What is Fraud Detection Software?
Fraud detection software enables businesses to quickly detect illegitimate and inconsistent financial records. These solutions are often bundled as part of larger accounting or finance software, however, standalone variations tailored towards the needs of particular verticals also exist.
Primarily, fraud detection solutions are focused on enforcing regulations and analyzing financial behavior. This is achieved by monitoring user behavior in real-time, then comparing the financial data users are generating against established risk metrics. If a transaction is flagged as being unusual or suspicious by the system, then the user will be alerted and, if necessary, the transaction voided.
Many businesses in the eCommerce and banking industries utilize fraud detection software to track their numerous daily transactions. This is because these solutions enable them to protect both themselves and their customers (including sensitive information such as privacy and security data that is shared) while ensuring that any attempted transactions are legitimate.
Overall, these solutions provide businesses with a way to minimize losses from fraud and reduce their time-to-detection.
Popular Fraud Detection Software Products
Common Features of Fraud Detection Software
| Feature | Feature Description |
|---|---|
| 2-Factor Authentication | Adds an additional layer of security by requiring an extra step in the login process. Usually external devices are required for this or a text message with a verification code is sent to the user when trying to login. |
| API | Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using. |
| Billing/Invoicing | Issue bills and invoices to customers, often combined with tracking capabilities for outstanding payments. |
| Budgeting | Planning and tracking capabilities for financial budgets and plans often used to manage funds across different departments or for investor / shareholder oversight. |
| Calendar Management | Manage and update calendars for scheduling or consolidation of events across teams, departments or business functions. |
| CRM Integration | This indicates whether integrations with Customer Relationship Management (CRM) software are supported by a software application. |
| Customer Management | Manage customer databases and/or track outstanding shipments, payments and more. |
| Dashboard | Dashboards are digital interfaces commonly used to visualise data or give quick access to important features and functions of online platforms. They often serve as an overview gateway in software applications. |
| Data Export | Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications. |
| Data Import | Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past. |
| Data Visualization | Data visualization features render a visual interpretation of data sets through the use of charts, infographics and other visual cues generally in form of a reporting dashboard. |
| External Integrations | Integrations with other software products or platforms to improve efficiency and compatibility across systems. |
| Forecasting | Forecast upcoming expenses, sales, revenue, user levels, etc. through the use of predictive methods and past data. |
| Multi-Currency | Support of different currencies for payments, accounting purposes, taxes, reports and more. |
| Multi-User | Supports more than just one user account and generally allows for collaboration with colleagues. |
| Notifications | Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications. |
| Password & Access Management | Manage passwords or access to systems for yourself or your organisation. |
| Scheduling | Schedule tasks, resources, appointments, payments, communications, etc. |
Latest User Reviews of Fraud Detection Software Products
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