Financial fraud happens when someone takes money from a bank account or makes a transaction by using cards through illegitimate practices. Most cardholders and banks face severe financial losses due to financial fraud. This is because most criminals use unethical practices and new technologies while indulging in fraudulent activities. Therefore, businesses should focus more on detecting them, which will help them take effective measures. A wide range of financial fraud detection software tools are available in the market today that will help protect sensitive information.
Here is a list of some of the top financial fraud detection software available in 2021.
1. ClearSale
ClearSale is a complete e-commerce fraud detection software that offers solutions for chargebacks, false declines, and other problems. It is ideal for online businesses to create a better customer experience with artificial intelligence applications. The statistical algorithm offered by the software gives ways to detect common fraud patterns accurately. Apart from that, a business can customize the software with fraud rules and integrate with a machine learning platform that will adopt unique fraudulent tactics. ClearSale also comes with a user-friendly online dashboard and custom reports, allowing businesses to reduce risks.
2. AdvaSmart
AdvaSmart is an AI-powered fraud detection software that comes with an automated decision support system. It provides ways to find unidentified patterns associated with defaulters with data analytics. Businesses can evaluate their creditworthiness and risk exposure, which help reduce complications to a large extent. The primary advantage of this software is that it provides methods to detect potential threats in advance with a monitoring program. Furthermore, a business can track accounts and assets for suspicious transactions virtually to ensure peace of mind.
3. Signifyd
Signifyd software is ideal for e-commerce merchants to ensure complete protection from fraudulent activities with artificial intelligence and machine learning applications. It provides ways to detect account takeover, unauthorized reselling, and promotion abuse. Merchants can even view all transaction details, which will help them make the right decision. Moreover, the tool allows both merchants and retailers to create a customized response based on their business context.
4. Sift
Sift software offers solutions for financial frauds with real-time machine learning capabilities to get the desired outcomes. Some of the features offered by the software include chargeback reduction, transaction fraud protection, built-in verification, spam protection, etc. Companies involved in travel, e-commerce, and travel businesses can benefit a lot from the software that helps streamline operations. It also provides a dedicated technical team that will offer solutions for technical issues.
5. F-case
F-Case is one of the best fraud detection tools available in the markets and aims to address the needs of banking, finance, and insurance companies. It comes with a centralized fraud framework to detect frauds, transactional patterns, and other activities efficiently. The software provides ways to prevent future fraudulent activities with a single view of the fraud detection system. Moreover, it comes with a cross-functional alignment, enabling a business to create fraud strategies efficiently that will help reduce suspicious activities.
6. Riskified
Riskified is a leading financial fraud detection software meant for e-commerce merchants to maximize customer conversions. The software comes with an advanced AI platform that offers solutions to reclaim revenues from lost transactions. It gives ways to know the difference between good and bad logins that will help ensure protection from fraudulent activities.
7. Alessa
Alessa software comes with risk intelligence data and machine learning algorithms that provide ways to prevent financial risks. Some of the features offered by the software include a dashboard, workflows, case management, on-demand screening, etc. It allows businesses to build fraud management directly into their daily operations to reduce threats.
