platforms
Similar to Riskified and Signifyd, Clear Sale is another fraud detection software created specifically for online stores. It is a practical fraud prevention solution created with the needs of the user in mind. For a balanced and practical approach, this instrument combines cutting-edge statistical technology with skilled fraud analysts.
The technology used by ClearSale sorts online orders and assigns each one a risk score. To distinguish between legitimate fraud efforts and false positives, the transactions that the automatic process detects are subjected to a manual review procedure. On the other hand, you don't have to install any software on your end because ClearSale is a cloud platform.
Due to its on-demand integration with well-known online selling platforms like Shopify, WooCommerce, BigCommerce, PrestaShop, Magento, Salesforce, etc., this is the best option for small eCommerce firms.
Large corporations like ASUS, Motorola, and Dafiti have also joined the user community of ClearSale. ClearSale does, however, provide a 30-day money-back guarantee. You can discuss a risk-free trial period with the sales department if you'd like.
12. Sensity — KYC And Fraudulent Document Detection Software
Sensity would be a fantastic tool to have in your toolkit if you work in a sector that mandates client due diligence. Sensity is a platform for online ID authentication that helps secure and accelerate the customer onboarding process for your business. Sensity AI solutions quickly onboard trustworthy consumers while automatically rejecting scammers. When spoofing signals are discovered, the technology ensures automatic rejections.
With its computer vision and machine learning technology, Sensity is able to help you perform document authentication and electronic age verification at a reasonably high level. Sensity allows you to manage all of your KYC operations through a single web interface and easily monitor all user activity. You can also analyze spoofing patterns and keep track of all spotted fraud attempts.
This tool is relevant for certain use cases like KYC verification, age and driving license verification, customer onboarding, and obviously fraud detection. Several businesses, including Forbes, Bloomberg, Fortune, and the Financial Times, use this product.
13. Fingerprint — Best Online Fraud Detection Tool For Developers
Another unique fraud-prevention tool on this list is the Fingerprint. This software is designed for developers, in contrast to other fraud detection solutions for eCommerce that almost anyone can use. It enables developers to create best-in-class fraud detection solutions with adaptable APIs that can recognize 99.5% of returning customers and fraudsters, even when they try to hide their identity online. These APIs are functional for any purpose, including fraud detection, application analytics, and personalization.
With Fingerprint, you can confidently identify individuals across all browsers and devices—including iOS and Safari—regardless of the scammers' tactics. By incorporating Fingerprint's API into your server-side business rules or signup procedure, you can achieve this. Incognito mode detection is available with this tool. While browsing incognito, Fingerprint Pro keeps track of visitors' use of the feature and reliably recognizes them. This suggests that when you include this program on your website, scammers have nowhere to hide. Several companies use Fingerprint, including Dropbox, Realtor.com, and Triple Whale.
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14. DataDome — Great Bot Detection Tool For Fraud Prevention
DataDome is a bot detection technology that can be used to stop fraud. DataDome uses a tailored approach to fulfill your specific KPIs and stop bot-driven online fraud in order to protect enterprises, consumers, and personally identifiable information. Since bots create new accounts and commit fraud using stolen or fake identities, this technology helps to prevent the formation of false accounts, card fraud, account takeovers, and credential stuffing.
DataDome can help you comply with GDPR and CCPA by lowering fraudulent transactions and preserving the integrity of user accounts. The compact and inconspicuous DataDome proprietary SDK can be installed on all popular mobile devices in under three minutes. For all of its clients, protecting mobile apps is an easy task because of their dependability. Rakuten, Reddit, and Tripadvisor are a few of the companies in the portfolio.
15. Eye4Fraud — Best For Approving Risky Ecommerce Orders
This eCommerce fraud protection solution, launched in 2012, is the last item on our list. E-commerce merchants are promised a “guaranteed fraud protection service” by Eye4Fraud. The order acceptance percentage is increased by this fraud prevention solution from 99.7% for low-risk items to 98.6% for high-risk items. A lot of online retailers lose thousands of dollars each month due to chargebacks and cancelled orders for goods.
With this software, you can stop rejecting excellent orders, losing thousands to chargebacks, and wasting your staff's time. Eye4fraud protects you from fraud and assists you in detecting it when it occurs. This gives you the freedom to accept any order from anywhere in the world without taking any risks.
As such, Ey4Fraud is easy to use, with no setup fees and no lengthy processes. The common eCommerce platforms you use, such as WooCommerce, Magento, OpenCart, BigCommerce, etc., are simple to integrate with Eye4Fraud, just like ClearSale is.
FAQs About Anti-Fraud Software
Q. What as Fraud Detection Software?
Fraud detection software, or online fraud detection software, is used to detect illegitimate and high-risk online activities. They are designed to monitor, investigate, and block fraudulent activity on your website.
These tools continuously monitor user behaviour and calculate risk figures to identify potentially fraudulent purchases, transactions, or access. Using machine learning and real-time behaviour analytics, fraud detection tools can perform real-time risk classification based on device and IP reputation and other factors.
Many companies rely on these tools to stay safe and secure from fraudulent attacks online. There are quite a few of these pieces of anti-fraud software out there, some of which we have discussed.
Q. What Are The Key Features I Should Look Out For When Picking Fraud Detection Software?
There are a few crucial qualities to watch out for when choosing an anti-fraud technology that addresses your specific online fraud concern.
The capability for real-time monitoring and analysis comes first. Your detection software must be able to track payments on your site in order to avoid chargebacks or adhere to anti-money laundering requirements. Risk regulations and risk rating are two more elements to be on the lookout for.
Based on the facts you discover, you can filter user behaviours using risk criteria. This functions as the foundation for detecting fraud. The risk score discusses establishing the cutoff point that establishes the threat level. A machine learning engine comes last.
Q. What Does Fraud Detection Software Do?
Fraud detection software does three basic things. First, they monitor activities like user behaviour, interaction, engagement, etc. to determine fraudulent patterns on your website.
They allow you to capture data like names, phone numbers, click rates, and IP addresses for investigation, which is the second thing fraud detection software does. Based on the risk rule, this software also automatically allows certain actions on your website or blocks them to keep your website safe after detecting illegal activities.
It is hardly breaking news that scammers are creating more sophisticated tools to defraud individuals and companies. However, a lot of cybersecurity professionals are still working on creating innovative solutions to stop these cyber-attacks.
Regardless of your sector, we have covered some of the most important anti-fraud tools in this post to help you protect yourself. To make better choices about fraud detection and prevention, it's a good idea to review them once more.