Knowing about fraud detection is important so that you do not become a victim of it. There are various aspects of fraud detection that you are supposed to know for your own benefits and convenience.
What is Fraud Detection, and why it is important?
Fraud detection is the process of identifying fraudulent activity, often in credit card transactions or bank account debits. Fraud detection in banking is necessary as bank frauds have become quite frequent these days, specifically via e-banking. Fraudulent activities include false identities, stolen personal information, and stolen credit cards. Fraud detection is performed by comparing an individual’s profile to all other profiles to check for inconsistencies. The goal of this system is to limit the number of purchases made with a stolen identity. Some of the best fraud detection techniques are statistical parameter calculation, regression analysis, probability distributions, data matching, data mining, machine learning (ML), and pattern recognition, among several others. But to apply all these fraud detection techniques, we need specific fraud detection tools.
Here is the list of some of the best fraud detection tools in the market.
SEON key features
- Complete modular solution
- The reverse looks up for social media
- Whitebox machine learning
- Affordable pricing plans
- Excellent customer and UX experience
- Free trial available
Riskified key features
- Strong focus on eCommerce protection
- Select tools as per your requirement from its wide range of advanced options
- Advanced protection for big data and AI
Signifyd key features
- Prevention from automated chargeback
- Protect from every type of eCommerce fraud
- PSD2 compliant facilitated amenability for EU-based payments.
Sift key features
- Primary focus on enterprise data protection
- Advanced module for chargeback resolution
- Content security add-on
- Multinational consumers such as Airbnb and McDonald’s
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Kount key features
- Select tools as per your requirement from its wide range of advanced options
- Strong focus on eCommerce protection
- Good protection for social media platforms
Ravelin key features
- It consists of solid and advanced data science.
- Extensive database and covers a wide range of industries
- Excellent graphic visualisation for better utilisation
Emailage key features
- Perfect fraud detection tool for emails
- Provide real-time alerts
- It comes under the LexisNexis Risk network
- It covers a wide range of industries and their email protection requirements.
Ekata key features
- Practical tools for manual review
- Excellent graphic visualisation for better utilisation
- Good brand awareness
- Customers like Microsoft, Lyft, and Equifax
ArkOwl key features
- Real-time protection for live social media
- The pricing structure is quite affordable
- Free trial available
- Good for email protections
TransUnion key features
- A big part of the TransUnion ecosystem
- Provide instinctive device fingerprinting
- Consist with expertise regarding advanced iGaming
Fraud affects every industry. The cost of fraud is estimated to be $3 trillion, or about 5% of global GDP. And the higher the organization, the higher the risk. Organizations need to invest in a proactive fraud detection strategy emphasizing data, analytics, and artificial intelligence. Fraud detection is one of the most important aspects of data analytics. Many different types of fraud can be detected, and the frequency at which it is detected varies depending on the style. Examples include credit card fraud, identity theft, insurance fraud, academic fraud.
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