8 Anti-Fraud Tools You Can Use To Prevent Fraud For Your Business

Any business either small or big aims to protect sensitive data online. Customer security is the priority to build trust among your customers for future purchases. When it comes to payments, you need to be extra careful with the risk of fraud which is always there. Here are 8 anti-fraud tools you can use to prevent fraud for your business:

Although, fraud is not new, with the growing digital economy it has taken different and destructive forms. In the last few years, innovative ways to misuse technology have emerged. As a result, millions of individuals have been affected and millions of dollars in funds have been missing.

A survey was conducted by ACFE which found there have been losses of USD 6.3 billion to the companies due to fraud. And many organisations lose almost 5% of their revenues every year due to fraud. 

Grab 

Grab’s Trust Platform can provide an anti-fraud solution for many different business scenes like taxi apps, fintech, food deliveries, etc. They have built tools to manage data feeds and created SDK for engineering integration. They have also developed builds rules engines and consoles for fraud detection. 

Kount

Klout is an innovative software-as-a-solution. It enables traders to accept more orders, find out new revenue opportunities, and ease fraud detection by examining hundreds of variables and activity from across the globe in real-time. It does not just boost sales but it is an all-in-one SaaS platform to help you overcome fraudulent activities and protects you and your customers. 

Fraud.net

The tool operates with any of your current fraud program or as a full-service solution. It can identify fraudulent activity to make sure only more good orders are processed. It uses machine learning to target fraudsters, predicting their behavior, and containing data breaches. This can safeguard your business from huge losses. 

Simility

This tool also uses machine learning to identify fraudulent behavior before any severe loss can be done by evaluating the risk based on the devices that the fraudsters are employing. The installation of this tool is easy and the data is displayed in a precise and actionable manner. The tool is customizable and is compatible to be employed in a wide range of industries like banking and financial services, payment service providers, and eCommerce sites.

Trulioo

It can verify customer identities instantly. It is available in more than 60 countries and reaches more than 200 global databases. This enhances fraud discovery for eCommerce and payment solutions as it blocks any illegal transactions from taking place from the get-go.

FraudLabs Pro

This tool is known for screening the orders by validating elements like geolocation, proxy, email address, credit card number, and transaction velocity. It enables the customization of these elements based on more than 40 validation rules. There are blacklist records provided by the global merchant association and thus it can save business owners money by lessening chargebacks.

Signifyd

This tool authorizes the domestic and international orders that would usually be deemed risky. It also automates the back office by fulfilling orders automatically. If there is a chargeback, the corporation will pay you back within 48 hours. The payment will include chargeback fees and shipping.

Chargeback

This tool is popular as it is integrated with most payment sites like PayPal, Stripe, Authorize.net, Magento, and Shopify. It provides reports and insights to help you make informed decisions. Notifications are sent when a card has been scammed so that you can take the relevant actions, like canceling recurring billing. It also sends notifications to the customers automatically to solve disputes if any. 

Apart from considering these fraud management tools, I would recommend you to consider additional tools like Tokenization, Verification tools, IP Filtering and country blocks, and 3D secure technology. 

Also, educate your teams and customers to avoid the risk of fraud. It is better to stay alert and up-to-date with the knowledge about fraud detection as it is better to be safe than sorry!

Source: business-achievers.com