7 Best Anti-fraud Software of 2023 (Ranked and Compared)
With various big data tools available, fraud prevention has become more accessible and effective, with many of these tools actively searching for specific patterns indicative of fraud.
That said, even if most businesses wanted to employ such an advanced solution to fraud prevention, they might not have the budget for it.
Both the initial investment and the day-to-day running add up quickly.
On the other hand, most small business accounting software will also include some fraud prevention tools.
While this might be just enough for small businesses, others may want to consider a more specialized solution.
That is where anti-fraud software comes in: being affordable for various businesses while at the same time providing the right features and protection.
In this post, I will go over the best anti-fraud software in the market right now, helping you decide on the right solution for your business.
Let’s get right into it.
What Are The Best Anti-Fraud Software?
The following are the best anti-fraud software to consider.
Best Overall For Anti-Fraud.
Kount is the best overall anti-fraud software because it offers a comprehensive solution covering all necessary bases.
With digital fraud and consumer insights, Kount can provide a well-rounded business solution.
Across various industries, Kount has a stellar reputation and is one of the most popular anti-fraud software solutions, helping businesses identify and prevent fraud.
With advanced AI equipped with both supervised and unsupervised machine learning, Kount can offer a high level of protection.
If you want to control the level of risk your business undertakes while ensuring growth, Kount is an excellent option to consider.
- Block new account fraud so that you can protect your business from the get-go.
- The coupon and promo abuse feature helps reduce fraudulent activity related to special offers.
- E-gift card fraud is eliminated so customers can feel confident about using this payment option.
- Digital payments fraud is stopped in its tracks, keeping your business and your customers safe.
See your total payment amounts, refunds, and chargebacks in one place with the Kount Control Panel.
You can also see the recent approval and disapproval rules so that you can stay on top of your fraud prevention strategy.
Schedule a meeting with their sales team to review your fraud protection plan.
What I Like/Dislike About Kount
- Many features to check on a customer’s history regarding chargebacks are available.
- One can significantly reduce time spent on fraud prevention, which can be focused on business growth.
- The platform packs a punch, and a lot is going on with some of the functionality, meaning there is a slight learning curve involved.
- Improved policies and operations help keep you informed and in control.
Best For Google Ads Protection.
ClickGUARD is a great anti-fraud software for businesses advertising using Google Ads.
With fake clicks being a big problem for many businesses, ClickGUARD offers a solution that helps companies save money while protecting them from fraud.
With a data-driven approach and machine learning, ClickGUARD can identify and block fake clicks with high accuracy.
The platform also features highly customizable technology so businesses can adjust it to their specific needs.
If you want to stop paying for fake clicks and get more control over your Google Ads spend, ClickGUARD is an excellent option.
- Complete control and transparency over your Google Ads spend
- Eliminate click waste so that you can focus on quality traffic
- Data on the go with an easy-to-use mobile app
- Grow your customer acquisition ROI by getting more bang for your buck
See which IPs have clicked repeatedly on your ads and block them with a few clicks.
You can also graphically see various tags so that you can get a better understanding of your traffic.
There are three pricing plans available:
- ActiveGUARD: $59
- PremiumGUARD: $79
- EliteGUARD: $99
All of these are paid monthly.
What I Like/Dislike About ClickGUARD
- The ability to control and stop click fraud on Google ads works well
- The platform improves click data since it eliminates click waste
- Rules setup can be daunting when getting started
- Agency PPC fraud protection is now available for businesses of all sizes.
Best For Active Fraud Blocking.
Sift is great at quantifying the damage that could result from fraud and offers a comprehensive solution to protect businesses.
With features like user behavior analysis, anomaly detection, and machine learning, Sift can offer a high level of protection against fraud.
If you want to minimize risk and optimize revenue, Sift is an excellent option, as it can prevent online abuse from one single interface.
Sift allows you to actively block those who pose a risk to your business while protecting customers who may be caught in the crossfire.
You can also do this with less manual input, using various automation processes that Sift offers.
Protect every interaction you have with customers and keep your business safe with Sift.
- Dashboards and analytics drill down and help visualize the right data needed to take action.
- World-class support is always on standby to help.
- Trust & safety experts help you understand and stay up-to-date with the latest fraud trends.
- Streamline operations by automating a lot of the manual processes
- Expand business by confidently opening up new markets
With a payment protection dashboard, you can see your payment information in one place.
You can also review your order history to see if any fraudulent orders have been placed.
You can also run various reports to ensure you’re on top of your fraud prevention strategy.
Request a demo to see the pricing plans that Sift offers.
What I Like/Dislike About Sift
- All the data is placed nicely in front of you and easy to search, making it straightforward to take action.
- The information is both accurate and provided in real-time.
- Linked accounts are not always shown immediately, so this takes time to get used to
- Sift launched a new API and connectors to help streamline e-commerce checkout.
Best For Email Intelligence.
Email intelligence is a crucial method for fraud prevention, and Emailage is a great platform that offers this service.
Emailage uses data points related to an email address to establish a risk score, which can be used to prevent fraud.
This approach effectively stops account takeovers, payment fraud, and other types of online fraud.
With customers wanting a secure solution to online transactions, Emailage is a great way to ensure that your business is protected.
Give clients peace of mind that their transactions are safeguarded and that you use the latest fraud prevention technology.
With various options that can help you verify a consumer’s identity while still ensuring a positive experience, Emailage is an excellent choice for fraud prevention.
As a result, it has quickly become a go-to for businesses wanting to implement email intelligence into their fraud prevention strategy.
- Identify and prevent fraud in all types of transactions
- Gauge the risk associated with email addresses in real-time
- Increase top-line revenue by reducing false positives and friction at checkout
- Make confident, efficient decisions with global data coverage
- Use with other LexisNexis Risk solutions to create a 360-degree view of risk
With the ability to do either manual or batch processing, you can easily integrate Emailage into your business.
You also get various risk indicator information with each checked email address.
Request a free demo to see how Emailage works and what the interface looks like.
What I Like/Dislike About Emailage
- Cloud software ensures that you’re always using the latest version
- Emails are well organized and easy to search through
- The lack of user types you can set up (along with different permissions) makes it challenging to give access to certain people in specific roles.
- Instant email validation at the point of quote helps companies speed up the underwriting process.
5. NICE Actimize.
Best For Banking/Financial Institutions.
NICE Actimize is an integrated fraud management platform that offers a suite of solutions to businesses of all sizes.
With various features like customer risk scoring, pattern recognition, and real-time monitoring, NICE Actimize can offer a high level of protection against fraud.
Being a platform that continually adapts to new threats, NICE Actimize is an excellent choice for businesses that want to be proactive in their approach to fraud prevention.
Authentication Management for new and existing customers is also a breeze with NICE Actimize, as it offers various options tailored to your business.
Payment fraud prevention is also critical in today’s online world, helping businesses reduce chargebacks and losses while ensuring real customers can still make purchases without friction.
NICE Actimize makes this process easy to accomplish.
- X-Sight Entity Risk is a great feature that allows companies to identify and assess risk quickly and in real-time.
- Dark Web Intelligence is another great feature that allows businesses to monitor the Dark Web for any compromised data, helping them take action before fraud occurs.
- Digital Banking Fraud is a solution that helps banks and other financial institutions prevent and detect fraud in the digital world.
- Check Fraud is a solution that helps businesses prevent and detect fraud in the physical world.
- Internal Threat is a solution that helps businesses to prevent and detect fraud from within their organization.
Get a confidence level score for each customer, which allows you to make quick and informed decisions.
There are also various risk profiles that you can create, which is excellent for businesses who want to be proactive in their approach to fraud prevention.
Get in touch with NICE Actimize for pricing information.
What I Like/Dislike About NICE Actimize
- Actimize is an excellent application for any banking or financial institution
- The software is very user-friendly, and the customer service is responsive
- More criteria search would be helpful for the platform’s users
A blend of AI, machine learning, and automation now combine to provide the next level of fraud detection for NICE Actimize’s platform.
6. F5 Distributed Cloud Bot Defense.
Best For API protection.
F5 Distributed Cloud Bot Defense provides API protection for mobile and web applications.
With features like behavioral analysis and real-time threat intelligence, F5 can offer a high level of protection against bots and other automated attacks.
With more and more businesses moving to a mobile-first approach, it’s essential to have a solution in place that can protect your business from the ever-increasing number of mobile threats.
Traditionally, bot attacks were indistinguishable from human traffic, making detecting and preventing them difficult.
However, with F5’s behavioral analysis, businesses can quickly and easily identify bots and take action to protect their systems.
With various AI algorithms constantly learning and evolving, F5 can offer a high level of protection that is always up-to-date with the latest threats.
In addition, F5 uses a combination of machine learning and human experts to provide real-time threat intelligence, helping businesses stay one step ahead of attackers.
- A converged solution for mobile and web applications helps businesses quickly and easily protect their systems.
- Specialized features and client signals help enterprises identify bots and take action to prevent them.
- The AI engine and secure telemetry help businesses to stay one step ahead of the attackers.
- Adaptive machine learning allows businesses to quickly and easily adapt to new threats.
- Understanding the intent behind attacks helps businesses protect themselves better.
- The closed-loop AI system helps companies quickly and easily take action to prevent fraud.
F5 offers the following plans:
- Free: $0/mo
- Individual: $25/mo
- Teams: $200/mo
- Organization: Get a custom quote
Best For Global Verification.
Ekata is a global identity verification service that helps businesses quickly and easily verify the identities of their customers.
Ensure fraudulent user accounts are not created while providing a frictionless experience for real users.
You can also use credible data sources to help you make better decisions about who to trust.
Customer authorization also happens relatively faster than on other platforms, so your real users can get on with their tasks sooner.
Using the Ekata Identity Network and the Ekata Identity Graph (two proprietary datasets), businesses can verify the identities of their customers with a high degree of accuracy.
If you’re looking to catch more fraud while protecting the real user experience, Ekata is an excellent solution.
- Improve approval rates for real users while reducing chargebacks and fraud.
- Reduce chargebacks and fraudulent requests with manual review queues.
- Avoid lost revenue that can result from fake accounts
- Reduce payment risk and prevent fraud with Ekata’s identity verification solutions.
Consult one of their specialists to get a custom quote for your business.
Other anti-fraud software not mentioned in this article include Signifyd, Riskified, and Fraud.net.
What Is Anti-Fraud Software?
Anti-fraud detection is the art of identifying behavior intended to commit fraud.
The most common way to accomplish this is by looking for patterns in data that match known fraudulent behavior.
To prevent fraud, it is essential to have a solution to protect your business from ever-increasing threats.
Most fraud detection software does this by using machine learning, which is constantly improving and becoming more accurate in this industry.
As such, businesses must be prepared to invest in new software to stay ahead of the curve as it comes on the market.
With fraudulent transactions and chargebacks on the rise, it’s more important than ever to have a robust fraud detection solution that aids a business’ prevention efforts.
Types Of Fraud
With offline and online fraud detection methods, businesses can protect themselves from various fraudulent activities by knowing what’s out there.
Using fraud detection tools, businesses can not only detect but also prevent many types of fraud.
Here are some critical types of fraud to consider when purchasing fraud detection software that can protect against such threats.
Account Takeover Protection
Account protection as part of a detection and prevention solution is vital for businesses of all sizes.
When a fraudster takes over an account, they can wreak havoc on the business, including making unauthorized transactions, changing account information, and even shutting down the account entirely.
Fraud prevention solutions that offer account takeover protection can help businesses avoid these problems by monitoring for suspicious activity and alerting the right person as soon as fraud occurs.
Chargebacks can ruin a business, and they’re often the result of fraud.
Fraudulent chargebacks can happen when a customer denies making a purchase, claims they never received the product, or says that the product was not as described.
Chargeback prevention as part of a fraud detection solution can help businesses avoid these problems by constantly monitoring and preempting specific actions.
Fraud Related To Device Fingerprinting
A credit card is not the only way to pay for goods and services – fraudsters constantly find new ways to defraud businesses, and with the rise of biometrics used to pay for goods and services, this is another area to consider.
Having behavioral biometrics as part of an anti-fraud solution covers your bases in this area.
Payment Transactions Fraud
Unauthorized transactions are a big problem for businesses and can happen in several ways.
With legitimate transactions, businesses are usually protected by the card issuer, but the company is on the hook for the entire amount with fraud.
A transaction risk API connected to your payment processor can help you identify and stop fraudulent transactions before they happen.
With social media data being freely available, it’s easier than ever for fraudsters to commit identity theft.
Online retailers need to be aware of fraudsters that use IP address spoofing to commit fraud.
IP address spoofing happens when a fraudster uses a proxy server to make it appear as if they are in a different location.
One can prevent this type of fraud by using an IP address blacklist that is updated in real-time.
The best fraud detection software focuses on as many of the above types of fraud as possible to provide the best protection for businesses.
Features Of Anti-Fraud Software
A fraud detection platform needs many tools that can be customized to fit the needs of any business.
Here are some key features to consider when purchasing fraud detection software.
While anti-fraud software needs to eliminate as much fraud as possible, it is also vital that the software doesn’t block or flag too many legitimate transactions.
Reducing the number of transaction declines can help to increase revenue and customer satisfaction.
A good fraud detection solution will have a balance of accuracy and risk prevention that can be customized to fit the needs of the business.
A chargeback is when a customer disputes a charge with their credit card issuer.
Chargebacks can be costly for businesses, and they can also damage the business’s reputation.
A good fraud detection solution will have chargeback protection features that can help to reduce the number of chargebacks a business receives.
Real-Time Data Enrichment
Reviewing transactions in real-time as part of a fraud detection solution can help identify fraudulent activity.
Visualization is vital to any fraud detection solution and should be easy to use and understand.
Combined with data that’s updated in real-time, businesses can quickly identify and stop fraudsters before they cause any damage.
When a business is hit with fraud, it can be costly.
A good fraud detection solution will have features that help businesses manage their risk and keep their costs down.
This can include features like fraud scoring, which can help businesses prioritize which transactions to review first.
Malware is a type of software that is designed to damage or disable computer systems.
Fraudsters often use malware to commit fraud, which can be challenging to detect.
Mitigation is critical to stopping malware, and a good fraud detection solution will have features that help businesses detect and prevent malware.
Getting the proper notifications promptly is critical to stopping malware before it does any damage.
Fraud is a big problem for businesses, and it’s only getting bigger.
Investing in a good fraud detection solution is the best way to protect your business.
With money laundering, chargebacks, and malware on the rise, businesses need to be proactive about fraud detection.
In addition, fraud losses can add up and cause severe financial damage to a business.
With various SaaS providers offering anti-fraud software, choosing the right one for your business needs is essential.
When looking for the best fraud detection software, be sure to consider the features that are most important to your business.
Have you ever been a victim of fraud?
What type of fraud have you experienced?
How did you find out about the fraud, and what steps did you take to resolve the issue?
Let me know in the comments below.
Further reading on AdamEnfroy.com: Want to protect your business from various threats?
Check out this list of the best SIEM tools that provide accurate time security information and event management.
In addition, some of the top compliance software solutions help businesses meet compliance regulations.
You can also check out the latest risk management software to ensure no breaches or attacks occur on your watch.