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.
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 declines
- Chargeback protection based on KPI performance
- Compliance with all data protection legislation and regulations
- Transparent, 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 exposure
- Determine and increase recovery from non-performing assets
- Virtually track accounts and assets for suspicious transactions
- Alleviate 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 guarantee
- Abuse Prevention protects merchants from unwanted policy abuse
- Payment Compliance for a frictionless and future-proof authentication experience
Know more about it here.
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 data
- User-friendly console for deep-dive investigation
- Access to device fingerprinting API
- A 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 learning
- A common reference model, delivering improved business impact
- Cross-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.
Seon
“SEON is a fraud prevention and detection software company that aims to reduce the costs, time, and resources lost to fraud. Whether you are a global leader or a new startup, our modular fraud tools adapt to how you do business, and how you manage risk. Automate decisions, accelerate manual reviews, and more importantly, grow your business with complete peace of mind as you
Key features
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Get a full picture of your online users
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Improve compliance with regulations
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Reduce chargebacks, transaction fraud, and bonus abuse
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Perform frictionless KYC checks
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Streamline your customer experience
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Increase brand trust
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Boost conversions
More importantly, we give you freedom and flexibility in how you integrate better fraud prevention into various user platforms.
Know more about it here.”
