Nowadays, as we are moving towards cashless payments for retail purchases, restaurants, etc. to save time. Unfortunately, growing sales may mean not only elevated revenue but also higher losses due to fraud. Hence, businesses require to take measures to protect themselves from scammers. To make their anti-fraud strategy efficient, organizations must ensure that they accept legal transactions only and render instant user authentication. Once these operations are organized, you can accomplish frictionless customer experience while minimizing the danger of fraud-related losses.
Fraud detection software is used to detect contraband and high-risk transactions made online. Moreover, you can use these tools for e-commerce businesses, digital banking companies, and compliance departments to constantly monitor potential fraudulent actions.
Here, we present the 3 best fraud detection software of 2019. From the list of software, you can choose the best one to minimize your business losses due to fraud.
1. FraudLabs Pro
FraudLabs Pro is a premium fraud detection software that helps merchants to shield their online business from malicious fraudsters. For this, it performs a comprehensive fraud validation on all components such as geolocation, proxy, email, credit card, transaction velocity, and others to uncover fraud orders precisely. Depending upon your business requirements, this software allows you to customize over 40 validation rules for excellent fraud protection. Henceforth, it helps the merchant to expand their revenue and diminish chargeback or fraud losses. Without using a fraud detection tool, this could have been a complex process.
- FraudLabs Pro analytic engine examines transactions parameters and reports fraud analysis in a split second.
- With this software, the merchants can instantly decide the next action based on fraud distribution score or custom rules on the bases of conditions.
- For fraud detection, this software uses blacklists data and machine learning technology. Like IP address, email address, credit cards, and devices. All these high-quality blacklists data is proven to catch fraud occurrence effectively.
- FraudLabs Pro allows you to learn new fraud patterns using the machine learning approach. As a result, it improves fraud prediction and detection.
- For detecting a malicious fraud effectively, FraudLabs Pro runs validation on an order transaction. These validations can be:
- IP address validation using IP2Location
- Anonymous proxy validation using IP2Proxy
- Billing & shipping address validation
- Ship/Freight forwarder address validation
- Email address validation using MailBoxValidator and many more.
This service provides both free as well as paid packages for you. The details of all these packages are given below:
- Micro: With this free plan, you will get 500 queries/mo, 5 validation rules, and standard support. Apart from this, this package also provides several useful features and validation.
- Mini ( $25.95/month): With this plan, you will get 1,500 queries/mo, 5 validation rules, 1 grouping rules, and priority support. Along with all the Micro Plan’s validations, it also offers custom country validation, email validity check, and social profile query features.
- Small ($99.95/month): With this plan, you will get 5000 queries/mo, 10 validation rules, 2 grouping rules, etc. Along with all the Mini Plan’s validations and features, it also offers email domain age validation, disposable email validation, and import & export rules.
- Medium ($249.95/month): Here, you will get 25000 queries/mo, 20 validation rules, 5 grouping rules, and priority support. Along with all the Small Plan’s validations and features, it also offers high-risk username and password validation.
- Large ($499.95/month): You will get 100,000 queries/mo, 30 validation rules, 10 grouping rules, and priority support. Along with all the Medium Plan’s features, it offers export controlled country validation.
- Enterprise ($1249.95/month): With this plan, you will get 500,000 queries/mo, 40 validation rules, 20 grouping rule, and priority support. Along with all the above-mentioned features, it also offers malware exploit validation.
Out of these 6 plans, you can choose the suitable one according to your business requirements.
Kount is the leading enterprise-grade digital fraud management and risk mitigation solution. Hence, it gives a platform for businesses to increase their ability to take orders from online customers by eliminating the risk of fraud and chargebacks. Its identity verification and online authentication technology enable digital businesses, online dealers and payment service providers around the globe. Also, this platform can be modified and designed around specific requirements of all kind of small, medium, and large businesses. It features dozens of tools and features to suit your specific business requirements and tolerance for risk. Some basic tools include incorporating device, fingerprinting, proxy piercing, geolocating, and a unique Kount score. Furthermore, as an online platform, Kount's solution can be installed quickly without demanding clunky hardware or expensive installations.
- Kount uses various technologies for fraud detection like patented machine learning, advanced artificial intelligence, and multi-layer device fingerprinting.
- With Kount, the businesses can track why the transactions were declined, what the largest and current risk factors are, where customers are ordering from, peak traffic times, and many other factors.
- It offers mobile fraud detection functionality. Because of this feature, the software helps to reduce fraud for mobile apps, mobile wallets, and more.
- Kount spontaneously gives both the current environment and historical insight for each and every transaction, helping organizations make smarter decisions.
- It also uses IP proxy detection and geo-location tracking technologies to detect any suspicious activity.
Kount's solution pricing plans start at $1,000/mo. Besides, the pricing varies depending on the number of transactions you plan to run. For more details, you need to contact the vendor to get your custom price quote.
No matter how your business prioritizes risk, SAS has evidenced methodologies and best practices to assist you to establish a risk-aware culture, optimize capital, liquidity, and meet regulatory demands. It provides superior risk analytics in the hands of your risk specialists to guarantee greater efficiency and transparency. Also, it discovers the right balance between short and long-term strategies. By reducing the risk ratio, SAS helps you in reporting, managing and improving the financial performance of your entire organization. See the list of great features below and try the free trial of SAS!
- It updates legacy processes with a modernized risk infrastructure that supports scalable, high-quality data, workflow analytics, and reporting.
- The underlying SAS Infrastructure for risk management organization supports extensible, plug-and-play solutions that address your current and future risk.
- With SAS, you get the power of parallel code execution at a very low cost.
- Provides an intuitive management dashboard of regulatory credit risk measures which are built with SAS Visual Analytics.
This fraud detection software offers you a free trial option so you can experience its features. And, to know its paid plan and to request a customized demo you need to contact the vendor.
4. IPQualityScore (IPQS)
Since 2011, IPQualityScore has provided the most accurate suite of anti-fraud tools — built to automate quality control and prevent fraudsters, bots, suspicious transactions, & malicious users. IPQS uses deep reputation checks, powered by FraudFusion™, to identify fraudulent user & payment data. Easily identify frequent abusers and even stolen user & payment data commonly used to facilitate fraudulent behavior.
Machine learning and AI algorithms learn from past fraud experiences across the IPQS network, so you can proactively prevent fraud in the future. And with IPQS, you can completely customize your fraud scoring to fit your needs — so your user experience is never impacted.
IPQS is trusted by companies of all sizes, including Fortune 500s to proactively filter bots, abusive users, invalid clicks, and fraudulent transactions in real-time before they can negatively impact your business. Best of all, receive enterprise-grade fraud prevention with an affordable monthly plan that won't hurt your bottom line. Truly say goodbye to fraud with your trusted partner, IPQualityScore.
- Identify fraudulent behavior across any industry with precision accuracy.
- Advanced IP Reputation Scoring, identifies high-risk users simply by their IP address.
- User Reputation Scoring analyzes a user’s Email Address, Phone Number, Physical Address, Name, and over 20 personal information data points.
- Device Fingerprinting scores over 300 data points to identify high-risk behavior patterns, bots, and malicious behavior.
- Verify email addresses and identify high risk and abusive email accounts.
- Trusted accuracy without false-positives — fraud scoring that adapts to your audience.
IPQS provides both free and paid packages depending on your business needs.
Free: The free plan provides 5,000 free query lookups each month, 5 custom rules, 1 alert signals, and real-time updates.
Business ($50/month): 50,000 lookups each month, 50 custom rules, 5 alert signals, real-time updates, premium features, and unlimited customer support.
Jumbo ($100/month): 100,000 lookups each month, 75 custom rules, 7 alert signals, real-time updates, premium features, and unlimited customer support.
Enterprise ($500/month): Up to 750,000 lookups per month, 1,000 custom rules, 15 alert signals, everything from the other plans plus premium blacklists, transaction scoring, phone validation, address verification and Fraud Fusion™.
Need more lookups each month? Additional Enterprise plans are available and we can craft a custom plan just for your business.