Fraud protection services to prevent detect and respond

Fraud is one of the biggest problems that businesses face both in the physical and digital world. It’s especially prominent in banking and makes itself known via identity theft, account takeovers, money laundering, and more.

No business, service, or product is immune to fraud and the harm it brings, but protecting your organization from it isn’t the easiest task in the world. That’s why fraud protection services exist. They vary from broad services that include not only fraud protection but also general cybersecurity solutions such as threat intelligence and others. Some even offer APIs and platforms that employ advanced AI and ML technologies specifically designed to monitor user behavior every step of the way.

With such a variety of excellent solutions, it’s hard to figure out what’s best for your particular case. That’s why we put together a comprehensive list of the best fraud protection services that cover all possible scenarios and can help you counter fraud in the most effective way.

Best fraud protection services: our detailed list

If you know that your business is in need of fraud protection but don’t know where to look and what’s best for you – don’t worry. In this list, we offer brief but informative overviews of the best fraud protection solutions today.

Eastnets PaymentGuard

PaymentGuard is a fraud prevention solution by Eastnets, a global company specializing in compliance and payments.

The way PaymentGuard works is that it analyzes historical customer data like their past transactions, devices, and geolocations using machine learning. With the help of this robust technology, PaymentGuard detects suspicious patterns in real-time, across multiple channels.

Eastnets offers a variety of solutions and services that help ensure compliance and secure payments, so make sure to check this provider out for all of your financial needs.

Covery

Covery is a customizable end-to-end SaaS analytics, fraud protection, and risk management platform.

By using device fingerprinting, Trustchain global reputation record database, behavioral analysis, supervised Machine Learning, and a rule-based risk logic engine, Covery is able to identify and prevent fraud on all customer journey stages – from registration to payments.

Easy integration with industry-leading service providers and options for customization are just a couple of reasons why businesses across a variety of industries choose Covery, so make sure to check out their website for more details about their platform.

Inscribe

Inscribe is an AI-driven platform that helps fintechs reduce fraud through streamlined document fraud detection and automation. Inscribe’s capabilities collect and analyze digital documents (like pay stubs, utility bills, or tax documents) to verify the authenticity of an application alert teams to any discrepancies or potential fraud. You can know within seconds whether documents are authentic or fraudulent.

Additional services include the ability to get a broader picture of an applicant’s money management habits. Running a credit check is standard for opening a line of credit or applying for a loan. However, a credit report doesn’t always tell the complete story. Inscribe provides a faster, more accurate picture of which applications to approve, reject, or review more in-depth by using their powerful bank statement automation and Credit Analysis™ features.

If you’re interested in using Inscribe, you can request a personalized demo on the company’s website.

Scalarr

Another provider that specializes in ad fraud protection is Scalarr.

What makes this company stand out is that its main focus is app install ad fraud – a pressing issue affecting thousands of mobile app developers these days. By using innovative dual-layered, next-generation, Machine Learning algorithms, Scalarr is able to detect even the most complex fraud patterns and ensure marketers and developers get accurate campaign data.

So, if you're in need of a solution that will protect your mobile apps from ad fraud, look no further than Scalarr. With their advanced Machine Learning algorithms, you can rest assured that every click and app install will be scrutinized.

Criminal IP

Criminal IP is a SaaS-based business-oriented security control solution for cyber threat intelligence, financial fraud detection, attack surface management that are powered by AI and machine learning.

With the help of natural language processing, their fraud prevention solution collects and analyzes data such as account numbers and phone numbers involved in fraudulent transactions and will alert you in case it detects any suspicious behavior.

Besides stopping fraudsters before they can even make a transaction, the Criminal IP solution also allows you to check specific phone numbers, account numbers, and other information for fraud through an API call, so give it a try if you are looking for a fraud protection solution that leverages a vast database.

FinScore

FinScore is a Philippines-based company that delivers alternative credit scoring and fraud prevention solutions for banks and other financial institutions.

FinScore uses alternative data for credit scoring. Alternative credit scoring holds great potential in expanding access to credit, even for the unbanked. FinScore’s fintech solutions such as the Telco Credit Scoring model and fraud flags provide unique insights based on 400+ variables, including data and voice usage, top-up patterns, location, SIM age, and many more

This approach provides unparalleled visibility for financial institutions, as it delivers more information than a credit bureau or an application form would, ultimately allowing you to make better decisions and prevent fraud.

Hispasec

Hispasec is a long-time player in the cybersecurity solution world and has been in the game since 1988. They offer a comprehensive list of IT security solutions, including threat intelligence and anti-fraud prevention measures.

The anti-fraud and security product of Hispasec is designed to work 24/7 in detecting, evaluating, and neutralizing any threats that may have their eyes set on your organization. The anti-phishing measures include a unique sensor network that also has early detection capacity and timely neutralization of the threats. You can easily implement the service into your systems by using the API. Hispasec also offers its clients assistance in integrating their products with the main SIEMs that are on the market right now.

If you’d like to know more about the solutions Hispasec offers, don’t hesitate to head to their website and contact them for more information, or ask for a demo.

Shield

Shield is a Risk Intelligence solutions provider that focuses on fraud protection, solutions for fake accounts and account takeovers, as well as bot attacks, and various cases of abuse.

The way Shield’s solutions work is by first identifying fraudsters with the help of real-time link analysis on a number of device attributes. Other steps include employing artificial intelligence, which combines device data with transaction activity and provides you with the means of staying one step ahead of even the most difficult attacks. Besides that, Shield’s HTTP Data Engine constantly performs real-time analysis of various network parameters, which adds an extra layer of fraud protection.

If you’re interested in learning more, you’ll be happy to discover numerous resources on Shield’s website. They include a blog, a collection of use cases, videos, and even a wiki.

Nethone

Nethone is another fraud prevention solutions provider, which specializes in helping organizations detect and prevent payment fraud and account takeovers. They use a combination of hardware, network, and user behavior analysis to counter fraud threats.

Nethone’s solution for fraud prevention includes integration technologies, including various APIs for fraudulent behavior detection. Machine learning and other AI measures also play quite a big role in profiling the users, screening their interactions with our website, and authenticating the visitors. This all helps prevent online payment fraud.

The resources available on Nethone’s website include a blog, a full calendar of various events, as well as guides, and informative podcasts.

Hetherington Group

Hetherington group provides a wide variety of cybersecurity services, including but not limited to cyber investigations, due diligence, and risk monitoring. They specialize in tracking down and exposing data in national and international investigations, as well as providing comprehensive training for thousands of investigators.

Besides the countless cybersecurity and business intelligence services that they offer, you can also make use of the Hetherington group’s resources, which include a blog, a newsletter, white papers, factsheets, and even books.

And in case you want to get more insights into the offers, you can contact the Hetherington group directly through their website.

PaymentWorks

Payment works offer their clients an easy-to-use identity verification product called Business Identity Platform. It enables payee identity information management on another level and protects your business from fraud.

The platform works by allowing a seamless exchange of verified identity elements in a networked environment, which highly reduces the chance of fraud. The platform is efficient because it allows for easy identity proof and verification processes according to compliances. The automated processes also establish smooth workflows and allow for pretty simple record creation and updates.

If you’d like to know more about PaymentWorks, don’t hesitate to head to their website and take a look at their blog or FAQ section. For more details, you can also contact them directly and request a demo.

Clari5

Clari5 are global category leaders in enterprise financial crime management solutions for banks and financial institutions. Their comprehensive enterprise AML solution and their fraud management product detect and eliminate threats in real-time, across all channels.

Their main focus is banking and financial institutions, but suspicious customer behavior is not the only thing the Clari5 solution is on the lookout for – the tool also monitors the employees, and stops internal fraud before it even takes place.

Clari5's predictive analytics and intelligence quickly detect and investigate fraud schemes like account takeover, identity theft, and money mule accounts, so you can be sure that even the most sophisticated tactics will not go unnoticed.

Axur

Axur offers a comprehensive service for battling fraud, piracy, and data leaks. They combine services and technology in their end-to-end solution for taking down incidents and mass removal of content, and otherwise managing digital threats.

The Takedown service covers a variety of digital threats. For example, when it comes to data exposed on the surface web, Axur can take care of such data as credit card details, corporate credentials, programming codes, corporate databases, and executive data. As for digital fraud, Axur will take down trademark rights-violating pages, fake coupons, phishing pages, malware, and even fake social media profiles. They also provide services for battling digital privacy, such as unlawful distribution of copyrighted content and materials.

If you’d like to know more about Axur and its services, be sure to check out its website or contact them directly.

LOQR

LOQR provides a Journey-as-a-Service (JaaS) platform for banking experiences and offers your business a digital transformation towards simpler processes.

The JaaS platform from LOQR has processes for customer data capture for KYC/KYB and AML compliance, identity verification solutions through video biometrics, and even a variety of e-signature types, ranging from advanced to qualified certificate signatures. The best thing about the platform is that everything is in one place, and pre-built customer journeys are also available. They include account opening, customer data update, and online access recovery journeys. In the platform, there is also a compliance proof solution for anti-money laundering and know-your-customer requirement fulfillment, which helps reduce the risk of fraud.

For those who wish to know more, LOQR has a collection of resources, including news, webinars, and even a podcast.

NetGuardians

NetGuardians is a fraud protection and technology provider for dealing with both payment and internal fraud cases. NetGuardians strays away from traditional approaches in most cases and instead employs cutting-edge technologies to achieve the best results possible and prevent fraud.

The payment fraud solution employs a 3D Artificial Intelligence technology to monitor transactions in real time and identifies suspicious payments that are the result of social engineering, scams, malware, phishing attacks, etc. 3D AI also plays a big role in countering internal fraud. It tracks employee behavior and blocks fraudulent transactions. NetGuardians' technology was specifically created for banks in order to make fraud protection more efficient.

NetGuardians has numerous resources available on its website. You can browse between white papers, case studies, videos, reports, and more.

Paygilant

Paygilant is an all-in-one platform for detecting and protecting your business from fraud from every possible angle. They combine six patented intelligence sets to monitor user behavior and stop fraudulent transactions before they even happen.

The six Paygilant’s intelligence sets include, among others, Device DNA, which is a unique next-gen device fingerprinting technology. User Space monitors the environment a device is in and draws insights from the data it gathers, which allows for genuine user recognition.

On top of that, an Activity Map and Bio Markers determine user navigation patterns and note unique behavioral attributes, respectively. This data is then used to distinguish a legitimate and unique user from potential fraudsters. And finally, App Insights and Transaction view analyze internal and external information, as well as monitor transaction spending habits of users, and determine fraudulent and potentially risky activities.

If you wish to know more about Paygilant’s solution, they have resources, such as webinars, data sheets, infographics, and more, available on their website.

Sedicii

Sedicii is a business centered around solutions for digital identity verification, protection, and countering money laundering and fraud. They offer comprehensive products and schemes designed for effective and efficient digital identity verification, authentication, and privacy.

Sedicii’s products include the Kriptan Identity Network, which is a solution for citizens to verify their identity against various identity providers, and the KYCexpert, a cloud-based solution that allows organizations to onboard both individuals and business entities easily. Another product that Sedicii offers is Prexa, an anti-money laundering solution that identifies potentially fraudulent transactions and enables the effective detection of criminal activities. On top of that, Sedicii also has a solution for authentication – the Zero-Knowledge Proof authentication protocol.

If you’d like to learn more about Sedicii’s products and services, don’t hesitate to contact them directly, or head to the website to explore it yourself.

Captela

Captela offers to build fintech solutions from scratch. They help you every step of the way – from conceiving the ideas, to coding and perfecting the end product. They also provide clients with various banking solutions such as APIs and AML prevention.

One of Captela’s solutions is KYC-Screen. This screening service combines all official AML data sources, as well as those of CFT and PEP into one tool and API. This allows for integration with external platforms and makes identity screening much more effective and trustworthy.

If you’d like to find out more about Captela’s products and services, check out their website for stories, contacts, and use cases.

Castle

Castle is a leading provider of advanced technological solutions for fraud prevention and protection. Their solutions allow for cutting-edge behavior analysis and preparation for fraudster attacks and incidents.

Castle’s products are easy to install into various operating systems and help you collect user interactions in your mobile and web applications. You can also use the APIs to discover hidden patterns, and detect potentially fraudulent behaviors that might’ve gone unnoticed during verification processes. Castle also provides you with an opportunity to analyze all activity and draw insights from the data, which further helps with bot detection, risk scoring, device fingerprinting, and more. With Castle’s advanced technology, you can act upon fraud incidents efficiently and at any point in time.

For those who wish to know more about Castle, you can take a look at their blog, browse the documentation, and familiarize yourself with use cases for their solutions.

TrafficGuard

TrafficGuard is a provider specializing in ad fraud protection – a measure that's becoming more important as more digital marketing campaigns are being launched than ever before.

By analyzing every impression, click, conversion and event, TrafficGuard is able to detect and mitigate ad fraud before it affects your advertising budget, thus allowing businesses to get complete clarity of their campaigns and reduce costs.

Invalid traffic and clicks carried out by bots are just a couple of factors skew your data and increase your ad spend, so make sure check out TrafficGuard to clear the noise and take your digital advertising to the next level.

Cybera

Next on the list is Cybera, a company on a mission to stop financial cybercrime.

Their signature solutions, Cybercrime Watchlist and Cybercrime Complaint protect customers from fraud, scams, and other financially motivated crimes. Cybercrime Watchlist is a crime intelligence system that provides financial institutions, crypto exchanges, and fintechs with valuable crime data, while the Cybera' complaint solution offers legal support for customers who fell victim to any type of cybercrime.

All in all, Cybera not only significantly reduces risks like fraud and money laundering, but you can also count on them to resolve any issue even if your funds do get taken advantage of.

Spider AF

Spider AF empowers advertisers to achieve desired ad results and performance by preventing ad fraud before it even strikes.

Advertisers can identify and block fraudulent clicks and conversions with Spider AF’s fraud detection and big data analysis, assuring users receive unskewed data metrics, secure channels, and maximized ad spend to drive real conversions.

Another great thing about Spider AF’s fraud prevention is that it covers a wide variety of platforms from Google Ads, Criteo, Facebook Ads, Tiktok Ads, Twitter Ads, and more. So, if you're looking for robust measures that fight ad fraud, go ahead and try out Spider AF’s 14-day free trial.

Best fraud protection solutions: final recommendations

Below is a on-sentence overview of every provider we mentioned in our list – take one more look to familiarize yourself with them, and choose the one fraud protection service that best suits the needs of you and your business.

1. Eastnets PaymentGuard – detects suspicious customer patterns in real-time using machine learning.
   
2. Covery – risk mitigation, fraud prevention, transaction monitoring and chargeback management system.
3. Inscribe - AI-driven platform that helps reduce fraud cases through streamlined identity verification.
4. Scalarr – a solution that protects your mobile apps from install ad fraud.
5. Criminal IP – fraud protection with a constantly updated database of fraudulent phone numbers and accounts.
6. FinScore - alternative credit scoring and fraud prevention solutions for banks and other financial institutions.
7. Hispasec – IT security solutions, including threat intelligence and anti-fraud prevention
8. Shield – fraud protection, solutions for fake accounts and account takeovers, as well as bot attacks.
9. Nethone – specializes in helping organizations detect and prevent payment fraud and account takeovers.
10. Hetherington Group – cyber investigations, due diligence, risk monitoring, and more.
11. PaymentWorks – an easy-to-use identity verification product called Business Identity Platform.
12. Clari5 – fraud management solutions tailored to banks and other financial institutions.
13. Axur – comprehensive service for battling fraud, piracy, and data leaks.
14. LOQR – a Journey-as-a-Service (JaaS) platform for banking experiences.
15. NetGuardians – a fraud protection and technology provider for dealing with both payment and internal fraud cases.
16. Paygilant – an all-in-one platform for detecting and protecting your business from fraud.
17. Sedicii – solutions for digital identity verification, protection, and countering money laundering and fraud.
18. Captela – various banking solutions such as APIs and AML prevention.
19. Castle – advanced technological solutions for fraud prevention and protection.
20. TrafficGuard – ad fraud protection solution that removes invalid traffic and provides you with accurate data.
21. Cybera – a data-centric platform that provides crime intelligence and legal support.
22. Spider AF – ad fraud solution that quickly identifies and blocks fraudulent clicks and conversions.