Best Software to Identify and Prevent Fraud Rings

Monday, June 20, 2022

With the recent rise in digital and cybercrime, it’s no wonder the need to procure top notch software to assist in identifying and preventing fraud is so important.

Article 8 Minutes
Best Software to Identify and Prevent Fraud Rings

The modern world is rife with fraud rings. The increase in organized fraudulent activities has led to the increase in sophistication and stealthiness of these fraud rings. As a result, it’s important to understand whether you’re being targeted by a lone fraudster or a group of well-resourced and organized fraudsters.

Quick identification of fraud rings is as important as preventing their adverse effects. Fraud detection software correctly identifies organized fraud activities with impeccable accuracy and prevents those identified fraud rings from attacking your business.

Fraud detection software monitors events and transactions in real-time to detect fraudulent activities as they happen and stop them. The use of artificial intelligence and big data analytics in fraud detection software has made it possible to predict traditional organized fraud tactics, discover new schemes, and interpret events and transactions.

Advancements in machine learning algorithms have made it easy to flag abnormalities that are instantly referred for human review. This has made fraud detection software a potent tool for identifying and preventing fraud rings.

As sophisticated as fraud rings have become, the software you need to protect against them also has to be sophisticated. Below is a list of the 6 best fraud detection softwares that we would recommend:


Seon homepage

SEON’s modular tool is used in many industries and is customizable to meet any of your industry-specific needs. SEON uses real-time open data from digital and social signals. It provides real-time insights into your everyday online journey.

SEON collects open data from phones, email, IP addresses, and digital footprints of devices. It also scans open-source databases for extra data to enrich the already-collected data using APIs. Then, SEON provides real-time insights on:

  • Interactions between an account and other online accounts and platforms. SEON shows you the activity history for every customer, and uses dashboard reporting to provide a visual overview of every interaction.
  • Account authentication and verification to prevent Account Takeover attacks. SEON uses device fingerprinting to detect malicious logins. The machine learning retrains the algorithm regularly from your Account Takeover patterns.
  • Verified revenue-generating opportunities. Businesses make financial projections from leads and opportunities. SEON verifies real opportunities from false positives generated by fraudsters.
  • A quick background check on buyers. SEON performs a reverse email lookup check to understand if the buyer is a legitimate user. The risk score will predict how risky an account is.
  • Monitoring of suspicious transactions. SEON monitors high-value cash deposits and every unusual account activity. It also monitors transactions over a certain value.
  • SEON flags high-risk orders, according to a set threshold, and puts them on hold for human review; you control the risk tolerance.

SEON uses an AI scoring engine to calculate risks intelligently and gives a real-time score to each risk. The machine learning process is fast and provides reasons for every flagged transaction. It uses risk vectors compatible with any industry, you can easily customize these risk vectors to meet your industry needs.

2. Sift’s Digital Trust and Safety Suite

Sift’s Digital and Safety Suite is the integration of all Sift fraud products into one solution. The solution is scalable, allowing users to start with deploying fraud protection products against one risk vector with the ability to add more products when the need arises.

Sift is priced per services added and volume of devices and orders checked.

Features offered in the Digital Trust & Safety Suite include:

  • Payment protection for businesses to prevent a full range of payment fraud for any business and industry.
  • Dispute management tool that uses intelligent automation to reduce chargebacks and win disputes. The software uses transaction details to generate automated dispute responses.
  • The Digital Trust & Safety Suite builds content integrity by proactively blocking malicious content. Real-time machine learning adapts to emerging fraud patterns, making instant decisions to keep users safe.
  • The Swift Verification tool, which uses two-factor authentication, powers account defense.
  • Sift’s Keyless feature powers passwordless authentication, allowing you to fight account takeovers. Keyless is a biometric multi-factor authentication that authenticates people, not passwords. It collects biometric data from fingerprints or faces.

Sift analyzes the user’s digital journey to make real-time decisions that identify fraud rings and stop fraud before it happens.

3. Forter

Forter homepage

Forter provides fraud identification and prevention solutions for online marketplaces. It’s a go-to tool for ecommerce. Forter makes it possible to implement a real-time assessment of customers’ trustworthiness without blocking any credible sales. It pulls information from billions of data points to assist clients in making informed decisions about customer interactions.

Features provided by Forter include:

  • Trusted Conversions decides about customer trustworthiness during critical interactions. The software assesses trustworthiness to differentiate fraudsters from genuine customers.
  • Forter’s Payment Services Direct Solution makes payment routing decisions to distinguish transactions eligible for exemption and transactions that require 3DS authentication.
  • Trusted Identities removes authentication hurdles for customers while blocking fraudsters at sign-up and login.
  • Trusted Policies shows the extent of policy abuse in your business with tools that identify repeat abusers.
  • Smart Payments offers a solution to help you streamline your transactions and optimize your digital commerce payment flow.
  • Element removes the burden of writing rules and manually reviewing transactions from your clients by measuring trustworthiness in real-time and providing accurate decisions.

Forter’s automation allows for the speed, scale, and accuracy potential of the platform to approve more transactions, and identify and block more fraud attempts.

4. Riskified

Riskified is an ecommerce risk management platform that allows for the creation of trusted relationships between online merchants and consumers. The software reviews orders that customers submit using machine learning models and analytical tools.

Riskified’s AI machine learning algorithms consider data by cross-checking it against millions of other orders to determine a risk profile. The profile data the software collects includes customer details, proxy use, geolocation, digital fingerprints of devices, and user behavioral analytics.

Riskified only charges merchants for revenue-generating orders approved by the platform.

The type of transactions that Riskified reviews and guarantees are card-not-present orders, debit card payments, and payments made via PayPal, Amazon, and Apple Pay.

5. Signifyd

Signifyd homepage

Signifyd is a commerce protection platform that provides an integrated fraud protection solution. Signifyd, through real-time machine learning, uses its vast network of relationships with key ecommerce platforms to maximize sales conversions, eliminate fraudulent transactions, automate customer experience and reduce consumer abuse for retailers

Fetures offered by Signifyd include:

  • Abuse prevention tools stop discount policy abuse by employees. It is also effective in stopping customer’s Item-Not-Received fraud and investigating and resolving chargebacks on your behalf.
  • Fraud protection pairs the automation of orders with a financial guarantee against fraudulent chargebacks on approved orders.
  • Account Takeover Protection monitors customer behavior to build an evolving online profile. This allows Signifyd to accurately detect anomalies in customer behavior and stop fraudulent activity.
  • The Strong Customer Authentication tool powers Signifyd’s payments optimization process in reducing fraud and securing online payments. It is one of the mandates of the second Payment Services Directive (PSD2).

The relationships that Signifyd has built with ecommerce platforms make the process of integration easy and seamless.

6. Kount Command

Kount Command is a great tool to use for fraud identification and prevention. Kount Command automates real-time transaction decisions based on assigned identity trust levels and users’ business policies.

Kount Command uses advanced AI machine learning to compare customer interaction data with billions of other interactions in the signal data collected from 32 billion annual interactions.

Features of Kount Command that help with fraud ring identification and prevention include:

  • Assess solutions use advanced machine learning for pre-authorization fraud protection. They integrate tools from major card brands for post-authorization dispute and fraud management.
  • Identity solutions build customer personas and produce the most accurate risk assessments. They provide real-time, accurate results that stop fraud before and after authorization.
  • Engagement solutions provide businesses with tools to collect, store and analyze actionable data from interactions across customers’ journeys.
  • Growth solutions provide tools for maintaining engagement with existing customers. These tools use data-driven up-selling and cross-selling strategies to compel your repeat customers to try new products based on known preferences.
  • Comply solutions help keep businesses compliant with business regulations

Final thoughts

It won’t come as a surprise that using fraud prevention software is the most effective way to identify and prevent fraud rings. Your software’s access to large volumes of real-time data to work with makes it a viable tool for identifying and preventing fraud rings.

Preventing fraud rings requires the ability to observe and identify anomalies from patterns of interaction. Fraud detection and prevention software collects network insights and uses advanced data science to collect, store and analyze data.

The machine learning capability of fraud prevention software makes it possible to learn from the data and build new variables into fraud models. It’s these new models that will help you identify subtle patterns of fraudulent behavior and take necessary action.

Li-Anne Mcgregor van Aardt

Li-Anne Mcgregor van Aardt is a wordsmith who has written everything from editorials, blogs, and press releases, to poetry and rap songs, to a South African travel book, which she magically knocked out in 24 hours. Painting the world with her words is something Li-Anne has been doing for the past 16-plus years. Expect deep hues and careening colors of various vibrancy when traipsing her cascade of words.


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