Look for these major factors when selecting your organization’s fraud detection software solution.

Fraud is a major problem that’s affecting citizens and corporations across the globe at an alarming rate. Whether it’s phishing fraud, identity fraud, credit card fraud, or any other kind, the threat is ever-present and must be met with an equally present awareness and vigilance. Choosing an effective fraud detection software will meet that threat and then some. 

Because the fraud threat is so pervasive, there are a lot of choices in terms of software-based defense for organizations. However, all fraud detection software is not created equally, and many companies choose protection that ends up being inadequate for the task. 

Below, we’ll talk about some of the major factors that should be considered when choosing fraud detection software solutions for your particular needs. 

Machine Learning

Any fraud detection software worth its salt will include an advanced rule engine that utilizes rule sets to filter out fraudulent events that meet certain criteria. Paired with access to an ever-expanding rule library that grows to meet the challenges of ever-evolving threats is the staple of good prevention. 

However, relying solely on rules can put heavy pressure on the system and slow operations with increased rates of false positives. Additionally, the adaptive nature of fraud means there will be cracks for fraudsters to slip through and gain access to your protected information. 

Machine learning fills in those cracks. 

Using algorithms to process incredible amounts of data in the blink of an eye, machine learning adapts and protects as needed and is best when combined with the aforementioned rule sets. 

Pick a software that features multiple algorithms for the machine learning feature and a company that offers support from experts in choosing the correct algorithm for your specific purposes. 

Third-Party Integration Capability

The best fraud detection software works well with others. By that we mean your software package should integrate well with other programs to offer a more complete defense. 

For example, chances are a company has already invested in security software, whether it’s antivirus protection or identity protection. A good fraud detection software package will work alongside these programs rather than try to replace them. That means you get to keep the tools you’ve already invested in while at the same time making them more effective by integrating them into a more complete defense. 

If a company tries to sell you on a software package that will replace, rather than work with, your already existing tools, it’s a good idea to look elsewhere. 

Choose the Right Company

Any effective software package for fraud detection and defense should be backed by support from the company that made it. That goes beyond simple troubleshooting and helpdesk support. It should be active support that aids in your fraud detection capabilities. 

For instance, a great fraud detection software company will offer industry benchmarking services. That means they’ll evaluate your fraud defenses against the industry standard to identify how strongly you’re protected and areas that could use improvement. These benchmarking services are essential because they highlight the realistic capabilities of your protection. 

In addition, a great fraud detection software company will have experts on staff who are perpetually educating themselves on the latest fraud threats and techniques, and then implementing their findings into new software rulesets and protection updates. They should also be knowledgeable about dark web activities and scam techniques

Fraud.net’s Fraud Detection Software Solutions

Many fraud software solution companies try to treat their product as a one-and-done solution. They make the sale and move on. But combating fraud is a constant effort and buying fraud detection software should be more than just purchasing a product. It should be purchasing a continuing service. 

At Fraud.net, we believe that having the best tools against fraud means also having the best expert support and customer service. Our experienced team is ready to provide your organization with all of those things and more. Sign up for a free demo today and discover why we’re the best in the business of fraud protection.