TechDogs-"Top 5 Fraud Detection Software Of 2022"

IT Security

Top 5 Fraud Detection Software Of 2022

By TechDogs Editorial Team

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Overview

Back in April 2020, the data of more than 500,000 Zoom users was leaked and sold on the dark web for less than a penny each. Yes, it was like a Black Friday sale for cyber-villains! Rogue automated bots used compromised credentials to log into other platforms in a massive online attack. Cyber-baddies know that most individuals recycle the same passwords across services and platforms. We mean, presumably, you too use the same couple of passwords for all your digital activities, right? #BeCyberAware

Well, it wasn't just Zoom - digital risk protection firm Digital Shadows reported that employee credential for 97% of the top 1,000 global firms are obtainable online. Thus, scams such as Business Email Compromise (BEC) or CEO fraud, where threat actors impersonate C-suite executives, have caused over $12 billion losses in 2020. Enterprises need security systems that alert them about irregular logins, unusual financial transactions or any possible fraudulent activities.

Fortunately for them, robust Fraud Detection Software allow businesses to combine historical data with predictive analytics to identify fraudulent events in real-time. Ecommerce, retail and digital banking enterprises are enormous fans of this tool. So, are you ready to become a fan too?

Presenting - the Top 5 Fraud Detection Software in 2022!
TechDogs-How Will You Wolf Me Out?-"Top 5 Fraud Detection Software Of 2022"
Remember receiving an email asking if it was really you initiating the transaction to buy a Dolce & Gabbana handbag at 2 AM? Or a smartphone notification from Google when you log into Gmail using a new device? While most of us go "Yes, of course, it's me!" and ignore it, the rising notoriety of cyber-criminals and hackers make businesses super-concerned about identity and transaction verification.

You see, cyber villains didn't miss the opportunity to pounce on new vulnerabilities as businesses transitioned from in-person to remote interactions last year. Bad actors (literally and figuratively!) pretending to be CEOs or service executives of major brands defrauded consumers through fake social media accounts, emails, calls and websites. The damage due to identity fraud was $56 billion in 2020. This number is projected to increase to over $721 billion this year!

Thanks to the top Fraud Detection Software in the market, businesses are now adapting. They can detect and prevent fraudulent activities in real-time while improving customer satisfaction by offering top-notch preventive security measures. Interested?

Check out these 5 Fraud Detection Software for your business - because Danny Ocean just won't give it a rest!
 

Top 5 Fraud Detection Software Of 2022


Fraud Detection Software help businesses prevent illegal activities by continuously monitoring and assessing risks to identify potentially fraudulent transactions, payments, logins, etc. From digital payment fraud to sensitive data leaks to account takeovers - this software offers a 360-degree protection!

Presenting the Top 5 Fraud Detection Software in the market, in random order.
 
ClearSale
ClearSale
Signifyd
Signifyd
Riskified
Riskified
IBM Trusteer
IBM Trusteer
Forter
Forter
 

Tool 1: ClearSale


ClearSale was founded in Brazil in 2001 and provides fraud management and chargeback guarantee services to over 3,000 customers. They work with some major labels, including Calvin Klein, Chanel, Ray-Ban and Walmart. According to review site G2, ClearSale is a leading platform for businesses in 2022 based on their high customer satisfaction and significant market presence.

TechDogs-"Tool 1: ClearSale"-Image Screenshot Of ClearSale - ClearSale's Fraud Detection Software Identifies Fraudulent Transactions Using A Combination Of Machine Learning (ML) And Human Interaction
ClearSale's Fraud Detection Software identifies fraudulent transactions using a combination of Machine Learning (ML) and human interaction, that is, their dedicated team of over 1000+ analysts. Hence, customers are guaranteed a two-level filter – 1) The software's proprietary Artificial Intelligence (AI) technology and 2) a specialized fraud analyst who manually reviews the transaction. This brings the false declines (legitimate transactions tagged as fraud) to virtually zero and increases the level of customer satisfaction.

ClearSale was the first company to offer chargeback guarantees way back in the 2000s. This service helps your business get financial compensation for fraud-related costs if the software lets a fraudulent transaction occur. This tool's other top features include financial transaction scoring and risk assessment, intelligence reporting, real-time monitoring, etc. What more do you need to protect your business from fraud and ensure you only pay for approved transactions? Nothing - that's right!
 

Tool 2: Signifyd


Signifyd provides fraud prevention and analytics technologies on a Software as a Service (SaaS) model to online retailers and marketplaces. It is headquartered in New York and boasts users among the Fortune 1000 and Internet Retailer Top 500 lists - and why not? A Forrester study found that switching from legacy system to Signifyd could save businesses $4.8 million over three years!

TechDogs-"Tool 2: Signifyd"-Image Screenshot Of Signifyd - Signifyd Works Primarily To Help Online Merchants Provide Customers With A Secure Purchasing Experience. It Also Assists In Identifying Fraud Analytics Reviews By Competitors Or Malicious Actors. No More Gaming The System, Foes!
Signifyd, like most Fraud Detection Software, leverages Artificial Intelligence (AI), Big Data and Machine Learning (ML) to automatically identify anomalies. Signifyd works primarily to help online merchants provide customers with a secure purchasing experience. It also assists in identifying fraud reviews by competitors or malicious actors. No more gaming the system, foes!

Signifyd flourishes in streamlining sales processes by identifying false positives quickly and automatically cancelling fraudulent transactions. Imagine this - Signifyd processed over $1 million in transactions in a minute during Thanksgiving in 2017 and 99.5% of the transactions were classified in under half a second! However, in some financial crime cases and fraudulent claims, experts manually investigate transactions after the software analyzes them. If any transaction is marked 'secure' erroneously, Signifyd takes financial liability for it. No wonder businesses love them!
 

Tool 3: Riskified


Riskified is an Israeli publicly traded firm that provides its customers with fraud and chargeback prevention technology on a Software as a Service (SaaS) model. It is one of the younger companies on this list, founded only in 2012! Yet, Riskified topped Calcalist's Top 50 Startups list in 2019, beating out more experienced players in the game. Underdog story, anyone?

TechDogs-"Tool 3: Riskified"-Image Screenshot of Riskified -  Riskified's Powerful Machine-Learning Algorithms Allow Users To Review Each Fraud Transaction Manually - Without It Becoming A Headache
Riskified works with some of the world's largest brands, including Prada, Peloton and Steve Madden. Inaccurate fraud detection (especially false positives) cost these businesses, decreasing customer satisfaction and hurting the brand's image. Riskified's powerful Machine Learning algorithms allow users to review each fraud transaction manually - without it becoming a headache. How, you ask? Users can dive deep into the data analysis using the Control Center, which explains why each order was declined.

The tool's accurate fraud review also decreases false orders, allowing orders to ship sooner. Be it through mobile platforms, websites or BOPIS (Buy Online Pickup In-Store). Riskified lets vendors approve or decline orders instantly so that customers can shop securely with a smooth, frictionless experience. Another awesome feature is that Riskified allows you to customize the level of control if too many orders are wrongly flagged as fraud.
 

Tool 4: IBM Trusteer


International Business Machines Corporation, better known as IBM, is an American technology enterprise headquartered in New York. Since starting in 1911, their operations now cover over 171 countries worldwide - we mean, who hasn't heard of them! IBM acquired Trusteer in 2013 and now provides the revamped software primarily to the banking industry for fraud detection applications.

TechDogs-"Tool 4: IBM Trusteer"-Image Screenshot of IBM Trusteer -  IBM Security Trusteer Pinpoint Detect Uses Artificial Intelligence And Machine Learning To Distinguish Fraudulent Transactions By Separating Malicious Users From Genuine Customers
IBM's cloud-based Fraud Detection Software goes by the moniker of Security Trusteer Pinpoint Detect. It is designed to help organizations swiftly verify digital identity. This helps them create a seamless customer experience with a high degree of digital security. IBM Security Trusteer Pinpoint Detect uses Artificial Intelligence and Machine Learning to distinguish fraudulent transactions by separating malicious users from genuine customers. How does it do that? Simple - its real-time risk assessment is based on a global, cross-organizational dataset validated by expert threat researchers.

Among the plethora of industry-standard features, the one that stands out is its ability to discover malware-infected end-user devices. You see, fraudsters are savvy and sometimes "piggyback" on other users' devices for their malicious activities. Trusteer supports financial institutions and antivirus applications by declining transactions from infected devices, preventing potential phishing and digital identity fraud.
 

Tool 5: Forter


Forter is a Software as a Service (SaaS) firm based in New York that provides fraud prevention technology to online retailers. They claim to be the "only fraud prevention platform powered by the largest network of online retailers," allowing them to verify genuine customers based on real-life transactional data. Moreover, Forter was named in "Gartner's 2020 Market Guide" for Online Fraud Detection, focused on identity proofing and authentication.

TechDogs-"Tool 5: Forter"-Image Screenshot Of Forter - Forter's Software Eliminates False Decline Rates And Gives Businesses Contextual Information To Determine Whether An Order Is Fraudulent Or Authentic
If that wasn't enough to make their case - Nordstrom, Citizen and Instacart are some of the notable brands that rely on Forter to provide a smooth customer experience to buyers across all digital touchpoints. Forter's software eliminates false decline rates and gives businesses contextual information to determine whether an order is fraudulent or authentic. The tool meets all security compliances such as PSD2 and PCI to give your customers (and you!) peace of mind.

Apart from a customizable and fully automated platform, Forter provides innovative routing features for shoppers. This ensures that fraudulent transactions are blocked before reaching the  authorization page. Faster payment approval for genuine customers, lower fraud transactions and reduced operational costs - that's a win-win-win in our book!
 

Conclusion 


TechDogs-"It's A Fraud Gif"-GIF Of - Oprah Gail Winfrey Saying "It's A Fraud!" - She Is An American Talk Show Host, Television Producer, Actress, Author, And Philanthropist
Each year we witness a few major frauds that make us shudder and change our online passwords. However, the inevitable digital explosion caused by the pandemic has tilted the playing field in favor of hackers, fraudsters and Daniel Oceans out there.

Businesses and financial institutions are now ditching traditional old-school security systems for advanced software to level the playing field. Fraud Detection Software is indeed a game-changer in this regard. So, which tool will you be adding to your business arsenal? Let us know in the comments!

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