Financial Fraud Detection Software

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FCase is a fraud operations management solution for financial services organizations. It can be deployed on-premise, on the cloud, or use a hybrid mix. FCase uses advanced technology and automation capabilities to support fraud in...Read more about fcase

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Tipalti is a cloud-based accounting management solution that helps users automate their accounts payable process. It offers a variety of features, including invoice automation, payment remittance, regulatory compliance management,...Read more about Tipalti


Fraud Prevention, Chargeback Guarantee, KYC, Working month-to-month - 0 risk, no commitments. Working month-to-month - 0 risk, no commitments. FUGU offers a 360° self-learning fraud prevention strategy fighting fraud at various ...Read more about FUGU

4.91 (11 reviews) is a cloud-based risk management platform that offers a suite of fraud prevention tools. This solution uses AI/machine learning, real-time analytics, data mining, identity proofing, rules management, and other technology...Read more about

4.88 (16 reviews)


TruNarrative is a cloud-based platform for fraud detection, identity verification, eKYC, AML compliance, and account monitoring. It is best suited for midsize to large banks and lenders looking to streamline digital transformation...Read more about TruNarrative

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NS8 is a fraud prevention platform that helps businesses of all sizes ensure secure financial transactions and optimize processing of orders via monitoring, behaviour analytics and real-time scoring. The platform enables organizat...Read more about NS8

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Arbutus Audit Analytics

Arbutus Audit Analytics is an audit management solution suitable for midsize and large businesses. The solution is deployed on-premise and is compatible with Windows operating systems. Key features include analytics, compliance ma...Read more about Arbutus Audit Analytics

4.67 (6 reviews)


PayPal is a digital payment platform that enables businesses and individuals to pay and accept payments through an online portal without revealing any financial details. The solution is suitable for businesses of all sizes. P...Read more about PayPal

Learn More is a cloud-based eCommerce solution designed to help online retailers of all sizes manage product information, orders and recurring payments. Features include white labeling, fraud detection, cohort analysis, customer se...Read more about

3.95 (22 reviews)

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Ekata Pro Insight

Ekata Pro Insight is a cloud-based fraud prevention solution that uses machine learning and globally sourced data to help businesses quickly approve or deny financial transactions. It is suitable for fraud analysis teams in eComme...Read more about Ekata Pro Insight

4.75 (8 reviews)


buguroo is a cloud-based fraud prevention platform for online banking that helps businesses meet PSD2 and GDPR compliance. This solution provides customer enrollment protection, session protection, real-time detection, and fraudst...Read more about Revelock

4.67 (3 reviews)

Clari5 EFM

Clari5 EFM is a financial fraud management solution that helps banking businesses streamline processes related to fraud detection, prevention, investigation, monitoring and auditing processes on a centralized platform. The employe...Read more about Clari5 EFM

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Corpay is a cloud-based accounts payable solution, which helps enterprises across education, construction, hospitality, healthcare, manufacturing and various other industries approve and process invoice payments for both domestic ...Read more about Corpay

4.69 (29 reviews)

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SEON. Fraud Fighters

SEON is a modern fraud prevention SaaS that can be implemented into your website or app. Use our modular APIs to enrich customer data (IP addresses, emails and phone numbers) and our device fingerprinting to accurately track your ...Read more about SEON. Fraud Fighters

4.94 (53 reviews)

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Digital River

Digital River is a leading back end commerce solution for accepting payments, fighting fraud, and managing global tax and compliance challenges. As the merchant of record for our clients’ stores, we shoulder the financial and lega...Read more about Digital River

2.50 (2 reviews)


Signifyd is a cloud-based eCommerce protection platform designed to help businesses of all sizes prevent fraud and maximize conversions. The Signifyd Commerce Network houses behavioral and transactional data for over 10,000 mercha...Read more about Signifyd

4.70 (63 reviews)

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PaymentWorks is a cloud-based supplier information management system that enables large and mid-sized businesses to securely exchange information with suppliers throughout the invoice and pay process. For buyers, PaymentWork...Read more about PaymentWorks

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Wolfram Mathematica

Wolfram Mathematica is a technical computing solution that provides businesses of all sizes with tools for image processing, data visualization and theoretic experiments. The notebook interface enables users to organize documents ...Read more about Wolfram Mathematica

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Alessa is an anti-money laundering (AML) compliance software that helps businesses in banking, finance, insurance, retail and other industries streamline operations related to due diligence, sanctions screening and transaction mon...Read more about Alessa

4.26 (27 reviews)

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Designed specifically for financial institutions such as banks and lenders, Ondato provides identity verification and authentication tools, as well as compliance management features. The cloud-based platform is based on the KYC (K...Read more about Ondato

4.80 (5 reviews)

Buyers Guide

Last Updated: November 15, 2022

As more consumers move online for their shopping needs, companies must manage an increasing amount of transactions. When these transactions are made across the web, malicious users have more opportunities to commit fraud.

Whether it’s a chargeback initiated by a customer’s bank or a more complex hack of a customer’s account, businesses must protect themselves from the loss of revenue, but also prevent disrupting operations to review several transactions.

Retailers and ecommerce businesses are turning to financial fraud detection software to prevent unauthorized access to customer and internal data, as well as unnecessary payment declines to separate good orders from bad.

In this guide, we’ll cover:

What is financial fraud detection software?

Financial fraud detection software helps companies sort through orders to identify fraud, false declines and chargebacks, and prevent access to sensitive data as customers complete transactions online or in-store.

Modern financial fraud detection software offers a dashboard to review flagged transactions and manually establish rules to spot common fraudulent buyer behaviors and customize thresholds to trigger further action. Financial dashboards are a core feature of fraud detection software, where users can identify trends in customer behavior and quantify the losses from chargebacks or declined transactions.

A dashboard, as shown in Riskified, shows the ratio of approved versus fraudulent or declined transactions.

Artificial intelligence (AI) is transforming these systems into automated guardians for company data, analyzing several factors simultaneously to quickly understand how customers could undermine the system.

Common features of financial fraud detection software

Transaction approval Review every online or in-store transaction for fraudulent behaviors, then approve or send them back for manual review.
Pattern recognition Analyze transactions as they occur to spot fraud and manage how the system identifies common problems.
Internal fraud monitoring Perform reviews of internal actions that may be fraudulent to determine if further investigation and monitoring is needed.
Access security management Manage the roles and types of users who can access transactional data to prevent tampering or malicious hacking.
Custom fraud parameters Customize the specific parameters and thresholds the system uses to measure threats of fraud, and establish trigger actions when thresholds are breached.
Check fraud monitoring Identify fraudulent check deposits to take action quickly, and ensure availability of funds for legitimate transactions.
Investigator notes Collaborate on investigations into fraudulent customer behaviors.

What type of buyer are you?

  • Banks and financial institutions: Banks, credit unions, insurance companies, and other financial institutions commonly use financial fraud detection software, either developed in-house or by adopting a third-party system. Because of the volume of daily transactions these organizations conduct, automation is necessary to accurately manage each transaction as quickly as possible to reduce fraud and prevent losses.
  • Ecommerce and online retail: The increase in online shopping is leaving ecommerce businesses vulnerable to various types of fraud, such as illegitimate chargebacks or more complex account takeover fraud (ATO) attacks. Most providers of financial fraud detection software offer scalable versions of their systems that are affordable for smaller businesses that need protection.
  • Physical stores and in-person services: Aside from online transactions, companies want to prevent fraud in-person as well. While checks are used less for making purchases today, they are still commonly used to commit fraud by forgery, duplication, changing the content of a check, and counterfeiting. Financial fraud detection software allows companies to review all checks for fraud, instead of just high-value checks, using AI and image-recognition technology.

Benefits and potential issues

  • Keep good customers, filter out the bad: For companies with a high volume of customers, financial fraud detection software helps to automate the task of reviewing hundreds of transactions in a short time frame. This helps companies weed out customers who attempt fraud or take advantage of their customer service policies, and spend more time optimizing the experience for honest customers they want to retain.
  • Increased transaction visibility: The number of successful monthly fraud attempts has grown by 27% for small retailers and nearly 50% for midsize-to-large companies since the beginning of 2020, with a large spike following an increase of online shopping. However, without a dedicated fraud prevention system in place, companies struggle to quantify and combat fraudulent customers.
  • Improved customer experience: When retailers manually review transactions, it can cause slower service for their most valuable customers and sometimes ruin their experience. Automated management of transactions not only removes malicious customers, but also allows companies to provide faster, more reliable service to the majority of customers who don’t commit fraud.

Market trends to understand

  • Increase in online food delivery leads to more risk: In the first half of 2020, many small restaurants adopted and implemented online ordering systems to retain customers and launch new delivery options. This new initiative has left restaurants vulnerable to multiple types of fraud, including chargebacks, many of which aren’t necessarily on purpose—sometimes customers commit "friendly fraud" in which they initiate chargebacks after receiving food instead of connecting with the restaurant itself.
  • Account takeover fraud (ATO) spikes in 2020: Other types of fraud are growing, such as account takeover fraud (ATO), as more consumers shop online. Instead of simple forgeries or chargebacks, a more complex type of hacking is increasing where they access customer accounts to use as their own. Modern financial fraud detection software include features to detect compromised accounts, devices, and changes to personal information that can indicate ATO fraud quickly.
  • New 3D Secure 2 offers smoother transactions: A collaboration among several major card companies, including Visa and MasterCard, resulted in the 3D Secure platform, which enables communication of authorization data between businesses, payment providers and banks. Instead of a mandatory review period, this platform sends additional transactional data, such as shipping addresses, device information, and previous purchase histories, to the bank for faster authentication. Most of today’s ecommerce and point-of-sale software integrates with the new 3D Secure 2 platform to provide more security for businesses and a smoother experience for customers.