Fraud detection vendors provide tools and services to help prevent payment fraud, identity fraud, account takeover fraud, and other types of financial crime. They monitor data to detect suspicious patterns and use rules or predictive models to determine whether an action is fraudulent. They also help companies ensure compliance with regulations and policies by identifying potential security breaches, data leaks, and other types of information risks.

Some fraud detection software uses machine learning to identify anomalies and patterns in transaction data, while others are more niche and can be used to look for specific types of fraud activity. Some are designed to be user-friendly, while others may require a deeper level of technical knowledge.

Beyond the Scams: Navigating the Top Fraud Detection Companies for Business Protection

While identity theft remains the most common type of fraud, fraudsters are constantly finding new ways to fleece businesses of their money. That’s why fraud detection systems must be flexible enough to catch thieves without making the buying experience so difficult and inconvenient that genuine buyers go elsewhere.

ClearSale is a cloud platform that can be integrated into any eCommerce system, including major players like Shopify, BigCommerce, WooCommerce, and PrestaShop. Its API integrations and plugins allow it to monitor shopper behavior in real-time and is easy to set up and configure. It also offers a 30-day moneyback guarantee.

Kount uses adaptive AI to combine supervised and unsupervised machine learning, giving businesses the ability to fine-tune their risk ratings and rules based on desired business outcomes, such as reduced chargebacks or manual reviews. Its Omniscore, a transaction risk rating, uses both behavioral and personal characteristics to detect anomalies that can indicate fraud. It can also link accounts that a single individual or organization may control, leveraging graph network analysis to detect synthetic identities and money muling fraud.