If there is one thing that is important in business, it’s money. As a business, you will want to be constantly making money, and keeping the money you make- that’s only common sense. Unfortunately, your money can be stolen right out from under your nose easier than you’d know. Hackers, fraudsters, and con artists run amok, and as money is increasingly handled online, you will need a solid fraud detection program to prevent you from losing your hard-earned cash to a data leak or a misclick. Luckily for you, this list compiles the best fraud detection software for you to choose from.

Top 3 Best Fraud Detection Software

  1. SEON– Best Fraud Detection Software for Flexibility and Transparency
  2. Fraud.net– Best Fraud Detection Software for Quality Savings
  3. Riskified– Best Fraud Detection Software for General eCommerce

1. SEON– Best Fraud Detection Software for Flexibility and Transparency

PRICING: Starting at $363 per month

In terms of adaptability, you are not likely to do much better than SEON. SEON comes to you from SEON Fraud Fighters, who are a company dedicated to providing only the best software while minimizing money and time lost to fraud. To this end, SEON Fraud Fighters has created their titular SEON program, designed to help even the most high-risk businesses (gambling operators, crypto exchanges, airline ticketing agencies, etc.) manage their fraud risk via a number of powerful, pre-emptive measures. While relatively new, with the company being founded in 2017, Seon is already making a name for itself as a reliable, flexible, and easy-to-use fraud detection software.

KEY FEATURES:

  • Integration with Shopify is available
  • Integration with a number of APIs
  • Considers a number of factors based on user data to flag users as suspicious
  • Powerful device fingerprinting
  • Machine learning algorithm helps analyze your fraud patterns to improve defense
  • Its email analysis program helps determine possible fraudulent data by gaining domain info, social media status, and more from a user’s email address
  • The phone analysis program has the same features, but for phone numbers
  • Detects proxies and open ports in users
  • Cloud-based programming allows admin access from anywhere
  • An intuitive, entirely customizable Admin Panel UI allows you to see whatever you find important

REASONS TO BUY:

  • A two-week free trial is available
  • Schedulable demo available
  • Modifiable parameters allow for customized rules for every business
  • Extremely knowledgable customer support and onboarding staff
  • The email check function is particularly strong and allows manual checking and validation
  • Won ‘Best Ease of Use for Financial Fraud Detection Software’ award on Capterra in 2021
  • Won ‘Best Ease of Use for Risk Management Software’ award on Capterra in 2021

REASONS TO AVOID:

  • The free trial does not cover mobile phones
  • No live support during the free trial
  • IP geolocation may be inaccurate
  • UI may be clunky to navigate
  • Automatic timing out may be too fast for your liking
  • No in-person training is available

2. Fraud.net– Best Fraud Detection Software for Quality Savings

PRICING: Starting at $0.02 per month

For Fraud.net, the name of the game is savings. Fraud.net focuses entirely on saving you money, whether it be from their astoundingly cheap entrance price or by minimizing fraud. Designed for businesses in the financial and digital commerce centers, Fraud.net is a powerful tool dead set on passing the savings onto you. Fraud.net has operated since 2013, Fraud.net focuses on streamlining fraud management and increasing efficiency. If you aren’t yet convinced of their ability to save you money while defending against fraud, their 4.9/5 star reviews are sure to persuade you.

KEY FEATURES:

  • Offers both a rules-based and an AI-based engine, to be used at will
  • Powerful AI analyzes accounts, loan applications, devices, emails, logins, and transactions to detect potential fraud
  • Integration with dozens of third-party programs
  • Options for case management are available
  • Rules can be customized
  • Compliance management and tracking
  • Built-in alerts and notifications
  • Identity verification
  • Minor loan and workflow management features
  • Watch list
  • Invoice monitoring
  • Predictive analytics based on AI findings

REASONS TO BUY:

  • A free demo is available
  • Extremely low starting price in comparison to similar competitors
  • Powerful, fully-automated tools and automated workflows help keep you efficient
  • In-person training available
  • Extremely good customer support
  • In-depth analysis of fraudulent transactions beyond simple ‘approve’ and ‘cancel’
  • While its focus is on saving you money, it is extremely easy to use as well
  • Designed for eCommerce and financial institutions, so it can handle most transactions and even lending
  • It manages to be streamlined and simplified despite its wide variety of features

REASONS TO AVOID:

  • No mobile support is available
  • It may mismatch device IDs to the wrong orders
  • It may be difficult to set up
  • It may mistakenly flag things like internal company emails as potentially fraudulent
  • Names and usernames are case-sensitive
  • Phone and email detection may be lacking features
  • Rule writing may be frustrating, with too many options

3. Riskified– Best Fraud Detection Software for General eCommerce

PRICING: Starting at $0.01 per month, but depends on sales volume, industry, and risk profile

If you’re looking for sheer power over anything else, look no further than Riskified. Founded in 2012, Riskified works with massive brands and eCommerce giants, such as Wish, Ring, Ticketmaster, and Prada. With that kind of pedigree, it’s hard to not take Riskified seriously. Thankfully, Riskified does not just work with big names. Their services are available to any company dealing in eCommerce, meaning you can easily get the same powerful, high-quality service as major companies like Wayfair, no matter the size of your company. If that wasn’t enough to sway you, Riskified also boats a 4.7/5 star rating on Capterra, which proves that their customers are very satisfied.

KEY FEATURES:

  • Data discovery
  • Custom fraud discovery rules
  • Cloud-based, so users can access it from anywhere
  • 100% chargeback guarantee keeps money in your pocket
  • Boasts ‘frictionless’ analysis, with minimal error and false flagging
  • An AI-based system learns your fraud patterns and draws from a global merchant network to help protect you from suspicious actors
  • AI helps detect users who regularly abuse policies
  • Deco system helps turn declines into revenue by responding to a customer who has been wrongfully declined

REASONS TO BUY:

  • In-person training is available
  • 24/7 customer support with a live representative
  • Higher-end customers prove that Riskified can handle any volume of eCommerce, and is powerful enough to be trusted with your transactions
  • A schedulable demo is available
  • Deco system overcomes payment declines, turning up to 20% of potential declines into sales by analyzing a user’s legitimacy and credit risk via AI

REASONS TO AVOID:

  • Does not offer any training videos
  • No free trial is available
  • Filtering can be hard to handle at first and may deny legitimate orders or let fraud through
  • Riskified may not thoroughly explain why a charge was denied
  • Not enough manual control over order reviews

References & Links

  • https://seon.io/resources/the-best-fraud-detection-and-prevention-software-tools/
  • https://www.trustradius.com/fraud-detection
  • https://seon.io/products/
  • https://www.g2.com/products/seon-fraud-fighters/reviews
  • https://www.capterra.com/p/187389/SEON-Sense
  • https://www.capterra.com/p/140814/Fraud-net-Guardian/reviews/
  • https://www.capterra.com/p/140814/Fraud-net-Guardian/#pricing
  • https://info.gartnerdigitalmarkets.com/fraudnet-gdm-lp
  • https://www.capterra.com/p/145184/Riskified/
  • https://www.riskified.com/