22 Feb 5 Best Fraud Detection Software Companies
Fraud detection software is the simplest and most secure way to make sure that your e-commerce company’s data and finances are safe.
With so many companies offering fraud detection software, it can be hard to decipher for yourself which ones are worth the money.
If you’re looking for the best fraud detection software for your business, you came to the right place. Here are my top picks for the best fraud detection software companies.
Best Fraud Detection Software Companies
Riskified
The fact that three of the top ten internet retailers use their services, it’s easy to understand why e-Commerce fraud detection software company Riskified made the list.
Their approach is to “empower businesses to realize the full potential of eCommerce by making it safe, accessible, and frictionless,” which they accomplish with their easy-to-use format.
This company also goes beyond just detecting fraud and has expanded to include protecting customers from any account takeover attacks and preventing payment failures at checkout.
Riskified does all of this while always on the search for new and innovative ways to protect both customers and companies from fraud.
- Read our Riskified review
Signifyd
In order for any e-Commerce company to succeed and experience financial growth, the safety and security of transactions have to come first. To make security one less thing that you have to worry about, Signifyd keeps customers and business owners protected from fraud.
The approach that Signifyd takes includes:
- Fraud protection
- Abuse prevention
- Account protection
- Payment optimization
They have the numbers to prove their work. On average, Signifyd empowers merchants to approve 5-7% more orders.
What sets them apart is their “Commerce Network” that immediately recognizes legitimate customers, allowing them to process their payment more quickly.
- Read our Signifyd review
Sift
Sift views the protection of data as just part of a larger picture that companies need to give attention to. And it delivers a more all-inclusive approach to preventing fraud.
Their platform is the only one that prevents all types of online abuse and fraud using a single and integrated solution. This streamlined approach makes everything simpler.
The digital trust and safety suite that they offer integrates with your already-existing tech stack, making it easier to start fighting fraud instead of spending time re-doing everything.
Some of the notable clients that use Sift’s fraud detection software include McDonald’s, Doordash, Glassdoor, Wayfair, and even Crypto.com, to name just a few.
- Read our Sift review
Ravelin
Every company needs a different type and level of fraud detection and data protection. This is why Ravelin takes a tailored approach to each of the businesses that use their software.
Their software uses machine learning to identify what your site needs in real-time. It improves its methods over time, constantly re-evaluating to see what fraud detection techniques are working well and expanding upon those.
They also have a database Connect that shows you a clear graph outlining ties between new accounts linked to existing ones. This tool allows you to quickly identify even indirect ties to new accounts that are connected to fraud.
Ravelin’s Investigation team, which is made up of people of all backgrounds including military intelligence, private investigations, and academia, is committed to working closely with their clients. This means that they will advocate for you and keep you updated on a personal level every step of the way.
- Read our Ravelin review
SEON
SEON uses a modular, AI-driven system that accelerates results and saves you time.
They also offer a free trial and pay-as-you-go pricing, making them a more accessible and practical solution to companies that may be smaller or on a budget.
SEON focuses on seamlessly integrating its own software at any online point of authentication.
This frictionless ability to integrate combined with its modular functionalities and data analytics and enrichment makes this fraud detection software company a prime choice for any online merchant, including crypto and high-risk merchant sites.
- Read our SEON review
What is a fraud detection software company?
When running an e-commerce company, there is always one huge concern in the front of your mind: how secure is my point-of-sale system? It can become all too easy for people to make fraudulent purchases using either a fake credit card or someone else’s identity.
Online fraud detection (also known as OFD) is an automated way for companies to ensure that all of their transactions are legitimate.
A fraud detection software company is a business that provides software that conducts online fraud detection. Most of these companies also offer customer service to help business owners navigate the software and troubleshoot issues if they arise.
How does a fraud detection system work?
A fraud detection system work by using strategic analysis to monitor online behavior and identify patterns or strategies that people use to commit fraud online.
Once the fraud detection system has used machine learning to identify these patterns, it’s able to use that information to stop fraudulent activity before it happens.
Whenever suspicious activity is detected, the fraud detection software will automatically flag a lot of the following purchases to keep your site safe.
How much does fraud detection software cost?
The price of fraud detection software depends on how many transactions you do in a month, what validation rules are supported, how many different features you want to use, and what level of customer support you need.
For instance, if you’re a small business doing only a few dozen orders per month, you’re going to get a cheaper plan than a large business that conducts that many sales in a day.
If you only need to chat with customer support through messaging, you will pay less for your fraud detection software versus a company that requires a dedicated project manager to provide 24/7 support.
Taking all of that into account, basic plans can cost anywhere from $25 to $1,000 a month.
How to Choose Fraud Detection Software
With the increasing prevalence of online transactions, fraud detection has become a top priority for businesses of all sizes. There are a number of different fraud detection software programs on the market and choosing the right one can be a challenge. Here are a few things to keep in mind when selecting fraud detection software:
First, consider the specific needs of your business. What types of fraud are you most concerned about? Make sure that the software you select is designed to detect the types of fraud that are most relevant to your business.
Second, take into account the size and complexity of your business. If you have a large and complex operation, you’ll need software that is robust and scalable. On the other hand, if you have a small business with simple transactions, you may be able to get by with a less sophisticated program.
Finally, don’t forget to consider ease of use. The software you select should be easy to install and use, so that you can get up and running quickly and efficiently. With so many options on the market, taking the time to find the right fraud detection software for your business will pay off in the long run.
Summary
Using fraud detection software is an easy way to protect your company’s data and the data of your customers. Go with one of these fraud detection software companies to keep your data safe automatically.