Top 15 Best Fraud Management Systems In 2023

Best Fraud management system will be discussed in this article. Operating an e-commerce site has different challenges than a traditional brick-and-mortar store. Payment fraud and chargeback fraud are more common in e-commerce shops. For your online store, you need solutions for fraud management, detection, and prevention.

You should pick the top fraud management programme. However, be cautious that it doesn’t exacerbate your checkout abandonment issues and can keep your checkout conversion rate high. Learn which fraud management solution is ideal for you by continuing to read.

How to choose the right fraud detection software

Finding a solution that solves the issues you are experiencing is essential to protecting against fraud. Additionally, you must have a negligible adverse effect on your income. Your e-commerce store’s biggest income killer is denied legitimate consumers. You must thus strike a compromise between the requirement to approve more orders and the necessity to defend against fraud.

There are several factors to take into account while evaluating tools. You should take into account each of them in your decision-making even if not all of them will have an equal influence on your company. Some of the key characteristics of any fraud management system include the following:

levels Automation and control

How hands-on you want to be with your fraud management system is a key factor to take into account. You could desire a background-running programme that you don’t have to handle yourself. Some of you might desire to be in total charge. Therefore, before looking for a fraud management tool, you should be aware of your demands.

Determine whether there is value by balancing the expense with the amount of control you desire. For instance, if you don’t have the time or resources to involve yourself or a colleague, an automated solution may be more suited.

Performance and speed

To keep customers making purchases, your e-commerce site’s performance and quickness are essential. Make sure your fraud management solution doesn’t affect the functionality and speed of your checkout because of this. Your bottom line will suffer, and your users’ experience will be ruined, if the fraud system causes your checkout load times to increase.

Multi layer protection

The procedure of fraud detection is challenging. A five-layer strategy for identifying and preventing fraud was suggested by Avivah Litan, a fraud expert at the Gartner Group. Each level targets a certain form of defence:

  1. Endpoint-centric: Consists of information on the client’s virtual connection to your online shop, including user authentication, device identification, and geolocation.
  2. Customer behaviour that is navigation-centric, such as how quickly users move around the system and where they click
  3. Channel-centric: Identifies behavioural irregularities by analysing account activity in relation to the channel you are utilising.
  4. Cross-channel-centric: Includes behaviour across channels and tracks how an entity behaves when customers make purchases through different channels.
  5. Entity link analysis: This method of authenticating an entity involves examining its connections to earlier and different user accounts and activities.

A robust fraud management system, which operates from a contemporary understanding of the varieties of ecommerce fraud and their consequences, would provide protection that solves all of the aforementioned issues.

Ease of deployment and integration

It’s critical to take into account how time-consuming and/or expensive the fraud management system’s deployment will be. A significant portion of administering the tool will include setting up, maintaining, and regularly upgrading the system. It’s crucial to have a system that is simple to set up, can be swiftly put to production, and doesn’t cost excessive amounts of money or resources to set up.

Additionally, it’s crucial to have a tool that connects and interacts with a variety of different systems with ease. It guarantees that the fraud management system has the features you need, operates at the levels you expect, and will remain functioning for a very long time.

Security and compliance Standards

Verify that the fraud management system complies with the security requirements set by your business. Make sure they offer sufficient protection for both you and your clients.

A fraud management system must also adhere to compliance requirements, including the PCI DSS requirement. This creates uniform standards for handling the acquisition, administration, and utilisation of credit card data. As a result, you should make sure that any system you buy complies with all applicable compliance standards for your company as well as PCI.

Real-time alerts and notifications

Real-time warnings and alerts that draw your attention to possible fraud instances are essential. Real-time warnings enable you to efficiently thwart fraud before the need to dispute the transaction arises. These aid in reducing losses and the amount of fraud on your site.

Price and Value

Software products for fraud management come in a variety of different guises, including:

  1. depending on a subscription,
  2. volume-based,
  3. transaction-based.

There are more intricate pricing schemes that use variable price determined by:

  1. business size,
  2. Sector size
  3. and more.

The optimal price strategy for you will ultimately depend on how well your company demands and the requirements of the tool can be balanced.

Full-service fraud management solutions often cost more up front, but they also include customer support for the technology and its use by your staff. Having an internal staff handle this product might be expensive over time, even if operating or creating your own fraud management platform may appear less expensive initially.

Customer support

Customer service for different fraud management technologies varies. Your team’s ability to operate and administer a fraud management tool may mean that you don’t need much customer support; but, if your staff is inexperienced with fraud detection and prevention systems, you may need more assistance from the vendor.

If you buy a product that you can’t adequately manage, you might end up causing yourself additional worry, work, and expenditures in the long term. Therefore, be realistic and honest with yourself about the degree of aid you will need. Find a tool that meets your demands after weighing them against each other and considering how much experience you have with fraud.

AI Machine and learning

A component of AI, machine learning, or self-learning may be found in the majority of contemporary fraud management systems. Many of these will need to be manually reviewed and approved, and human engagement will be needed to manage the system. But if you have a deep-learning system, it will continuously become better at safeguarding clients and verifying legitimate transactions since it will automatically monitor, evaluate, and enhance its fraud prevention over time.

Handling false positives and approving legitimate transactions

False positive fraud indications on genuine transactions cause many ecommerce companies to lose a considerable amount of conversions and revenue. This implies that you are deterring potential clients from making purchases on your website. Even fewer shops are aware that, in most situations, false positives cost businesses more in lost revenue than actual fraud losses do.

While you want to protect your online business against fraud, you also want to allow as many legal transactions as you can because wrongly denying orders costs you money. In order to strike this balance, some fraud detection systems (like Bolt) employ a number of indications to judge if a transaction is genuine. These systems work under the assumption that they should be approving all genuine transactions. This allows you to use a high-quality security solution that will find fraud and halt it in its tracks while capturing money that might otherwise be lost due to false positives in fraud detection.

Top 15 Best Fraud Management Systems in 2022

Top 15 Best Fraud Management Systems are explained here.

Fraud may take many different forms, and because the ecommerce fraud is always evolving, fraudsters are always finding new ways to increase their profits. There are several methods available to assist you in combating fraud. While some of them are all-inclusive solutions that address numerous forms of fraud, others either concentrate on certain forms of fraud or deal more directly with particular forms of fraud.

It’s important to customise the service to your platform’s requirements when selecting a fraud management system for your online business. We’ve categorised the tools below into groups depending on the types of fraud they are most effective at preventing in order to help you select the correct fraud management solution for you:

  1. Thorough fraud systems
  2. Financial fraud
  3. Chargeback fraud, third
  4. Fraud detection and avoidance
  5. Risk assessment and avoidance

Let’s start with the fantastic tools that have a variety of uses:

Comprehensive fraud systems

1. Bolt


Bolt combines the world’s first platform for a checkout experience with best practises for preventing fraud. In other words, it minimises the time needed to complete the checkout process while maximising retailer income. With security as its guiding concept, Bolt offers this optimization without sacrificing the security and safety of your payment gateway and e-commerce platform. This is another Fraud Management Systems

You can rely on their system to safeguard you and your customers while recovering any possible lost revenue from fraudulently rejected good orders according to their assurance of 100% fraudulent chargeback coverage.

2. Kount


Kount is a comprehensive fraud control solution that handles account takeover, new account, and payment fraud. Their solution increases revenue and automates order screening while decreasing chargebacks and mobile fraud. Their system makes choices about accepting and denying transactions using device fingerprinting, machine learning, and a robust rules engine. Also check iPro software alternatives

3. RSA Fraud Prevention

RSA Fraud Prevention

This is another Fraud Detection services Their fraud tool seeks to reduce friction for legitimate transactions while simultaneously making it harder for cybercriminals, enabling you to earn more money. They offer fraud protection, web threat detection, intelligent fraud services, and adaptive authentication as part of their portfolio of fraud services. These safeguard customers from mobile fraud, phishing scams, data breaches, and account takeovers. This gives consumers a seamless, frictionless checkout experience while completely protecting your e-commerce site from fraud. This is another Fraud Management Systems

Payment fraud Tools

4. Software AG

Software AG

Software AG leverages both historical and current data to spot fraud. To continuously raise the amount of fraud protection you provide, apply, update, and upgrade fraud rules to your tool. Additionally, to gradually raise the level of security offered by their system, machine learning is used. With these technologies in place, fraud may be prevented as it happens rather than being addressed retroactively by identifying suspected fraud in real-time.

5. NetReveal Payments Fraud (BAE Systems)

NetReveal Payments Fraud (BAE Systems)

This system uses behavioural profiling, anomaly detection, and machine learning to find and stop payment fraud. They can determine the likelihood of fraud for each transaction by analysing monetary and non-monetary factors, authorising legitimate transactions and preventing possible fraud. Additionally, their platform has real-time notifications, behaviour tracking across channels, and machine learning to enhance performance.


According to its fraud management system’s design tenet, “complex issues need sophisticated solutions.” In order to construct a complicated system that handles the many aspects of fraud, they mix data enrichment, a collective intelligence network, deep learning with a rules engine, case management, visual analytics, and data mining. This is another Fraud Management Systems

7. Sift


Sift aggressively fights against payment fraud. Their payment fraud technology effectively thwarts criminals without jeopardising development or safety. Additionally, the technology is meant to lessen human review, automate detection and reaction, and provide you a better understanding of fraud on your platform.

8. Signifyd


Given that consumers continually expect more from their shopping experiences, Signifyd is aware that security isn’t the only factor to take into consideration. Increase conversions while defending online shopping across all media. All of this is accomplished without jeopardising the payment gateway’s security and safety. Their method will assist you in minimising fraud on your online store while increasing sales.

9. Stripe Radar

Stripe Radar

This is another Fraud Detection services The purpose of Stripe Radar was to prevent chargeback and payment card fraud. You may choose your risk tolerance and set the system to handle fraud itself while updating and fine-tuning the rules. Additionally, depending on the parameters you’ve chosen, you can let the system watch out for, find, and stop fraud on your behalf. You may always change the guidelines and preferences to better safeguard your shop. Also check childcare management software

10. FraudLabs Pro

FraudLabs Pro

With a focus on lowering friendly fraud and fraud losses, this solution helps safeguard online retailers against fraud and puts more money in your pocket. Their simple dashboard displays information graphically so users can quickly spot abnormalities and patterns, making it accessible and consumable for anyone.

11. Chargebacks911


Their technology is designed to deal with the chargeback problem on your online business because they are a top chargeback management supplier. Instead of taking a reactive strategy, they take a proactive one, trying to stop fraud before it starts. Chargebacks are entirely managed by their system, from detection to dispute resolution. To make the most efficient use of your resources, they will even assist you in determining which chargebacks are worth challenging.

12. NoFraud


Their real-time fraud screening programme finds chargebacks and assists you in stopping them before a dispute is necessary. Their approach employs a straightforward pass/fail paradigm to show if a transaction successfully passes fraud prevention or not. The transaction will then be automatically rejected, or your analysts will be notified of possible fraud for investigation or additional confirmation. Overall, this technique lessens chargeback fraud and enables you to frequently accept legitimate purchases. This is another Fraud Management Systems

13. Riskified


The goal of the fraud management solution from Riskified is to lessen the risk of fraud on your e-commerce site. They especially handle chargeback fraud with a complete technology that identifies, stops, and defends against fraud. You can trust their system to safeguard your consumers and you as a store since they are so confident in their ability to prevent chargebacks that they give a guarantee on any fraud chargebacks that are authorised.

14. SAS Fraud Management

SAS Fraud Management

Combine machine learning with high-performance data analytics to spot fraud early and stop it. For the purpose of identifying the client and possible fraud, keep an eye on both monetary and non-monetary conduct. Your team may quickly access this information with a simple dashboard, allowing you to make insightful conclusions.

15. Simility


For improved fraud detection and prevention, their solution leverages machine learning to adapt and improve. They provide useful data dashboards that allow you to present and structure information in a way to draw insights using beacons, APIs, and SDKs. From here, you may create automatic fraud prevention strategies as well as notifications and alerts to follow the crime. This is another Fraud Management Systems. Also check credentialing software companies

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