As the world is moving towards E-Commerce and digitization, on the one hand, the threat of online fraud is going parallel on the other hand, which means whenever there is any technological advancement, its devil always follows it.
Although, shopping online has made transactions full of suspicion. Businesses are worried about online fraud, and working to eliminate it.
This article attempts to spread awareness about fraud detection and how to prevent it from saving you from any losses.
With the increasing online transactions, eCommerce fraud is also increasing and needs to be curbed.
To understand how big online fraud is, we need to go by data that says that only in 2021 online retailers lost approximately $20 billion worldwide, an 18% increase compared to 2020.
However, retailers have not lost the battle to the fraudsters; they are empowered with the tools that help them prevent online fraud, which I will talk about in this article.
10 Best E-Commerce Fraud Detection Tools in 2022
To ensure the overall protection from online fraud, the merchants need to follow the best practices and tools to prevent fraud, and to get rid of this, and help you out, I will discuss the ten best fraud detection tools here.
It's a cloud-based tool that detects fraud from millions of transactions every day and alerts you with the most strange one.
Risk Management - It can assess the card fraud risk no matter whether you transact from your PC or smartphone.
Device Identification - The tool recognizes your device, location, browser, etc., to identify any suspicious activity.
In-Built ML Models - In this, the fraud detection is done mainly to the device.
Updates - Even if your device's browser or OS is updated, it can still identify its related data.
Support - You get support by the API, although there is no official app for this.
Pricing - It entirely depends on the volume of transactions.
It is a customizable fraud detection tool that can change itself as per your needs.
Automation - Its 20+ fraud detection features help you automate your fraud checks and fully secure your transactions.
Customer Details - with this tool, you get a customer-specific detail like location, contact details, and even the last use of an email address.
Real-Time Insights - this software shows each order in a specific color that is good for verification purposes.
Built-In ML Models - This program supports complex algorithms that use more than 100 factors to detect fraudulent orders.
Pricing - Although there is no free plan available, you can avail of a 30-day free trial, and you need to pay $19 per month to avail of its full-featured program.
It works differently by identifying individuals behind each online transaction to get a secure transaction.
Built-In ML Models: It uses advanced ML Algorithms to give you real-time insight into your company.
Device Identification: With many identification tools like IP address, geolocation, proxy detection, device fingerprinting, etc., it makes your transactions safe.
Riskified Dashboard: Using its dashboard, you can view the time the order was considered and its performance.
Authentication: Instead of raising risk flags, it directly gives an approving nod or rejection to the suspicious transactions.
Control: It gives direct control to the organization to approve or reject a particular transaction.
Pricing: Pricing depends on the total volume.
It uses AI and ML algorithms to give you the commerce insights you can act upon.
Interface: it gives you a fantastic console by which you can access all the essential transactions, orders, and reports on one screen.
Score: An amazing thing with Signifyd is that it assigns a score to each transaction to understand its level of security.
Automation: It helps the back office automation while filling and canceling orders to spotlight.
Team: It gives you the option to manage all the traditional activities yourself, or you can also sign the same task to the group of Signifyd.
Chargeback: thanks to its fraud chargeback insurance, you can get the payouts in less than two days.
API Integration: the best thing about this software is that it can be integrated with any E-Commerce platform with its API without modifying the platform.
Pricing: You can avail of 14 days free trial, and after that, a 1% fee of your order size will be charged to your transaction.
They offer a comprehensive fraud detection plan because they have transactions from most countries, stores, and various payment methods.
Automation: Its automated function gives you a yes or no response whenever any transaction takes place, which happens with lightning-fast speed.
Customization: You can customize this program by modifying its ML model to a particular profile that suits you.
Interface: It has a fantastic interface that gives information based on real-time insights about customer geolocation, behavior data, and payment details for each transaction.
Target transactions: It is specifically designed to target mobile transactions and primarily protects the orders placed over the phone.
It is a fraud detection tool that secures your online business from payment fraud and allows you to customize the validation rules to filter transactions as per your needs.
Validation Rules: There are more than 40 validation rules that you can use to screen fraud transactions, and it keeps updating its list of validation so that new fraud transactions can be identified.
Support: Many companies like Magento, ZenCart, Open Cart, osCommerce, WooCommerce, PrestaShop, Shopify, and Virtuemart use this platform
Free Trial: Although there is no full-featured free plan, some limited features are available in the free program and paid methods to give you a more detailed fraudulent check of transactions that will cost you $29.95/ monthly.
Trustev uses ML to approve all the transactions that occur, and those that your trusted customers do, are supported. It works on shopping history, behavior, email address, and location.
Analysis: It comprehensively analyzes each transaction based on specific parameters like historical record, mobile, social, email, financial, etc.
Use cases: Understanding the crucial finance category provides you with the cart history, credit, ID check, and some social media login like Facebook.
Tool Integration: The best thing I like about it is that it can integrate with any existing program, so you need to buy a new program entirely.
API Integration: It supports API integration which you can do by embedding a simple code to your side.
Pricing: Pricing is available upon request.
It offers an intelligent ML approach to understand and track the customer data like their geolocation.
Installation: It is very easy to install and takes only 15 minutes to complete the process.
API Integration: It does not require API integration to clear any fraudulent activities.
Device Identification: It quickly identifies the device to figure out whether a transaction is from a trustworthy source or not.
Track Behavior: This is a fantastic feature. It checks the multiple accounts of a customer and publishes a report based on different transactions, and whenever it catches something fishy, it reports you.
Pricing: There is no free plan, and the free trial stays for 30 days. After that, you will be charged $0.0015 for each transaction.
It makes your business secure by enabling AI and ML techniques.
Industries: It has goodwill among sectors like healthcare, electronics, insurance, etc.
Device Identification: It follows an AI technique to identify different devices to figure out whether the device is familiar or not.
Interface: The interface is straightforward and versatile as it shows everything on one screen, which includes customer data who use the eCommerce store.
Pricing: Although there is no free plan available, there is a free trial, but the subscription is based on the volume of transactions.
Bolt offers a smooth checkout for customers, and it also provides 100% chargeback.
Fraud detection: It has a different fraud detection process where it uses checkout UI, payment processing, and fraud detection together.
Visibility: It gives better visibility in different sections like payment lists, where it collects behavioral data and uses 200+ parameters to check fraud.
Approval Rate: Its order approval rate is impressive, and it does the approvals with keeping the safety on top.
Team: When a check comes in payment, the program requires no team to review orders and payments manually.
Pricing: There is no free plan or free trial; however, one can design his plan by setting up the size and risk profile.
It is the era of the digital economy; hence digital transactions are bound to happen. The only challenge with online transactions is cyber fraud, which can now be eliminated with the tools discussed in this article.
Businesses are worried about the safety of their day-to-day transactions and security, so that they can focus on business growth. Therefore, I think this article will be very helpful in eliminating the worst phase of fraud from your business.
If you have any questions, feel free to comment below, I will help you out with the best possible solutions.