Top 8 Fraud Prevention Software To Look Out
While every year witnesses some major fraudulent activities that made headlines, the pandemic lockdown and the digital explosion has forced this year to experience some of the significant breaches that companies have faced. In an article, we have also jotted down some of the biggest breaches of 2020 that have left companies alarmed. With such chaos created by the pandemic, as we move into the next year, companies are now coming out of their traditional fraud prevention systems and looking to adopt advanced software to fight against the opportunist hackers and their sophisticated fraud tactics. This article lists down top eight such fraud prevention software that companies can look out for in 2021. Also Read: Interview with Sudeep Das, IBM Security Systems on Cybersecurity Mantra ClearSale ClearSale is a comprehensive eCommerce fraud prevention solution that leverages artificial intelligence, advanced statistical techniques and a team of specialised fraud analysts to provide the outcome for their customers. The comprehensive solution allows companies to address chargebacks and false declines, ensuring maximising the revenue and creating a better customer experience. The company owns a proprietary statistical algorithm that scans the customer orders to detect common fraud patterns. Further, the algorithm can be customised with fraud rules that are designed specifically for a particular business and have been integrated with a machine learning platform for adapting to unique fraudulent tactics. Key Features: Dramatically reduce chargebacks and virtually zero false declinesChargeback protection based on KPI performanceCompliance with all data protection legislation and regulationsTransparent, user-friendly online dashboard and custom reports Know more about it here. AdvaSmart AdvaSmart by AdvaRisk is an AI-powered fraud prevention software that works on a due diligence and monitoring platform highlighting actionable credit negative transactions for early detection of potential frauds. The software comes with an automated decision support system powered by its proprietary algorithms and 1000+ data sources. The software leverages 600+ data sources using data analytics to find unidentified patterns associated with defaulters. It further provides access to the company’s real-time financial information for fraud detection and recovery in financial institutions’ corporate loan portfolio. Key Features: Assess the creditworthiness and risk exposureDetermine and increase recovery from non-performing assetsVirtually track accounts and assets for suspicious transactionsAlleviate risks of entering into fraudulent transactions Know more about it here. Signifyd Another name that pops out in the eCommerce fraud prevention market is Signifyd. A commerce protection platform, Signifyd leverages artificial intelligence and machine learning in the back-end to surface actionable commerce insights for merchants. The decision centre of the platform automatically identifies anomalies like account takeover, unauthorised resellers and promotion abuse. Merchants and retailers can create a customised response according to their business context. Further, it provides a single view of all transaction information for retailers to make informed decisions. Key Features: Revenue protection provides a complete financial guaranteeAbuse Prevention protects merchants from unwanted policy abusePayment Compliance for a frictionless and future-proof authentication experience Know more about it here. Also Read: Top Cybersecurity Stories That Made Headlines In 2020 Sift Sift is a unified digital trust and safety suite that provides customers with the capability to safeguard their interactions and work with real-time machine learning for optimising growth. From chargeback reduction, transaction fraud protection and spam protection to account takeover defence and built-in verification, this solution puts it all together for financial, travel and eCommerce companies. The software suite leverages machine learning with custom models for real-time scoring. It also comes with interactive dashboard analytics to report on key fraud metrics. Key Features: An unrivalled global network of dataUser-friendly console for deep-dive investigationAccess to device fingerprinting APIA dedicated technical account team Know more about it here. FCase Addressing financial frauds, another company that has made its ground is FCase, that works on sophisticated technology to help BFSI companies with their fraud investigations. FCase Fraud Orchestration designs a centralised fraud framework for companies to analyse frauds, transactional behaviour and customer case systems. The software provides a single view of fraud delivering investigations that helps companies to prevent future fraudulent activities. It comes with a cross-functional alignment that helps create a fraud strategy to reduce such activities and false positives and customer friction. Key Features: ‘Feedback fraud results’ delivers crucial insight for machine learningA common reference model, delivering improved business impactCross-functional alignment across the whole enterprise Know more about it here. Riskified Riskified is another e-commerce fraud prevention software that claims to prevent fraud from logic to checkout and maximise customer conversions. This software protects customer accounts and secure brand reputation from account protection and payment authorisation to chargeback guarantee. It draws on Riskified’s advanced AI platform and leverages over one billion databases to identify the bad actors. The data analysis also allows companies to prepare a risk threshold and create end-to-end revenue protection. Key Features: Account takeover solution stops bots and bad actors at the loginWorks on an advanced AI platform to differentiate between good and bad loginsAccurate risk analysis to reclaim revenue from lost transactionsCan be deployed on top of existing operations with integrated API or plugins Know more about it here. Also Read: The Top Fraud Analytics Startups In India Alessa Alessa, a flagship product of CaseWare RCM, is an integrated solution that makes AML compliance and fraud prevention easy and cost-effective. The software leverages risk intelligence data and machine learning algorithms to control financial crime risks for banks, MSBs, fintech companies and insurance firms. The software focuses on helping its customers with fraud prevention as opposed to expensive investigations and cost-recovery services. With its advanced features, Alessa can continuously monitor internal processes to detect failures and prevent the loss of time, money and reputation. Key Features: Continuous controls monitoring to flag potential violationsBuild fraud management directly into your daily operations Advanced analytics including machine learning for dashboards, workflows and case managementOn-demand screening to evaluate the risk of an entity by entering their information Know more about it here. Feedzai Another solution that helps banks and institutions worldwide fight financial crimes is Feedzai — a machine learning-powered fraud detection software. From transaction fraud, money laundering to account opening frauds, this one-stop solution analyses big data to help companies manage and mitigate their financial fraud. With its advanced features, it detects complex typologies and visualises hidden relationships among transactions. Every size company can leverage Feedzai’s advanced machine learning algorithm and segment-of-one profiling abilities to understand the fraudulent activities. Key Features: Build customised models that address specific business needsMake ML-based decisions to extend frictionless customer experiencesAllows customers to benefit from finely-tuned model performance on day oneUses real-time data and analytics to understand the customer journey Know more about it here.
While every year witnesses some major fraudulent activities that made headlines, the pandemic lockdown and the digital explosion has forced this year to experience some of the significant breaches that companies have faced. In an article, we have also jotted down some of the biggest breaches of 2020 that have left companies alarmed.  With such […]
This article lists down top eight such fraud prevention software that companies can look out for in 2021.
["fraud", "fraud detection"]
["artificial intelligence", "machine learning", "AWS", "AI", "ML", "fraud", "RAG", "Aim", "analytics", "R", "fraud detection"]
["AI", "artificial intelligence", "machine learning", "ML", "analytics", "Aim", "RAG", "fraud detection", "AWS", "R"]
Sejuti currently works as Associate Editor at Analytics India Magazine (AIM). Reach out at sejuti.das@analyticsindiamag.com