As the number of digital transactions increases, fraud prevention is more important than ever. The cashless economy has paved the way for fraudsters to leverage sensitive information. Without a robust fraud management solution, companies and financial institutions risk profound monetary losses and loss of user confidence. 

This is why many fintech companies are looking for fraud management solutions to protect their users and their bottom lines. With a fraud detection tool, your business can stay one step ahead of fraud without compromising your customer experience. A fraud management solution performs a range of activities to detect, prevent, and mitigate fraud. 

Let’s explore exactly what you should look for in a fraud management solution. 

Features to look for in a fraud management solution 

Fraud management solutions help businesses streamline fraud detection with authentication workflows and tools designed to deter fraudsters. Here are some common features you’ll encounter as you’re vetting these solutions. 

Real-time monitoring

With the constant transfer and exchange of funds, real-time monitoring is essential. It’s a critical component of a robust fraud prevention strategy. When transaction fraud occurs, real-time fraud detection identifies fraudulent activity in milliseconds. 

How? By continually monitoring user behaviors and analyzing data and transactions to determine risk scores. Often integrated with machine learning (ML) fraud platforms, real-time monitoring allows companies to immediately detect and respond to fraud.

Machine learning algorithms

According to the Association of Certified Fraud Examiners (ACFE), AI/ML use in anti-fraud programs will triple over the next two years. Machine learning fraud detection systems are better able to pinpoint and utilize complex, variable rules than traditional systems. 

ML algorithms draw from data on previous fraud cases to uncover patterns and relationships. Based on these analyses, machine learning algorithms build models for identifying the patterns. 

Cross-channel protection 

Your consumers demand convenience and a user experience that integrates seamlessly across channels. That’s why it’s important to have fraud prevention across all platforms where customers interact, including your website, email, and mobile apps. 

As many online companies deploy an omnichannel approach to connect with their consumers, they face an increased risk of cyberattacks. 

Omnichannel fraud is a sophisticated type of financial crime that occurs through various digital channels, including e-commerce websites, social media platforms, and mobile apps. Many fraud management solutions monitor transactions and behaviors across all of these channels to stop fraudsters in their tracks. 

User-friendly interface 

A user-friendly interface is beneficial not only for your team, but also for your organization’s fraud prevention efforts. If users can’t easily navigate the solution to set up rules and investigate suspicious activities, errors are more likely to slip through the cracks. 

Additionally, a user-friendly interface allows for greater adaptability as new threats emerge. Your security teams will also be able to collaborate more efficiently to prevent fraud. 

Robust customer support 

Nothing is more frustrating than experiencing an issue with your fraud management system and having to troubleshoot the issue alone. When exploring solutions, pay special attention to those that offer responsive and knowledgeable customer support. Is help just a phone call or chat message away? 

As you’re dealing with system outages or downtime, your company will be more exposed to cyberattacks. So you want a fraud management solution that delivers immediate, accessible support services to get your system back up and running as quickly as possible.

Integrations with your tech stack 

There are many different tools and apps to help detect fraud and cyberattacks. However, not all integrate well with one another. It’s not uncommon for some organizations to use dozens of tools from multiple vendors. But for many IT teams, managing a tech stack this complex and extensive isn’t realistic. 

There’s also the customer experience to consider. More robust fraud detection and user protection can add friction throughout the customer journey. Controlling fraud can also create more hurdles for e-commerce, which can then create more disgruntled buyers. 

Seamless integration with your tech stack will enable more operational efficiencies with better customer experience in mind. 

Industry-standard data protection and security 

Did you know 66% of consumers said they’d avoid doing business with a company that has experienced a data breach? To prevent damage to customer trust — and your bottom line — your fraud management solution must follow rigorous data protection and security standards. 

This includes compliance with relevant regulations, including the General Data Protection Regulation (GDPR), Payment Services Directive 2 (PSD2), and other industry-specific standards.

7 best fraud management solutions for business 

The average fintech company loses $51 million annually to fraud. In 2022, identity fraud alone accounted for a loss of $20 billion. Fortunately, there are a variety of comprehensive fraud management solutions on the market to safeguard your business and your customers. 

1. Fingerprint

Fingerprint is a device identifier that offers 99.5% identification accuracy to help developers detect and prevent account takeover fraud. 

Across web and mobile, Fingerprint’s visitor identification API identifies returning visitors, while Smart Signals provide real-time intelligence about visitor intent. These Smart Signals indicate fraudulent activity by providing specific information about a device and its installed applications, even for anonymous visitors. 

Some of the world’s most trusted brands, including Trustpilot, Dropbox, U.S. Bank, and Ameritrade choose Fingerprint to protect their users from fraud. 

Key features 

• Identify users with confidence on all devices, including iOS, Android, and Safari.
• Leverage more data and rapid response times to make faster, more informed decisions about your traffic. 
• Detect key characteristics of malicious users, such as a VPN with a mismatched time zone or incognito mode. 
• Easily connect Fingerprint’s device intelligence platform to your mobile apps. 
• Integrate Fingerprint seamlessly with your current solutions, including Google Tag Manager, Cloudflare, CloudFront, Segment, Azure, and Akamai. 

Pricing 

Fingerprint offers two main plans: Pro Plus and Enterprise. Pro Plus pricing starts at $99 per month for up to 20K API calls and increases based on monthly volume. Enterprise plans require a custom quote. 

2. Kount 

Kount is a merchant fraud protection technology that offers solutions for payment fraud, identity, and compliance. Customers can choose the solutions most relevant to their businesses, using as many or as few automations as they need. 

Kount utilizes data-driven decisions, advanced machine learning, and decades of experience to help growing businesses overcome their challenges. 

Key features 

• Stop threats in real time with fraud detection software built to prevent revenue loss. 
• Protect your revenue with chargeback management, reducing chargeback rates by 60-70%.
• Provide seamless experiences with account takeover protection, which detects suspicious activity and stops costly account takeover (ATO) fraud.
• Detect threats with dependable, ongoing portfolio monitoring. 

Pricing 

Kount offers four pricing plans that start at $0.07 per transaction. Billing is on a per-interaction basis, and if you use more solutions, Kount offers discounts for bundles. 

3. Signifyd

Signifyd is an e-commerce fraud protection platform that offers three core services: revenue protection, abuse prevention, and payment compliance. It provides an end-to-end Commerce Protection Platform that maximizes conversion, automates customer experience, and eliminates fraud and consumer abuse risks for retailers. 

Key features 

• Proactively block emerging fraud trends while recognizing and streamlining legitimate customers through the path to purchase. 
• Accelerate time-to-value through seamless pre-built integrations with leading e-commerce platforms. 
• Approve 5-9% more orders on average. 
• Automate payments at scale with Signifyd’s 100% financial guarantee against fraud and abuse. 

Pricing 

Signifyd pricing depends on the products purchased and ranges from flat-fee to transaction-based pricing to percentage-of-GMV pricing. The platform determines exact pricing by assessing your current operating expenses, chargeback losses, and order declines. 

4. SEON

SEON is an online fraud prevention platform that helps organizations reduce the costs and resources lost to fraud. Using real-time digital, social, phone, email, IP, and device data, SEON helps company leaders make better decisions about their fraud risk management. 

Key features 

• Identify newly created email inboxes without social media and digital footprints and determine if email addresses have been involved in data breaches. 
• Analyze phone numbers to learn more about owners’ digital and social accounts, flag eSIMS and virtual SIM cards, and highlight suspicious carriers.
• Utilize hundreds of data points to identify users and take down fraud rings.
• Integrate the SEON platform seamlessly with your tech stack. 

Pricing 

SEON offers three pricing plans, including a free plan. Prices are based on the number of users, custom rules, queries, API calls, and API integration. 

5. MediaGuard

MediaGuard by HUMAN protects ad tech platforms, media owners, and advertisers against sophisticated ad fraud across desktop, mobile apps, mobile web, and CTV. 

By ensuring quality ad inventory is reaching real humans across channels and formats, MediaGuard safeguards your customers, revenue, and operational efficiency while keeping unwanted bots at bay. 

Key features 

• Authenticate interactions through identity verification to spot internet traffic patterns and anomalies. 
• Defend your platform and digital advertising transactions with intelligence gained from over 2,500 signals connected across applications, advertising platforms, APIs, and loT devices.
• Prevent cybercriminals from reverse-engineering workarounds with machine learning guardrails. 

Pricing 

Though MediaGuard hasn’t posted its pricing information online, users can complete a form to request a demo and speak with an expert. 

6. Sift

Sift is an end-to-end fraud prevention solution that eliminates the need for disconnected tools, single-purpose software, and incomplete insights that drain operational resources. It’s built with a single, intuitive console, making fraud detection smarter, simpler, and more flexible with intelligent automation. 

Key features 

• Detect and prevent fraudulent transactions and manage risk in one place.
• Identify and block account takeovers, cultivate customer trust, and build flexible fraud operations. 
• Protect and recover revenue lost to chargebacks with Sift Dispute Management.

Pricing 

Like MediaGuard, Sift doesn’t post pricing information on its website. But according to G2, Sift offers customized, volume-based pricing. 

7. Bolt

Bolt is a full-stack fraud solution that empowers frictionless experiences for retailers and customers throughout their shopping journeys. Designed to minimize false positives and bring maximum value back to merchants, Bolt has access to one of the largest API-based shopper networks in the U.S. 

With Bolt Ignite, companies can identify shoppers, power passwordless logins, and convert customers within their existing tech stacks. 

 Key features 

• Connect with 80 million shoppers in Bolt’s Universal Shopper Network.
• Allow customers to check out instantly from a phone or laptop without logging in with a password. 
• Prevent losses to fraud with Bolt’s Fraud Chargeback Guarantee. 

Pricing 

For pricing information, users can complete a contact form on Bolt’s website to connect with an e-commerce expert. 

How do I choose the best fraud management solution for my business? 

With so many options on the market, it can be hard to decide which fraud management provider is best for your company. 

Here are a few things to consider: 

• Assess your business needs: Define what you want the solution to achieve, like reducing false positives, identifying new fraud patterns, or preventing specific types of fraud. 
• Consider integration capabilities: Will the fraud management solution integrate with your existing tech stack? 
• Check for scalability: The solution you choose should offer real-time data processing and alerting and scale easily with your business. 
• Reputation and support: Do top companies trust the fraud management solution? Does the company have a knowledgeable support team to answer your questions and troubleshoot issues? 

More than 6,000 companies trust Fingerprint’s highly accurate, real-time device intelligence, which integrates seamlessly with your existing tech stack. Best of all, it’s customizable to fit your business and scales effortlessly alongside your growth.  

Strengthen your fraud prevention measures with Fingerprint 

Fraudsters are always coming up with more sophisticated ways to execute cyberattacks, and it’s essential to protect against them. Modern fraud management solutions offer things like real-time monitoring, ML algorithms, and cross-channel protection to deliver a comprehensive safeguard. 

If you need a seamless, effective fraud prevention solution, you need Fingerprint. Trusted by some of the top U.S. brands, Fingerprint makes it easy to determine user intentions and make intelligent decisions about your browser and mobile application traffic. 

Contact Fingerprint today to solve your company’s toughest security, analytics, and user experience challenges.