Fraud detection and prevention software has become an integral part of the majority of digital businesses. It has become a crucial part of various organizations because the potential impact of fraud on business operations can be devastating.
According to a report by Extrapolate, the global fraud detection and prevention market value is anticipated to grow to $200.37 billion by 2030, expanding at a CAGR (compound annual growth rate) of around 28.22% from 2023 to 2030.
There are various fraud detection and prevention solutions that empower organizations to combat fraud. In this blog, let us explore the best companies that offer fraud detection and prevention services for businesses:
Extrapolate Profiles The Top 10 Fraud Detection and Prevention Vendors in 2024
Following are the top 10 fraud detection and prevention companies that businesses can consider integrating into their tech stack to minimize fraud:
1. IBM Corporation
IBM Corporation is one of the pioneers in the information technology sector, catering to various industries. The company also offers fraud detection and prevention services to multiple organizations through its various product portfolios. IBM Security Trusteer is a part of the IBM Security portfolio that assists businesses in evaluating risks, identifying fraud, validating identity, and verifying users. This product enables enterprises to enhance security and customer experience through omnichannel customer journeys.
Trusteer has cloud-based intelligence tools like artificial intelligence (AI) and machine learning (ML) tools integrated to detect new and existing customers to improve the user experience. There are multiple organizations globally that depend on Trusteer to secure their clients' digital journeys and support business growth. Following are the products and services that IBM Corporation offers enterprises for detecting and preventing fraud:
- IBM Security Trustee Pinpoint Detect
- IBM Security Trusteer Pinpoint Assure
- IBM Security Trusteer Mobile
- IBM Security Trusteer Rapport
2. SAS Institute Inc.
SAS Institute is a global leader that offers fraud detection and prevention services to various customers. SAS Fraud Management is an effective tool that enables organizations to identify, manage, and mitigate fraud across the enterprise in real time through a single platform. Businesses can respond quickly to new threats and make more informed risk-based decisions across the organization. Fraud identification and mitigation tools offered by SAS Institute reduce the false positives to deliver a top-notch customer experience.
The fraud detection and prevention software supports multiple channels and lines of business to holistically monitor the entire enterprise through a single platform. The software streamlines the integration of internal, external, and third-party data to develop efficient predictive analytics aligned with the organization’s goals.
3. FICO (Fair Isaac Corporation)
FICO is another prominent player in the fraud identification and prevention sector. FICO’s Falcon Fraud Manager allows businesses to protect their clients and minimize fraud losses. It is a comprehensive tool that can be used across all channels to identify fraud in all transaction types.
This fraud manager is easy to deploy and has a futuristic fraud detection and prevention approach to support particular portfolios and regions. The tool has AI and ML models integrated to improve fraud detection. This software tracks transactions end-to-end to detect fraud in real time. FICO has over 30 years of analytics expertise to combat fraud.
It has more than 100 AI and ML patents that help detect fraud. Hence, the company has tested ready-to-deploy fraud models that perfectly meet the needs of particular industries, portfolios, regions, and channels.
4. Experian plc
Experian is a popular brand that offers fraud detection and identity management products and services. Its extensive portfolios allow organizations to identify, monitor, and evaluate the fraud risk at each stage of the customer relationship. The company assists its clients to know their customers throughout their customer journey. The fraud detection and prevention tools flag potential fraud scenarios. The investigation teams can monitor highly suspicious account behaviors to reduce the risks.
5. RSA Security LLC
RSA Security LLC is a well-established security-first identity solutions company. The company offers its security solutions to security-sensitive enterprises globally. RSA provides automated identification intelligence, verification, governance, access, and lifecycle functionalities to prevent themselves from significant cybersecurity risks. Following are a few identity-first products under RSA’s portfolio for security leaders:
- ID Plus
- SecurID
- Governance & Lifecycle
- RSA Unified Identity Platform
Fraud detection and prevention tools offered by RSA are comprehensive and have AI-driven identity capabilities. The software offers end-to-end visibility with self-service capabilities.
6. ACI Worldwide, Inc.
ACI Worldwide is one of the leading fraud detection and prevention service companies globally. It has a fraud management module powered by machine learning capabilities. The company deploys products and strategies to the market quickly leveraging the Microsoft Azure marketplace. The tool also enables organizations to stay updated with the evolving fraud regulations and exemptions. Additionally, ACI helps identify community fraud signals quickly using data science, machine learning, network intelligence, and fraud consultancy experts.
7. NICE Actimize
Nice Actimize is a dominant player in the fraud detection and prevention market. The company offers products and services to identify fraud in real time and prevent it with the use of AI. It has integrated AI throughout the fraud prevention processes, right from identification and investigation to operations and mitigation.
NICE helps organizations mitigate fraud with intent-based next-generation AI algorithms and magnified customer profiles driven by collective industry intelligence. Tools offered by NICE combat fraud by reducing loss exposures, complying with regulatory requirements, and expediting the claims process. Following are the comprehensive fraud detection and prevention products and services offered by NICE:
- Scams & Mule Defense
- Payments Fraud
- New Account Fraud
- Claims & Investigations
- Authentication Management
- Xceed for Small and Mid-Sized Banks
8. LexisNexis Risk Solutions
LexisNexis Risk Solutions enables organizations to prevent new account fraud risks. Predictive scores and data assist in identifying new account fraud. Utilizing the LexisNexis Inquiry Identity Network will help lending institutions with a comprehensive view of all the identities living in the U.S. region. It will offer valuable insights from extensive and growing data assets to spot potential identity frauds. The fraud detection and prevention software of LexisNexis would seamlessly integrate into the current workflows and risk strategies to prevent themselves from following fraud types:
- Third-party fraud
- Synthetic identity fraud
- First-party fraud
9. Kount Inc.
Kount Inc. offers trust and safety solutions for enterprises to detect payment fraud, authenticate identity, and compliance management. The payments fraud tool offers the workforce tools to manage frauds and chargebacks throughout the customer journey.
It is an all-inclusive platform that allows businesses to combat criminal and friendly fraud, recover money, and minimize chargebacks. The identity solutions offered by Kount develop personal profiles with multiple data points, such as the capacity to spend, purchasing habits, and payment history. This enables enterprises to get a holistic view of the clients that are engaging with the brand.
10. SumSub
SumSub is a well-known fraud detection brand that offers fraud detection & prevention solutions. It is a reliable tool that turns insights into action for efficient fraud prevention. SumSub empowers enterprises with AI-powered fraud prevention that promises unmatchable accuracy, proactive action, and effective prevention against various forms of fraud. The tool has ML algorithms to tackle various types of fraud, such as account theft, payment fraud, and others.
In Conclusion
There are multiple tools available in the market that empower businesses to detect and prevent fraud. Enterprises can get confused about which tool to select for the optimum results. This list can help organizations explore the market and select the right fraud detection and prevention software that fits their needs and helps mitigate the majority of fraud.
