A fraud detection company provides the technology to help businesses stop fraudulent activity and protect their bottom line. Whether it’s identity theft, credit card or insurance fraud, scammers have found new ways to game the system, with losses reaching record highs. With the right technology and partners, businesses can protect their customers, reduce costs, and increase revenues.
Fraud detection companies use a variety of methods to identify patterns and anomalies that indicate the possibility of fraud in online transactions. They utilize data analytics to analyze various elements of an online transaction including email, IP address, location, credit card number and more. They use artificial intelligence to detect unusual behavior and determine if the transaction is legitimate or not. They can also use machine vision to recognize objects and people in images or video footage.
The top fraud detection companies focus on specific areas of fraud in the e-commerce and payments industry. These include Kount, which offers a fraud prevention platform that is fully customizable so that customers can be as hands-on or off as they choose. They have a wide range of solutions from Account Takeover Prevention via Kount Control, to Data on Demand, and even offer solutions to comply with 3DS2 and PSD2. Riskified is another top fraud detection company that helps merchants eliminate bad shoppers and prevent e-commerce fraud attacks. They use real-time insights and powerful AI to make instant decisions that streamline good shopper’s journey and stop fraudsters at every step of the conversion funnel. They can also help merchants with data protection and compliance with regulations like GDPR and AML.
Precognitive also uses advanced AI and Machine Learning to provide a preventative approach to fraud detection. They combine behavioural analytics with device fingerprinting to evaluate and identify bad users before they can impact business. They claim to reduce chargebacks by up to 67% and ATO attacks by 85%. They also specialize in certain industries like Banking and Travel.
FRISS provides automated software that helps to detect insurance fraud before claims are paid. Their software identifies suspicious claims and reveals hidden networks, allowing for the rapid processing of legitimate claims. It is able to detect fraud at the point of origin, such as with auto-theft or false injury, and even before it occurs at the time of an accident by detecting abnormal behavior. Using its predictive analytics capabilities, the software can then provide a risk score for each claim and help insurers prevent bad actors from taking advantage of consumers. It can also reduce costs by preventing fraudulent payments and speeding up the process of paying legitimate claims. It is used by insurance companies, banks, and automotive insurers.