Top 10 Fraud Management Solution Providers 2023
Fraud management is an important component of Governance, Risk, and Compliance (GRC). It helps organizations because it protects against financial losses caused by fraudulent activities, maintains the integrity and reputation of the organization, complies with laws, regulations, and ethical standards enhance trust and confidence among stakeholders in the organisation and improves risk management processes and overall governance. Fraud management aims to protect an organization's financial and non-financial assets from loss or damage due to fraudulent activities. This can be achieved through a combination of measures, such as regular internal audits, implementing anti-fraud controls, and educating employees about fraud risks and prevention. Effective fraud management helps organizations maintain their reputation, comply with laws and regulations, and improve risk management practices.
Fraudulent activities can come in many forms, from credit card fraud to insider trading, and they have the potential to cause significant harm to individuals, businesses, and the economy as a whole. As a result, effective fraud management is essential to mitigate the impact of these activities and preserve the integrity of the financial system.
In today's rapidly evolving technological landscape, fraud management is becoming increasingly complex and challenging. With the rise of digital financial transactions and the increasing sophistication of cyber criminals, financial institutions and businesses must adopt advanced fraud management techniques to stay ahead of the curve. Artificial intelligence, machine learning, and real-time fraud detection and prevention are just a few examples of the innovative solutions being developed to tackle the problem of fraud.
At this juncture, we at Icon GRC Outlook Magazine have shortlisted some of the leading fraud management providers to help businesses find the right partner based on their unique requirements. The companies listed here are innovative in their way and deliver solutions that stand out from the crowd.
Company:
Arkose Labs
Management:
Kevin Gosschalk
Designation:
Founder & CEO
Headquarters:
San Mateo, CA
Website:
arkoselabs.com
Arkose Labs’ innovative approach to fighting fraud was inspired by bringing together Kevin Gosschalk’s expertise in interactive machine vision technology with experience in video game development. The founder recognized the potential of applying dynamic, user-friendly puzzles in the authentication process and from this developed a comprehensive platform that combined sophisticated risk-based profiling with targeted challenges.
Company:
CertifID
Management:
Tyler Adams
Designation:
Co-founder & CEO
Headquarters:
Austin, TX
Website:
certifid.com
CertifID provides wire fraud protection and recovery services. Its proprietary solution protects businesses and consumers from fraud by securely transferring bank account information. CertifID guarantees each wire up to $1 million.
Company:
DataDome
Management:
Benjamin Fabre
Designation:
Co-founder & CEO
Headquarters:
New York, NY
Website:
datadome.co
DataDome is setting the new standard in online fraud and bot management. With a mission to free the web from fraudulent traffic, so sensitive data remains safe and online platforms can perform at optimum speed, we protect mobile apps, websites, and APIs from online fraud, including scraping, scalping, credential stuffing, account takeover, layer 7 DDoS attacks, and carding fraud.
Company:
Forter
Management:
Michael Reitblat
Designation:
Co-founder & CEO
Headquarters:
New York, NY
Website:
forter.com
Forter is an NYC-based company that delivers real-time, completely automated, fraud prevention solutions for online merchants. It creates a completely fraud-free environment for the retailers through which they have the ability to make decisions that are solely based on what is good for their business.
Company:
Fraud.net
Management:
Whitney Anderson
Designation:
Founder & CEO
Headquarters:
New York, NY
Website:
fraud.net
Fraud.net operates the first end-to-end fraud management and revenue enhancement ecosystem specifically built for digital enterprises and fintechs globally. The cloud-born platform helps organizations harness AI-driven risk intelligence to detect fraud, streamline their customer onboarding and transaction monitoring workflows, and leverage real-time, actionable insights for smarter decisions.
Company:
Nethone
Management:
Hubert Rachwalski
Designation:
CEO
Headquarters:
Warsaw, Poland
Website:
nethone.com
"Nethone is a machine learning-based fraud prevention Saas company that allows online merchants and financial institutions to holistically understand their end-users—also referred to as “Know Your Users™ (KYU)” in industry parlance. With its proprietary online user profiling and ML technologies, Nethone is able to detect and prevent payment fraud, and account takeovers with unrivalled effectiveness. "
Company:
NoFraud
Management:
Isaac Gurary
Designation:
Founder & CEO
Headquarters:
New York, NY
Website:
nofraud.com
No Fraud provides e-commerce merchants with the #1 most effective e-commerce CNP fraud protection, virtually eliminating CNP fraud, false positives, and chargebacks after 10 minutes of set up. See immediate bottom line impact, without manual review or training from the price performance leader; no quotas, lengthy contracts, or start-up fees.
Company:
Ravelin Technology
Management:
Martin Sweeney
Designation:
Founder & CEO
Headquarters:
New York, NY
Website:
ravelin.com
Ravelin is a smart fraud detection and prevention platform that helps companies stop online payment fraud by examining customer behavior data and spotting fraudsters while there is still time to block them. The company imports a client’s visitor, registration, and payment data in real-time, via an API, inspects data using an AI, identifies andblocks fraudsters, and enables systems to prevent such crimes in the future.
Company:
Riskified
Management:
Eido Gal
Designation:
Founder & CEO
Headquarters:
New York, NY
Website:
riskified.com
Riskified empowers businesses to realize the full potential of eCommerce by making it safe, accessible, and frictionless. We have built a next-generation platform that allows online merchants to create trusted relationships with their consumers. Leveraging machine learning that benefits from a global merchant network, our platform identifies theindividual behind each online interaction, helping merchants—our customers—eliminate risk and uncertainty from their business.
Company:
Signifyd
Management:
Rajesh Ramanand
Designation:
Co-founder & CEO
Headquarters:
San Jose, CA
Website:
signifyd.com
Signifyd provides an end-to-end Commerce Protection Platform that leverages its Commerce Network to maximize conversion, automate customer experience and eliminate fraud and customer abuse for retailers. Signifyd uses big data and machine learning to provide a 100% financial guarantee against fraud and chargebacks on approved orders.