Financial fraud is one of the most common problems we hear from individuals and businesses. As time passes by, financial fraud is increasing. For this reason, experts developed financial fraud detection software to help financial firms prevent financial fraud conveniently. Continue reading this article to learn more about this software.
12+ Financial Fraud Detection Software
11. IBM Trusteer
12. Risk Ident
What is Financial Fraud Detection Software?
The world is suffering from the new rules made due to the pandemic, forcing people to stay at home most of the time. Such a situation leads most people to shop online using credit cards and e-wallets. Of course, frauds and hackers are waiting for this moment. Luckily, technology provides new solutions to prevent financial fraud, including financial fraud detection software. Financial fraud detection software includes advanced features and functionalities that detect fraud while improving security capabilities. These technological tools have machine learning capabilities, which assist financial institutions in understanding customer behavior, providing precise data analytics, highlighting fraud possibilities, and blocking suspicious IP addresses.
Financial fraud detection software gives out impressive contributions to both financial institutions and people. With such a tool, you can lessen unnecessary manual processes that take a lot of time and effort. Financial fraud detection software also provides accurate data analysis, leading you to generate compatible and flawless action plan when complications happen.
Financial fraud detection software possesses advanced features and functionalities to help you secure an account from financial fraud. However, before buying a membership plan from a platform you find interesting, it is advisable to research and test their capabilities first to see if they are reliable. You can read financial fraud detection software’s pros and cons. Trying their free versions and trials is also a wise idea to experience and evaluate the software firsthand. The following are a few features most software users recommend:
- Activity Monitoring
- Check Fraud Detection
- Custom Fraud Rules
- Internal Fraud Monitoring
- AI/Machine Learning
- Collaboration Tools
- Behavioral Analytics
Top 10 Financial Fraud Detection Software
PayPal includes deferred billing, data security, financial reporting, electronic signature, and more contributive features. PayPal has annual revenue of $2,147.5 million and 30,501 employees.
TIBCO includes data cleansing, predictive analytics, key performance indicators, data analysis tools, data discovery, and more innovative features. TIBCO Software has annual revenue of $743.7 million and 5,129 employees.
Riskified includes custom fraud rules, data discovery, proxy detection, machine learning models, and many more valuable features. Riskified has annual revenue of $90 million and 692 employees.
Tipalti includes affiliate management, commission management, billing portal, billing and invoicing, and more advanced features. Tipalti has annual revenue of $52.8 million and 643 employees.
Signifyd includes API, activity dashboard, compliance management, electronic payments, and more advanced features. Signifyd has annual revenue of $49.3 million and 379 employees.
Iovation includes device anomalies, remote authorization, business rules, account takeover, analytics and reporting, and more innovative features. Iovation has annual revenue of $16.7 million and 82 employees.
Sticky.io includes cancellation management, customer relationship management (CRM), email marketing, payment fraud prevention, and more advanced features. Sticky.io has an annual revenue of $11.7 million and 81 employees.
SEON includes behavioral analytics, credit risk management, behavioral analytics, data discovery, and others. SEON has annual revenue of more than five million dollars and more than 25 employees.
Fraud.Net includes audit management, fraud detection, brokerage management, custom fraud rules, compliance management, and more valuable features. Fraud.Net has annual revenue of $3.3 million and 23 employees.
NameScan includes audit management, compliance tracking, case management, identity verification, investigation management, reporting/analytics, and more innovative features. NameScan is easy to use, minimizes false matches, and has reliable data sources.
Is financial fraud detection software beneficial?
As we all know, financial fraud is getting even more problematics. Financial organizations receive a complaint about financial fraud most of the time, leaving them with hectic schedules. With financial fraud detection software, you can lessen these challenges as it provides numerous advanced features allowing you to detect frauds easily and attend to your customer’s concerns. That way, you can acquire customer satisfaction.
What is financial fraud?
Financial fraud is a criminal activity made by a criminal. Financial frauds take your money and asset with or without you noticing them. Since most people use payment online nowadays, financial frauds usually take place online. They hack your account and purchase or transfer money from your account to their account.
Why is fraud detection important?
Financial fraud is a big problem that both individuals and financial organizations suffer. Nowadays, most people use credit cards and e-wallets to shop online, which is prone to threats. When financial fraud occurs, customers blame financial firms, leading them to lose their trust. Given that, financial firms perform fraud detection regularly to ensure high-quality security and protection to their customers’ accounts.
Money has great value to all of us. People earn them through blood, sweat, and tears. That being the case, it is natural that people will feel annoyed and frustrated when financial fraud happens. Fortunately, you can avoid such incidents by using financial fraud detection software. Improve your security and ensure quality assurance to obtain customer satisfaction.
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