The Top 10 Fraud Detection and Prevention Solutions

CertifID is an Austin, Texas-based vendor that specializes in wire fraud prevention and recovery. Their platform helps to validate identities before a transaction is permitted. Beyond assisting with payments and protecting your organization from fraud, the solution is also highly valuable in reducing the amount of time spent on fraud and payment investigation. The platform can also offer up to $1 million in direct insurance on each transaction that occurs. It is easily integrated with existing software systems and ensures no interruption to workflows.

CertifID Features:

• Payoff Protect feature which ensures fast payment approvals that are completed quickly and safely
• Reduced call-back procedures
• Wiring information shared safely, with recipients receiving secure emails or text messages notifications
• Wiring information accessed through passworldless authentication
• Proactive fraud recovery service which provides a 24/7 crisis hotline, federal law enforcement engagement, and expedited bank account freezing

Pricing: Pricing is supplied via a quotation request.

Expert Insights’ Comments: CertifID offers a proactive wire fraud detection solution that aims to reduce call-back time and ensure all wire transactions are protected and insured. Users have praised the solution for the PayOff Assist feature – this ensures that money is sent to the correct account – and its ease of use during onboarding and management. Overall, the solution is ideal for those looking to streamline workflows and prevent wire fraud. We would recommend CertifID for SMBs who specialize in law, realty, lending, mortgages, and other organizations who handle a hight number of high value transactions.

Headquartered in São Paulo, ClearSale is a fraud management and chargeback protection company that offers a powerful and robust e-commerce fraud protection solution. The platform helps your organization approve more orders and to prevent false declines, overall enhancing the customer experience. The solution takes an intelligent and proactive approach to security by using sophisticated algorithms, AI, and ML to assess behaviors, learn risks, and detect then block fraudulent payments. Onboarding is designed to be a simple, streamlined process thanks to ClearSale’s API library and client service team. Most plugins can be installed in as little as one hour.

ClearSale Features:

• Financial cover from losses incurred over chargebacks
• Fast onboarding and deployment
• Transparent, clear, and intuitive online dashboard with custom reporting
• Insurance offered on all purchases and chargeback guarantee for SMBs
• End-to-end chargeback service that offers explanations for chargeback reason
• Conducts data audits and evidence collation for regulatory purposes

Pricing: ClearSale offers two pricing models: the KPI option and the Fixed Percentage model. Exact pricing is dependent on organization-specific requirements and size. For further details on this, contact ClearSale directly.

Expert Insights’ Comments: ClearSale is a robust eCommerce fraud protection platform that helps to reduce instances of fraudulent payments, offering insurance, and assistance if a fraudulent payment is successful. It provides strong protection for payments where a card is not present, such as web, email, phone, mail, and virtual terminal orders. SMBs who need to eliminate the risk of chargebacks and financial losses are supported through insurance and guarantees on payments. The support team has been noted for its on-hands approach with dealing with onboarding, queries, and issues. The solution is powerful, adaptable, and intelligent, making it the ideal solution for SMBs and smaller organizations.

Fraud.net is an end-to-end fraud management and revenue enhancement solution that caters for digital enterprises and fintechs operating on a global scale. It is a cloud-based platform that harnesses AI to provide proactive fraud detection and blocking in real-time, assist with customer onboarding, and workflow monitoring. The solution provides actionable insights in real-time. You can customize and configure rules and policies to suit your company’s needs.

Fraud.net Features:

• Customizable block and allow lists
• User authentication based on IP address, social media, email, and other open information
• Multi-factor authentication implementation
• KYC/AML platform
• Uses ML to aggregate and enrich data from billions of sources to stay ahead of attack trends
• Case management analytics and reporting

Pricing: Pricing is available via a quotation request.

Expert Insights’ Comments: Fraud.net is a highly customizable solution that allows for companies to tailor it so that it can integrate seamlessly. Fraud.net provide five other security tools that can be integrated to enhance your organization’s security hygiene. Fraud.net Transactional AI is pervasive and intelligent – it utilizes AI to identify instances of fraud before it affects your business. The platform delivers real-time, actionable alerts with risk scores for every single transaction. Users have praised the solution for its effectiveness and ease of onboarding via the management platform. Accessible and customizable, we would recommend Fraud.net for organizations of all sizes who would benefit from the ML and AI backed analysis capabilities.

Kount is a Boise, Idaho-based fraud detection and prevention specialist that is highly regarded in the industry. Kount’s e-commerce protection solution, Identity Trust Platform, can swiftly and effectively block fraudulent payments and instances of account takeover in real-time.  Their platform is AI-driven and enhanced by threat intelligence feeds that collate data and information from all over the world. It is a highly customizable solution that can be operated at scale, with automation set for approval based on preconfigured policy requirements. Support is available for initial onboarding and deployment. The solution is ideal for preventing digital payment fraud and managing disputes and chargebacks. Ultimately Kount’s solution will lower fraud costs, prevent instances of account takeover, and reduce false declines of payment.

Kount Features:

• Automated payment decisions – this saves your team time
• Reduction in false positives and false declines
• Platform enables background checks on a customer’s history with chargebacks
• Contextual data can be accessed on demand – additional access to a private data storage for enhanced intelligence and decision making
• Offers access to experts for advice on fraud policies, assistance with issues, help to develop internal fraud expertise, and help improve business operations and performance

Pricing: Kount offers three different plans: Kount Command, Kount Control, and Kount Central. Platforms and solutions can be tailored to a business’ needs, with a range of add-ons available to enhance the solution’s capabilities. Exact pricing is supplied via a quotation request.

Expert Insights’ Comments: Kount’s Identity Trust Platform is a robust platform that unites a host of powerful solutions to create a fraud detection and prevention solution this also improves user experience, enhances performance, and contextualizes data and threats. Kount has been praised by users for their extensive expertise and assistance with issues and onboarding. Kount is a highly effective platform with an advanced feature-set. With this in mind, we would recommend the Kount Identity Platform for enterprise level organizations who need a strong solution with granular configurability.

NoFraud is a fraud detection and prevention company that integrates directly with your e-commerce platform to provide intelligent insights and continued monitoring. The NoFraud platform is comprised of NoFraud Checkout, NoFraud Protection, and NoFraud Managed Services. It uses human and artificial intelligence to detect, block, and accept transactions, thereby ensuring that admins don’t have to manually perform these actions. It is a user centric solution that is highly customizable platform. Efficient user verification and authentication ensures that the user experience is easy and secure. The setup and onboarding of NoFraud is simple, with out-of-the-box integrations ready to connect with many e-commerce platforms.

NoFraud Features:

• AI-led analysis of hundreds of data points per transaction
• Trained experts to assist in detection of anomalies and fraudulent users
• Provides a 100% financial guarantee against chargebacks
• Global analyst team is available 24/7
• Customizable allow- and block-lists to bypass fraud analysis for trusted customers and resellers
• Can verify identities in real-time, with verification by email, text, and voice
• Customizable emails allow you to include company domain and branding

Pricing: Exact pricing details can be requested by contacting NoFraud directly. There are, however, no set up fees.

Expert Insights’ Comments: NoFraud’s fraud detection and prevention platform utilizes AI, supported by human intelligence, to identify even the highest quality of fraudulent attempts. The platform helps to heavily reduce the number of fraudulent payments and offers financial security by covering any instances of chargebacks. By integrating the AI capabilities with the eCommerce platform, fraud analysis can be carried out immediately. If an order is voided, it is automatically cancelled before the order is sent to the company. The solution can also provide context on payments and users for in-depth analysis of orders that may fall into a grey area. Whilst NoFraud strives to eliminate instances of chargebacks, if they do happen, NoFraud will cover the cost. This, twinned with the platform’s ease-of-use and manageability, makes it a strong choice for e-commerce organization in the small to mid-market range.

Prove is predominantly an identity and authentication manager, but its user risk analysis features warrant its place on this list. Users will enter and confirm their identity via a mobile phone before they are able to go forward with purchases. Prove’s solution enables customers to make transactions seamlessly and securely. The solution prioritizes fluidity and a frictionless user experience.

Prove Identity Features:

• Mobile Auth uses passive authentication on all mobile logins and signups – this eliminates the need for passcodes, OTPs, PINs
• Gives users trust score through contextual analysis
• Know your customer features included – ensures you have intelligence of a user’s identity and behavior to ensure transactions are appropriate
• Ability to pre-populate application forms with verified identity information
• Global coverage provided and 14 languages supported

Pricing: Contact Prove directly for information on pricing.

Expert Insights’ Comments: The Prove Identity platform is an intuitive and forward-thinking platform from a well-respected vendor in the financial and fraud security sphere. It offers a passwordless solution that helps to reduce customer fatigue and reduces friction through a seamless verification process. Even through the streamlined process, the process remains secure and effective. Pre-filled credentials further reduce friction, ensuring that the approach to security is accessible and manageable for users and admins. Prove Identity Network checks identities against anti-money laundering (AML) frameworks, sanctions and conducts PEP screening across the globe. We would recommend Prove for medium to larger organizations, especially those with markets that span multiple countries.

Riskified is an Israeli company founded in 2012 that specializes in fraud detection and response solutions specifically for the e-commerce market. Their solution works as an e-commerce risk management platform that leverages machine learning to aggregate data, drive sales, reduce friction, identify users, and secure payments for organizations. Data and intelligence are collated continuously – this includes device data and behavioral insights. Data gathered is extensive and highly granular, allowing your team to take informed decisions.

Riskified Features:

• Autonomous AI monitors all traffic across the network to detect anomalies, flag fraudulent activity, and assists the Riskified experts respond to emerging and active threats
• Machine learning can assess mass amounts of data and cross-reference it with insights from over a billion historical transactions executed on Riskified’s Merchant Network
• 24/7 risk analysts can monitor performance and adjust thresholds to protect unique interests
• A powerful control center with extensive visibility provides dashboards with real-time performance data, analytics, and behavioral trends
• Fraud analysts and call center agents to assist and advise with customer interactions

Riskified Pricing: Contact Riskified directly for information on pricing.

Expert Insights’ Comments: Riskified is a smart solution that is suited to enhancing, protecting, and approving payments for your business, while its powerful fraud detection tools help your organization combat fraud. Its robust fraud screening capabilities reduce the workload for your team, improve payment rates, and reduce chargeback rates. Users have praised the platform for its extensive visibility, ease of use, and simple deployment. We would recommend Riskified for e-commerce and online retailers who need a reliable solution and to free up time through automating processes.

SEON is a Hungarian technology company whose fraud detection platform is used by many high-profile organizations. Their solution is highly accurate, modular, and has a wealth of intuitive and adaptive tools to help your organization detect, mitigate, and block financial fraud. SEON searches for fraud patterns and behaviors, then combines open data – digital accounts, social media, phone, email, and devices – in real-time to add context to transactions. AML KYC, Email, Phone and IP analysis modules and extensive integrations make this a versatile and useful solution. Admins are offered extensive, granular control over policy configuration with suggestions based on historical business data.

SEON Features:

• REST API can be integrated via code
• Behavioral analytics run data through scoring algorithms and velocity parameters to help identify fraudulent behavior
• Customizable risk score, rules, and policies
• Email analysis and address profiling
• AML KYC module ensures compliance with financial fraud bodies
• Data enrichment based on contextual user information

Pricing: SEON has two options: a Pro and Free version. The Free version has limited capabilities, with a maximum of 2000 API calls per month, 2 QPS, and in-product support responses within 48 hours. The Pro version costs $299/month and provides 4000 APIS, calls included, 10+ QPS, and premium support services with responses within 24 hours. A free trial is also available.

Expert Insights’ Comments: SEON’s Fraud Detection platform offers a comprehensive suite of intuitive tools that help to deliver anti-fraud protection while also ensuring streamlined payments and enhanced user experiences with minimal friction. Admins can manage the solution through a clean interface that offers collaboration tools, customer filters, reporting capabilities, logging features, a scoring engine, and customizable widgets. Users have praised the platform for its targeted insights and contextualized data, as well as its usability. We would recommend SEON for SMBs as the modular options and range of integrations mean that this solution has a wide number of use cases.

Sift is a San Francisco based company that offers a consolidated and fully stacked fraud detection and prevention platform. It blends content integrity, payment protection, dispute management, and passwordless authentication to provide a comprehensive solution. The automated platform is powered by threat intelligence and machine learning, making it flexible. Admins can create and manage custom fraud policies relevant to their organization through an efficient dashboard. The platform is supported by a decision management engine that ensures organizations make safer and more strategic business decisions. The solution can help to prioritize complex and pressing cases for streamlined targeting and remediation.

Sift Digital Trust & Safety Platform Features:

• Passwordless authentication for streamlined user experience
• Fast and easy data report generation
• Global decision engine that uses ML to block fraudulent activity in real-time
• Highly customizable with ability to connect to multiple data sources
• Easy onboarding and management
• Leverages a global data network that processes over 70 billion monthly events from over 34,000 sites and apps

Pricing: Pricing is supplied via a quotation request.

Expert Insights’ Comments: Sift’s fraud detection and prevention platform is a powerful tool that utilizes automation, intelligence, and ML to prevent instances of fraud effectively. It aggregates user and customer information for quick and easy analysis. All management is performed centrally from a clean and manageable dashboard. Users have praised the platform for its ease of use and clear presentation of information. The platform’s search functions are fast and effective. We would recommend Sift’s Digital Trust And Safety Platform for SMBs in the fintech, retail, e-commerce, and payment service provider industries.

Signifyd is a fraud detection and prevention vendor that specifically caters to the e-commerce market. Their solution offers three comprehensive services including revenue protection, abuse prevention, and payment compliance. Signifyd is a strong solution with a high detection rate and intuitive interface. Their solution combats a range of fraud and finance related issues, whilst offering extensive account protection and payment optimization. The solution also offers SCA exemption management as well as chargeback recovery capabilities.

Signifyd Features:

• Auth rate optimization
• Machine learning offers contextual insights of network activities
• Insight reporting allows for analysis of performance health across areas such as geographies, product lines, or payment methods
• Agent console allows for investigations into reasons for transaction approval or denial
• Streamlined user experience with clean and intuitive dashboards

Pricing: Pricing is supplied via a quotation request.

Expert Insights’ Comments: Signifyd is an e-commerce-oriented product, with tools specifically aimed to help organizations manage a high frequency of transactions. The platform leverages a global commerce network to help enhance customer experiences while eliminating instances of fraud. The solution has been noted for its ease of use and during initial onboarding. Overall, it offers an intuitive approach with no manual reviews needed from a human perspective thanks to Signifyd’s thorough payment checks. We would recommend Signifyd for all e-commerce needing a solution that doesn’t require extensive oversight.