7 Best Fraud Detection Software & Tools in 2022

According to the Communications Fraud Control Association(CFCA), global telecom revenues reached USD 1.8 trillion in 2021 and the total amount of revenue lost due to fraud is estimated to be USD 39.89 billion. 

That’s a lot of money going out the door, and businesses are looking for ways to stem the tide to avoid becoming victims themselves. One way they do that is by using fraud detection software and tools.

These tools have been designed to help businesses quickly and easily identify fraud, making it easier to stop it before it does damage. However, one major challenge businesses face is finding the right tool for their needs.

With the different fraud detection software and tools on the market, it can be tough to know which is right. To help you out, we’ve compiled a list of seven of the best fraud detection software and tools available in 2022.

We have carefully evaluated each tool based on its features, pricing, and reviews from real users. So, whether you’re a small business or a large enterprise, we’re confident you’ll find a fraud detection tool on this list that’s right for you.

What is Fraud Detection Software?

Fraud Detection Software, also known as “FDS,” is a type of security program that is designed to help protect businesses and consumers from online fraud. The software works by monitoring internal and external data sources for signs of fraudulent activity.

If suspicious activity is detected, the software will alert the business or consumer so that they can take action to prevent fraud from occurring. Fraud detection software can monitor various data sources, including financial transactions, customer behavior, and user inputs.

By analyzing this data, the software can help identify fraud patterns and provide businesses and consumers with the information they need to protect themselves from scams.

Therefore, many companies now rely on fraud detection software to protect their data and businesses from theft or fraud.

Types Of Frauds Available

There are many different types of fraud, but some of the most common include:

Identity Theft

Identity theft is a type of fraud in which someone steals another person’s personal information and uses it to commit crimes or other illegal activities. This can include stealing someone’s name and social security number to creating fake IDs or passports.

Credit Card Fraud

Credit card fraud is a serious problem that is costly to businesses and consumers. There are several ways that criminals can commit fraud, but the most common is by using stolen or counterfeit cards.

When a card is used to make a purchase, the criminal may be able to access the victim’s account information and withdraw funds from their account. Criminals may also use stolen credit card information to charge other accounts with fake charges. This can lead to large financial losses for the victims involved.

Phishing Scams

Phishing is a type of fraud that uses emails, text messages, or websites to trick people into giving up their personal information. Phishing scams can be used to access someone’s bank account, credit card information, or even their Social Security number.

In some cases, phishing attacks can also be used to install malware on a victim’s computer. This can give criminals access to the victim’s personal files and any passwords or financial information they may have stored on their computers.

Billing Fraud

Billing fraud is a serious problem that affects businesses and consumers alike. Also known as “cramming,” this fraud occurs when a business attempts to charge a customer for goods or services that were not provided.

This can happen in several ways, such as adding hidden fees to a bill, inflating the prices of items, or charging for services that were never rendered. In some cases, billing fraud can even involve identity theft, as thieves attempt to obtain personal information to run up fraudulent charges.

Billing fraud is costly and time-consuming to resolve, and it can damage both the reputation and the bottom line. As the level of fraud activity rises, it is critical to have the right tools and software to combat it.

Best Fraud Detection Software & Tools

There are several software programs and tools available that can help businesses detect and prevent fraud. Below, we have listed some of the best available fraud detection software and tools.

1. Data Dome

Source: DataDome

DataDome offers powerful account takeover protection, scraping prevention, and denial of service mitigation. It also includes industry-leading card cracking and credential stuffing detection capabilities.

The vulnerability scanning feature helps businesses identify and fix potential weaknesses in their systems before attackers can exploit them. In addition, DataDome is easy to use and provides comprehensive reporting that gives businesses the information they need to make informed decisions about their fraud prevention strategies.

Many popular fraud detection tools only offer a limited set of features, but DataDome provides a complete solution that is constantly updated with the latest advances in fraud prevention.

This explains why notable companies like Tripadvisor, Rukaten, Reddit, Zocdoc, etc, have all chosen DataDome to protect their online businesses.

Pricing: From $2,990 to $5,990 per month

Notable Features

  • Account takeover protection
  • Scraping prevention
  • Denial of service mitigation
  • Card cracking detection
  • Credential stuffing detection
  • Vulnerability scanning
  • Reporting
  • Powerful analytics tools
  • Bot protection on autopilot

Summary of DataDome

DataDome is quickly becoming the leading choice for fraud detection and prevention, thanks to its comprehensive set of features and easy-to-use interface. DataDome is a clear choice if you want an all-in-one solution that is always updated with the latest advances in preventing fraud.

Watch Out For: Technical expertise is required for implementation.

2. Signifyd

Source: Signifyd

Signifyd is a fraud detection software that uses AI/machine learning to help businesses protect themselves from fraud. The software includes an API that companies can use to access Signifyd’s fraud detection capabilities.

Signifyd provides access management and activity monitoring features to help businesses keep track of their fraud risk. The software also includes a behavior-tracking feature that allows businesses to monitor abnormal activity.

With an automated chargeback prevention system, Signifyd can help businesses save time and money by preventing chargebacks before they happen. And with its real-time fraud alerts, businesses can always stay on top of their fraud risk.

Finally, Signifyd offers authentication features to help businesses verify the identity of their users. Together, these features provide a comprehensive solution for businesses looking to protect themselves from fraud.

Pricing: $1,500 per month; a free trial is available

Notable Features

  • Abuse prevention
  • Payment optimization
  • Fraud detection software
  • AI/machine learning
  • API Access
  • Access management
  • Activity monitoring
  • Behavior-tracking
  • Authentication

Summary of Signifyd

Signifyd is a fraud protection service that uses machine learning to help businesses reduce fraudulent charges and protect themselves from chargebacks. By analyzing data points related to each transaction, Signifyd can provide a guarantee that covers any losses that may occur due to fraud.

This helps businesses avoid financial losses and offers peace of mind knowing that they are protected against fraud. Signifyd also offers customer protection as a bonus, meaning that customers can be reimbursed if they are unhappy with their purchase. This makes Signifyd an invaluable resource for businesses of all sizes.

Watch out for: The overly aggressive preventative measure may cost businesses money, and clients.

3. Sift

Source: Sift

Sift is a technology company that provides internet security and fraud detection tools to businesses of all sizes. They started in 2011, and their main office is in San Francisco. They also have offices in London and Tokyo.

Sift’s machine learning engine analyzes billions of signals in real-time to identify good users and stop fraudsters before they cause damage. Because Sift stops fraud before it happens, their customers see fewer chargebacks, higher customer satisfaction, and increased revenue. 

Sift also offers payment protection to keep businesses safe from fraudsters who may try to take advantage of them. With Sift’s dispute management system, you can rest assured that you will be able to handle any disputes that come up quickly and efficiently. 

Additionally, Sift’s account defense feature will help you keep your account safe from fraudsters who may try to access it. Sift’s content integrity system ensures that the content on the website is high quality and free of anything that could harm the reputation or cause customers to leave. 

Sift’s passwordless authentication system ensures that only authorized users can access the site. 

Pricing: Available on request.

Notable Features

  • Payment protection
  • Dispute management
  • Account defense
  • Content Integrity
  • Passwordless authentication
  • Digital trust and safety platform

Summary

With Sift, businesses can protect themselves from fraud and chargebacks while ensuring that their content is of the highest quality. Sift’s machine learning engine analyzes billions of data points to identify good users and stop fraudsters before they can cause damage.

Sift offers payment protection and dispute management to help businesses keep their finances safe. Lastly, Sift’s content integrity system ensures that the content on the website is high quality and free of anything that could harm the reputation or cause customers to leave.

Watch out for: It requires training to set up.

 4. Seon

Source: Seon

Seon is a fraud protection company that offers unlimited customizing, machine learning, behavior analytics, digital and social media lookup, bespoke risk scores and rules, Whitebox machine learning, social media platform lookup, and address profiling.

Seon’s machine learning technology analyzes data to determine which patterns are associated with the fraud. The company’s behavior analytics software looks for behavioral abnormalities that could indicate fraudulent activity.

Seon also offers a social media platform lookup service that allows businesses to see which platforms their customers are using. In addition, Seon’s address profiling service helps businesses verify their customers’ addresses. By offering these services, Seon provides businesses with the tools to protect themselves from fraud.

Pricing: From $299 per month with a 14-day free trial.

Notable Features:

  • Machine learning
  • Behavior analytics
  • Social media platform lookup
  • Address profiling
  • Whitebox machine learning
  • 14-day free trial

Summary

Seon’s machine learning technology analyzes data to determine which patterns are associated with the fraud. The company’s behavior analytics software looks for behavioral abnormalities that could indicate fraudulent activity. 

Watch Out For: Customer support could be better.

5.NoFraud

Source: NoFraud

NoFraud is one of the leading providers of real-time fraud detection software & tools. NoFraud’s fraud detection software uses machine learning and artificial intelligence to provide businesses with the most comprehensive fraud protection.

With NoFraud, businesses can increase their sales while reducing fraud losses. NoFraud’s software is easy to use and integrates seamlessly with all major eCommerce platforms.

The software is constantly updated with the latest fraud trends and patterns. This allows businesses to stay ahead of the curve and prevent fraud before it happens. NoFraud also offers 24/7 customer support to help businesses protect and grow their data.

NoFraud’s software integrates with all major eCommerce platforms, making it easy for businesses to protect their data and transactions. NoFraud also offers a wide range of integration options, making it easy for businesses to customize their fraud protection solutions.

Pricing: Available on request.

Notable Features

  • Activity tracking
  • Activity Dashboard
  • Alerts / Escalation
  • Custom Fraud Rules
  • Real-Time Analytics
  • Real-Time Data
  • Real-Time Monitoring
  • Risk Analytics
  • Third-Party Integrations

Summary

With the number of features of Nofraud detection software & tools, it is one of the top choices for businesses of all sizes. NoFraud’s fraud detection software uses machine learning and artificial intelligence to provide businesses with the most comprehensive fraud protection available.

Watch out for: A monitoring team is required to run the software.

6.Eye4Fraud

Source: Eye4Fraud

Eye4Fraud provides some of the most comprehensive fraud detection tools today. ID Analytics is an important feature that helps to identify potential fraudsters based on their behavior.

Intelligent Reporting provides real-time fraudulent activity monitoring, making identifying and investigating cases easier. Quality support is also crucial, and Eye4Fraud offers a team of experienced professionals who can help you resolve issues quickly and efficiently.

Finally, ease of use is another important consideration, and Eye4Fraud’s interface is designed to be user-friendly and straightforward. These features make Eye4Fraud an ideal choice for businesses looking to protect themselves from fraud.

Pricing: Available on request.

Notable Features

  • ID Analytics
  • Alerts administrators for suspected fraud
  • Intelligent Reporting
  • Real-time Monitoring
  • Quality support
  • Ease to use
  • Enhance customer insights
  • Advanced artificial intelligence

Summary

Eye4fraud is a fraud detection and prevention service that uses cutting-edge technology to help businesses identify and prevent fraudulent activity. The service is incredibly accurate, and it has helped countless businesses save money by preventing fraud before it occurs.

Eye4fraud is easy to use and offers a free trial so businesses can see how the service can benefit them. The company also offers several different pricing plans to fit the needs of any business. Whether a business is large or small, Eye4fraud can help them protect themselves from fraud.

Watch out for: Pricing not transparent

7. Prove

Source: Prove

Prove is a leading fraud detection tool that offers a comprehensive suite of features to help businesses manage compliance and prevent fraud. Alerts and notifications help keep businesses informed of potential risks, while access controls and permissions help ensure only authorized individuals have access to sensitive data.

Biometrics such as fingerprint scanning and iris recognition can also be used to verify the identity of individuals attempting to access protected systems. Prove helps businesses keep their data safe from unauthorized access and theft by utilizing these and other powerful fraud detection tools.

Notable companies such as Paypal, Mastercard, Binance US, Synchrony, and many more rely on Arkose Labs’ platform to eliminate advanced bots, annoy fraudsters, and simplify and secure online consumer interactions.

Pricing: Available on request

Notable Features

  • Fraud Detection
  • Comprehensive reporting
  • Flexible deployment
  • Detect anomalous behavior
  • Data analytics and machine learning

Summary

Prove is a fraud detection software that utilizes various tools to prevent fraud. Alerts and notifications help to keep users informed of suspicious activity, while compliance management ensures that data is appropriately collected and stored.

Access controls and permissions help to restrict access to sensitive data, while biometrics provides an additional layer of security. Prove is an essential tool for businesses of all sizes that are looking to protect themselves from the risk of fraud.

Watch out for: Product prices need to be more transparent.

Choosing The Right Fraud Detection Software and Tools for Your Business

When choosing the right fraud detection software and tools for your business, consider the following factors before investing.

Automation Level

It is important to consider the automation level of the software. Some software is designed to be largely automated, while others require more manual input from users. 

Automated systems can be more accurate and efficient but may also generate more false positives. On the other hand, manual systems may be less accurate but can provide more flexibility and control. The right approach for your business will depend on your specific needs and preferences.

Comprehensiveness and Self-Learning Capability

It is important to consider these two factors when deciding on what fraud detection software to buy to protect your business from fraud. First, you’ll want to ensure that the software you select is comprehensive in its approach to fraud detection.

It should be able to identify a wide range of fraudulent activities, including those that occur online, through email, and over the phone. Additionally, it should be able to detect both internal and external fraud.

Second, you’ll want to ensure that the software you select has a strong self-learning capability. This means it will be able to continually adapt and improve its fraud detection capabilities as new and more sophisticated scams emerge.

Multiple Protection Layers

Another factor to consider is multiple protection layers. This can include machine learning, data analytics, artificial intelligence (AI), and more. You can better detect, deter, and prevent fraud by utilizing multiple protection layers.

Machine learning can aid in the detection of patterns in data that may indicate fraud. Data analytics can reveal which transactions are most likely to be fraudulent. AI can assist in automatically detecting suspicious activity. Using multiple layers of protection, you can detect and prevent fraud.

Integration and Deployment

Integration ensures that the software will work seamlessly with your existing systems, while deployment determines how quickly and easily the system can be up and running.

Ideally, you want a solution that is both easy to deploy and integrates seamlessly with your existing infrastructure. This way, you can get the most value out of the system and avoid any headaches down the road.

Compliance with Security Standards

Compliance with security standards is an essential factor before going for fraud detection and tool software. There are several security standards that businesses must comply with, including the Payment Card Industry Data Security Standard (PCI DSS), the Sarbanes-Oxley Act (SOX), and the Gramm-Leach-Bliley Act (GLBA).

Failure to comply with these standards can result in hefty fines, penalties, and damage to your reputation. When evaluating fraud detection software and tools, check that they meet all relevant security standards.

This will help ensure that your data is protected and that your business complies with the law. 

Customer Support

No matter how sophisticated or user-friendly a given platform may be, there will always be instances where you need expert assistance. Whether it’s resolving a dispute, troubleshooting an issue, or simply getting advice on best practices, having access to quality customer support can make all the difference.

Look for a provider that offers 24/7 support via live chat, email, or phone. In addition, be sure to check out online customer reviews to get a sense of a company’s reputation for service. 

By taking the time to research your options, you can ensure that you choose a fraud detection solution that meets your needs – and provides the level of support you need to keep your business running smoothly.

Wrapping Up

There is no one-size-fits-all solution to fraud detection. The best software and tools for your business will depend on several factors, including the size and scope of your operation, the types of fraud you’re most likely to encounter, and your budget.

By evaluating your needs, you can ensure that you choose a solution that is well-suited to your business. In addition, be sure to keep the factors we’ve discussed in mind – from multiple protection layers to customer support – to ensure that you select the best possible option for your company.

Want to learn more about fraud detection software and tools? Contact us today at Dashwire.com.

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