Updated March 31, 2023
Introduction to Fraud Detection Software
Fraud detection tools are used for detecting high-risk and illegitimate online transactions. This software continuously analyzes user actions and calculates risk amounts to detect probable unauthorized access, transactions, or purchases. IT and compliance departments from digital banking companies and e-commerce businesses use these tools to monitor for possibly illegal actions performed by users. So Fraud detection tools are used to make sure that transactions are legitimate and sensitive data of both business and customers are protected.
How to Select Best Fraud Detection Software?
Before discussing tools available in the market, we will have to see the characteristics and features of fraud detection software for selecting one for your organization.
- Automation level
- Comprehensiveness
- Multiple protection layers like encompassing device ID, authentication, analyzing session behavior, monitoring accounts, etc.
- Integration
- Security standards Compliance
- cost
- Support and customer care
1. NoFraud
NoFraud uses a combination of human intelligence and machine learning to detect and prevent eCommerce frauds. It screens real-time transactions with the help of advanced ML algorithms which helps clients to take orders, interact with their customers, etc. than worrying about security. It uses a manual review system for Only questionable and high-risk transactions. In which specialists contact a cardholder to confirm the authenticity and legitimacy of a transaction. NoFraud has so many popular eCommerce clients such as Shopify, X-payments, Magento, WooCommerce, BigCommerce, 3D Cart, Payflow, First Data, Braintree.
Features of NoFraud
- It screens phone orders so that all of the orders are safe from frauds
- It Proactively monitors all possible high-risk activities
- It automatically blacklists users if it suspect any malicious activities.
- It provides pre gateway integration feature which increases order acceptance rate and simplifies integration
- It provides detailed reporting on order statuses, review results, fraud attempts, etc.
- It has great phone and email support with provides solving issues with live analyst
2. Signifyd
Signifyd is a cloud-based eCommerce fraud detection tool. With the help of machine learning, it provides automation of screening of orders and approvals in real-time. It determines which orders are legitimate and secure to ship and which are malicious. After that merchant decides whether to approve or decline any order. In Signifyd, expert manual review is used for suspicious cases only. It analyses each transaction on the basis of constraints like IP address, location, historical purchases, address, recent credit score to get the profile information.
Features of Signifyd
- It provides seamless order processing and automation of order fulfillment
- It allows to create of client whitelists and blacklists.
- It gives chargeback guarantee.
- It offers analysis and alert tools for administrators
3. Iovation
Iovation is the widely used e-Commerce fraud detection software with the highest order approval rates and lowest false declines. iovation provides dynamic device-based and authentication solutions. It is used in eCommerce businesses, ticketing service providers, insurance companies, banks, gaming companies, and other online communities for protection from fraudsters.
Features of Iovation
- It is easy to use
- It offers 2 Factors Authentication to provide clients non-frictional web access to identify their devices and know the vulnerabilities and loopholes
- Easy customization and management of data.
4. Feedzai
Feedzai is one of the popular fraud detection and management tool used in payment providers, banks, ecommerce websites. It provides risk scoring and data orchestration using machine learning and case management tools. Feedzai analyzes thousands of decisions in real-time.
Features of Feedzai
- Data orchestration consists of receiving real-time data.
- It allows Case management in which it collects and access information from various sources to analyze the behavior of the user.
- It has dashboards for analytics, reporting, and alerts.
- Based on deep research and analyzing it generates detailed reports to ease decision making. Feedzai case management tools include
5. SAS
SAS is a widely used versatile fraud detection tool and in various industries like banking, media, healthcare, government, insurance, transportation, etc.
Features of SAS
- It offers an anti-fraud feature that is based on a hybrid approach which consists of mathematical models expert rules, analysis, anomaly analysis, text analytics.
- If it suspects any malicious link or activity during transactions or other online actions, It generates detailed reports of address, IP address, location related to that link. Then it automatically evaluates potential damage and fraud risk.
- There are 3 types of tool deployment like on-site, cloud, and hybrid deployment
Conclusion
In this article, we have seen various fraud detection software along with their features. You can choose any of them based on your requirements. We hope you will find this article helpful.
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This is a guide to Fraud Detection Software. Here we discuss the introduction and How to Select Best Fraud Detection Software? with features respectively. You may also have a look at the following articles to learn more –
