5 Best Fraud Detection Software 2021

5 Best Fraud Detection Software 2021

These days, as we move towards cashless payments in terms of merchandise, restaurants, etc., save time. Unfortunately, rising sales can mean not only income but also higher losses due to fraud. Therefore, businesses need to take precautionary measures against fraud. To make their anti-fraud strategies work, organizations must ensure that they accept only legal transactions and provide immediate user authentication. When these activities are organized, you can access non-disputing customers’ experiences while minimizing the risk of fraud-related losses.

Fraudulent software is used to detect illegal activities and dangerous transactions made online. Also, you can use these tools in e-commerce businesses, digital banking companies, and law enforcement agencies to regularly monitor potential fraudulent activities.

Here, we present the five fraud detection software for 2021. In the software list, you can choose the best one to reduce the loss of your business due to fraud.

ProductFeaturesLink

FraudLabs Pro

FraudLabs Pro is a premium fraud detection software that helps merchants protect their online business from malicious scammers.
KountKount is the leading digital fraud management solution and risk reduction solution.
SASSAS has proven the best ways and means to help you develop a culture that knows the risk, raises money, makes money, and meets legal requirements.
Riskified Riskified promotes the global eCommerce of major international brands. Preventing eCommerce fraud costs businesses billions in refunds, overtime, and unnecessarily prohibited orders.

Seon Fraud Fighter

Fraudulent financial institution and fintech fraud detection. Enrich real-time data, risk scoring & white reading box.

Best Fraud Detection Software 2021

FraudLabs

Fraud-Labs

FraudLabs Pro is a premium fraud detection software that helps merchants protect their online business from malicious scammers. With this, make a complete fraud verification for all things like geolocation, proxy, email, credit card, transaction speed, and others to get fraudulent instructions accurately. Depending on your business’s needs, this software allows you to customize over 40 authentication fraud protection laws. From now on, it helps the seller to increase his earnings and reduce refunds or fraud losses. Without the use of a fraud detection tool, this could be a complicated process.FraudLabs Pro – Fraud Detection Software

Features

The FraudLabs Pro analysis engine examines performance parameters and reports fraud analysis in a separate second.

With this software, merchants can quickly decide on the following action based on the distribution of fraud or custom rules based on circumstances.

By detecting fraud, this software utilizes farmer list information and machine learning technologies, such as IP address, email address, credit cards, and devices. All of this high-quality data is proven to capture fraud cases effectively.

FraudLabs Pro allows you to learn new fraud patterns using the machine learning method. As a result, it improves prediction and fraudulent fraud.

By successfully detecting malicious fraud, FraudLabs Pro uses order transaction verification. This verification can be:

IP address validation using IP2Location

Anonymous proxy authentication using IP2Proxy

Verification and shipping address

Verification of shipping or shipping address

Email address verification using 

MailBoxValidator and more.

Price

This service offers you free and paid packages. Details of all these packages are provided below:

Micro: With this free program, you’ll get 500 questions/mo, five verification rules, and general support. Apart from this, the package also offers many valuable features and validation.

Day ($ 25.95 / month): With this program, you will receive 1,500 questions/mo, five verification rules, one collection rule, and advanced support. It also provides custom country verification, email verification check, and public profile query features along with all Micro Plan authentication.

Minimum ($ 99.95 / month): With this program, you will receive 5000 questions/mo, ten verification rules, two collection rules, etc., and import and export regulations.

Average ($ 249.95 / month): Here, you will find 25000 questions/mo, 20 verification rules, five collection rules, and advanced support. Along with all the Minimum Program authentication and features, it also provides usernames with high risk and password authentication.

Maximum ($ 499.95 / month): You will receive 100,000 inquiries/mo, 30 verification rules, ten collection rules, and advanced support. Along with all the features of the Medium Plan, it provides country-controlled export validation.

Business ($ 1249.95 / month): Through this program, you will receive 500,000 inquiries/mo, 40 verification rules, 20 collection laws, and advanced support. Along with all the features mentioned above, it also provides malware exploitation verification.

From these six plans, you can choose the one that best suits your needs and needs.

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Kount

Kount

Kount is the leading digital fraud management solution and risk reduction solution. Therefore, it provides a platform for businesses to increase their ability to take orders from online customers by eliminating the risk of fraud and retaliation. Verification of its ownership and online verification technology empowers digital businesses, online retailers, and payment service providers worldwide. Also, this platform can be customized and built to suit the specific needs of all types of small, medium, and large businesses. It includes a wide range of tools and features to suit your business needs and risk tolerance. Other essential tools include device insertion, fingerprint scanning, proxy piercing, geolocating, and a unique Kount school. Additionally, like the online platform, Kount’s solution can be installed quickly without requiring clunky hardware or expensive installation.

Features

Kount uses various fraud detection technologies such as copyrighted machine learning, advanced artificial intelligence, and fingerprints for many devices.

With Kounts, businesses can track why transactions have been rejected, what significant and current risks are, where customers order, high traffic times, and many more.

Provides mobile fraud detection functionality. Thanks to this feature, the software reduces the deception of mobile apps, mobile wallets, and more.

Kount automatically provides a current environment and historical understanding of each transaction, helping organizations make wise decisions.

It also uses IP proxy detection and geolocation tracking technology to detect any suspicious activity.

Price

Kount pricing plans start at $ 1,000 / mo. Also, the price varies depending on the number of services you plan to use. For more information, you need to contact the seller to get your custom price rating.

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SAS

SAS

No matter how high your business puts you at risk, SAS has proven the best ways and means to help you develop a culture that knows the risk, raises money, makes money, and meets legal requirements. It provides high-level analytics at the hands of your risk experts to ensure maximum efficiency and transparency. Also, it finds the right balance between short- and long-term strategies. By reducing the risk level, SAS assists you in reporting, managing, and improving your entire organization’s financial performance. See the list of great features below and try the free SAS trial!

Features

It updates asset processes with a state-of-the-art risk-based infrastructure that supports unparalleled, high-quality data, workflow statistics, and reporting.

The SAS’s state-of-the-art disaster risk management infrastructure supports scalable, plug-in and play solutions that address your current and future risk.

With SAS, you get the ability to duplicate code at a meager cost.

Provides an intuitive dashboard for credit management systems developed with SAS Visual Analytics.

Price

This fraud detection software offers you a free trial option to experience its features. Also, to know its paid program and to request a custom demo, you need to contact the seller.

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Riskified

Riskified

Riskified promotes the global eCommerce of major international brands. Preventing eCommerce fraud costs businesses billions in refunds, overtime, and unnecessarily prohibited orders. Riskified uses powerful machine learning algorithms to quickly identify good customers and extract bad with a 100% refund guarantee. Retailers can officially approve multiple charges, expand globally and eliminate fraud costs while providing a conflicting customer experience.

Features

It evaluates the risks of each activity based on specific factors and their scores.

Flags made suspiciously or alerted management or refusing to trade.

Actively collects data from suspicious shopping sources and brands of common fraudsters.

Maintains data from external or internal sources associated with fraudulent accounts, checking users are not at risk.

It detects patterns in common fraud cases that you can use when assessing consumer risk.

Warns management when suspected criminal activity or transaction is denied.

It is constantly monitoring the system to detect anomalies in real-time.

Requires credit card verification, bank card, and money transfer before accepting payments.

Monitors and eliminates systems of bots accused of fraud.

It is constantly monitoring the system to detect anomalies in real-time.

Warns management when suspected criminal activity or transaction is denied.

Maintains local records and IP addresses of fraudsters.

Tag users are accused of fraud and identify them when they return.

Prevents former fraudsters from future collaborations.

Monitors and eliminates systems of bots accused of fraud.

Maintains data from external or internal sources associated with fraudulent accounts, checking users are not at risk.

Actively collects data from suspicious shopping sources and brands of common fraudsters.

Reports are generated detailing trends and weaknesses related to payments and fraud.

Reports are generated detailing trends and weaknesses related to payments and fraud.

Tag users are accused of fraud and identify them when they return.

It evaluates the risks of each activity based on specific factors and their scores.

Prevents former fraudsters from future collaborations.

Price

The valuable price information is provided by the software provider or obtained from publicly available pricing items. Final negotiations on risky purchase costs must be made with the seller.

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Seon Fraud Fighter

SEON

Fraudulent financial institution and fintech fraud detection. Enrich real-time data, risk scoring & white reading box.

Onboard most customers have little conflict while complying and competing. Perform a comprehensive analysis of digital measures to prevent customers from using the stolen and mistaken identities. Avoid taking accounts without limiting customer trips. Integrate the SEON fraud management solution with your financial platform and reduce fraud rates by around 0%. 

Features

It evaluates the risks of each activity based on specific factors and their scores.

Flags made suspiciously or alerted management or refusing to trade.

Actively collects data from suspicious shopping sources and brands of common fraudsters.

Maintains data from external or internal sources associated with fraudulent accounts, checking users are not at risk.

It detects patterns in common fraud cases that you can use when assessing consumer risk.

Warns management when suspected criminal activity or transaction is denied.

It is constantly monitoring the system to detect anomalies in real-time.

Requires credit card verification, bank card, and money transfer before accepting payments.

Monitors and eliminates systems of bots accused of fraud.

Monitors and eliminates systems of bots accused of fraud.

It is constantly monitoring the system to detect anomalies in real-time.

Maintains local records and IP addresses of fraudsters.

Tag users are accused of fraud and identify them when they return.

Prevents former fraudsters from future collaborations.

Monitors and eliminates systems of bots accused of fraud.

Maintains data from external or internal sources associated with fraudulent accounts, checking users are not at risk.

Actively collects data from suspicious shopping sources and brands of common fraudsters.

Reports are generated detailing trends and weaknesses related to payments and fraud.

Tag users are accused of fraud and identify them when they return.

It evaluates the risks of each activity based on specific factors and their scores.

Price

To get the price of this software you have to contact the company.

Get More Details Here

Conclusion

As we make a lot of cash payments without buying cash, restaurants, and transportation – not to mention the increase in online shopping – bags carrying official tender can be a thing of the past. According to a 2018 survey by BigCommerce, a software vendor and payment solution provider, 51 percent of Americans think online shopping is the best option. Last year, 1.66 billion people bought goods online. And the number of digital consumers is expected to exceed 2.14 billion.

Unfortunately, rising sales can mean not only huge revenue but also huge losses due to fraud. For example, 63 percent of businesses participating in Experian’s 2018 Global Fraud and Identity Report say they have the same or higher rate of such losses over the past year.

Businesses take steps to protect themselves from fraud. To make their anti-fraud strategies work, organizations must ensure that they only accept official transactions and provide immediate user confirmation. When these activities are organized, you can achieve a seamless customer experience while minimizing the risk of fraud-related losses.

That is why you should be using fraud detection software.

5 Best Fraud Detection Software 2021

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