9 Best Fraud Risk Management Software [2025 Comparison List]

Faster payments, synthetic identities, deepfakes, and organized mule networks have pushed losses to record levels. In 2024 alone, U.S. consumers reported $12.5 billion in fraud losses to the Federal Trade Commission.

Skeptics argue that banks and fintechs already juggle enough tools, and that adding more point solutions only creates silos, inflates false positives, and frustrates customers.

This guide reviews the best fraud risk management software for 2025, what sets each apart, and how to choose the right fit for your risk stack - grounded in the latest data and official sources.

What is fraud risk management software?

Fraud risk management software monitors events across accounts, payments, and touchpoints to prevent losses before money moves. It combines rules, machine learning, device and behavioral analytics, case management, reporting, and controls that support AML and audit needs.

Why does it matter in 2025?

Why is 2025 a turning point? Several points are converging to make fraud management more urgent than ever:

• Post-pandemic digital boom: With banking and commerce now primarily online, fraudsters have more entry points through digital payments and remote account openings.
• Resurgent and evolving Fraud: Check fraud rose 10% from 2023 to 2024 and now drives 30% of bank losses. Debit card fraud still accounts for 39%, while peer-to-peer scams and synthetic identities are also climbing.
• Smarter cybercrime: Criminals are using malware, breaches, and AI deepfakes to power account takeovers and payment scams that slip past basic rule-based defenses.
• Regulatory pressure: New ACH fraud rules (2024–2026) require near-real-time monitoring, and regulators are holding banks responsible for stopping fraud or facing penalties.
• Customer trust: Fraud leads to financial losses while also damaging reputation, and institutions that demonstrate strong customer protection gain a clear competitive advantage.

Top 9 best fraud risk management software platforms

Before diving in, the table below summarizes the 9 fraud risk management tools by focus, users, strengths, and differentiators:

*Sources: Vendor websites, press releases, industry reports.

1. VALID Systems

Built specifically for banks and credit unions, VALID is renowned for its real-time deposit fraud detection and is the only check fraud solution that guarantees coverage against check losses for its clients.

VALID cloud-based platform uses advanced behavioral analytics and a massive consortium dataset (covering hundreds of millions of accounts) to score check and ACH transactions instantly and accurately. The emphasis is on stopping deposit fraud (like counterfeit checks) without slowing down funds availability to legitimate customers.

Key features:

• InstantFUNDS© real-time scoring: Provides sub-second risk decisions on check deposits, and boost client-elected fee revenue by providing customers with choice and transparency in every deposit. Approved items can be offered to customers with a nominal convenience fee for immediate, guaranteed funds. VALID ensures protection against returns for both the bank and the customer, delivering a trusted and efficient deposit experience.
• CheckDetect® alerts: An AI-driven engine that monitors check deposits across all channels (mobile deposit, ATM, teller) and generates high-accuracy alerts for suspected fraud in real time. It uses behavioral scoring to catch forgeries, kiting, and other schemes at the point of presentment.
• Edge Data Consortium intelligence: VALID leverages a secure consortium network to share fraud signals (e.g., suspect accounts, check IDs, repeat fraud patterns) among client institutions.
• INclearing Loss Alerts: A back-end analysis that scans checks during the clearing process to catch fraud missed on the front end. If a fraudulent check sneaks past initial screening (e.g., a very convincing counterfeit), this second layer often identifies it before final settlement.

Pros:

• Specialized in deposit fraud with top detection for checks and ACH.
• Enables instant funds with strong fraud protection.
• Consortium data network improves accuracy and stops ring activity.
• Loss guarantee aligns incentives and adds financial assurance.
• Cloud-based with quick, low-friction integration.

Cons:

• Primarily focused on deposits so that banks may pair it with other tools for full coverage.
• Best fit for traditional financial institutions, though some fintechs may still benefit if they handle deposits.

2. NICE Actimize

At its core, Actimize delivers enterprise-grade fraud management that spans every channel, from ACH and wires to cards, checks, online banking, and real-time payments.

Its collective intelligence network, consortium data, and orchestration engine enable clients to leverage fraud patterns seen across the industry and plug in third-party risk signals as needed.

Key features:

• Full enterprise fraud hub: End-to-end monitoring, fraud scoring, alerts, case management, and recovery in one unified platform across all channels.
• Advanced AI and machine learning: Embedded AI models trained on industry-wide data, including generative AI for investigation summaries and SAR drafting.
• Collective intelligence network: Shared consortium analytics that adapt quickly to new fraud patterns detected across client institutions.
• Intelligent orchestration: Real-time integration of external data sources like device reputation or identity APIs, all configurable without custom coding.

Pros:

• Covers nearly all fraud types and channels in one system.
• Continuously updated with the latest AI and big data innovations.
• Benefits from consortium models that improve accuracy from day one.
• Flexible orchestration makes integration with external services easier.

Cons:

• Complex to deploy and operate without significant IT resources.
• Premium pricing is better suited for institutions with larger fraud exposure.

3. Nasdaq Verafin

Nasdaq Verafin is a cloud-native platform designed for fraud detection and anti-money laundering, especially popular among community and regional banks in North America.

Its strength lies in FRAML - the convergence of fraud and AML - allowing banks to monitor fraud, suspicious activity, sanctions, and case management within a single solution.

Delivered entirely as a cloud service, Verafin is especially attractive to mid-sized banks and credit unions with limited IT infrastructure.

Key features:

• Integrated fraud + AML platform: Unified detection across fraud, AML, sanctions screening, and case management.
• Consortium data analytics: Cross-bank intelligence that flags risky accounts, devices, or entities seen across multiple institutions.
• Typology-based detection: Constantly updated fraud scenarios, including romance scams, elder exploitation, and business email compromise.
• ACH credit fraud detection: Strong focus on detecting mule activity tied to inbound ACH payments.

Pros:

• Combines fraud and AML for a holistic view of financial crime.
• Cloud-native delivery with quick deployment and lower IT overhead.
• Well-suited for mid-sized banks and credit unions.
• Consortium network reduces false positives and enhances detection.

Cons:

• Primarily bank-focused, less relevant for e-commerce or retail sectors.
• May lack niche depth compared to specialist tools for certain fraud types.

4. SAS Fraud Management

SAS Fraud Management, built on SAS's Viya analytics platform, is an enterprise-grade system known for speed, precision, and flexibility.

With SAS, organizations can integrate their own models, use out-of-the-box signatures, or deploy hybrid approaches to cover fraud across cards, payments, online banking, and even government benefit programs.

Key features:

• Real-time scoring engine: In-memory architecture scores 100% of transactions in milliseconds.
• No-code rule authoring: Empowers fraud teams to deploy rules without coding.
• Integrated case management: Centralized alert triage and investigation tools.
• Analytics ecosystem: Seamless integration with SAS's broader analytics and AML tools.

Pros:

• Exceptionally low false positives with high detection accuracy.
• Scales to handle global transaction volumes effortlessly.
• Highly customizable for unique fraud patterns.
• Backed by SAS's long-standing analytics expertise.

Cons:

• Complex deployment requires skilled resources.
• High cost makes it better suited to large enterprises.

5. ComplyAdvantage

Unlike traditional fraud-only systems, ComplyAdvantage is designed from the compliance perspective, tying fraud alerts directly into customer risk profiles, sanctions lists, and adverse media.

This holistic view helps institutions detect fraud while also staying ahead of regulators' expectations.

Key features:

• Dynamic risk profiles: Real-time updates combining fraud and AML signals.
• Transaction monitoring: Out-of-the-box rules plus ML to catch fraud and suspicious activity.
• AI anomaly detection: Unsupervised models identify unusual behavior patterns.
• Real-time screening: Continuous sanctions, PEP, and adverse media checks.

Pros:

• Unified fraud and AML detection in one platform.
• Fast cloud deployment with modern APIs.
• Rich proprietary sanctions and media databases.
• AI-driven alerts reduce false positives.

Cons:

• Less specialized for high-volume card or payment fraud.
• May not scale to the largest global banks' bespoke needs.

6. Featurespace

Featurespace pioneered Adaptive Behavioral Analytics, which allows its models to learn continuously from customer and transaction data.

Unlike static rules, Featurespace's self-learning models automatically adjust to evolving fraud tactics. This means it can catch never-before-seen schemes while minimizing disruption to legitimate customers.

Key features:

• Adaptive behavioral analytics: Continuously learns "normal" behavior for each customer.
• Explainable AI: Provides reason codes for every flagged transaction.
• Deep behavioral networks: Detects subtle, complex fraud patterns automatically.
• Flexible deployment: Available in cloud or on-prem with API integration.

Pros:

• Learns and adapts automatically to new fraud patterns.
• Reduces false positives through personalized detection.
• Strong track record in detecting scams and organized fraud rings.
• Highly flexible deployment options.

Cons:

• Requires quality data and tuning for best performance.
• Primarily a detection engine, with simpler case management tools.

7. Feedzai

Feedzai is a global AI-native platform built to unify fraud, AML, and risk management under its RiskOps framework.

Feedzai's strength lies in combining adaptive AI with user-defined rules, giving institutions both power and control. Its platform is flexible enough for large banks and processors, yet modern and API-driven for fintech adoption.

Key Features:

• RiskOps platform: Unified coverage for fraud, AML, onboarding, and case management.
• Scenario libraries: Prebuilt fraud scenarios for scams, APP fraud, mule activity, and more.
• Custom rules and workbench: Allows banks to implement policies alongside AI decisions.
• Integrated case management: Streamlined analyst workflows with automation.

Pros:

• Modern AI-native design without legacy constraints.
• Covers fraud and AML together, breaking down silos.
• Highly customizable with strong API integration.
• Proven to handle global-scale transaction volumes.

Cons:

• It can be complex for smaller institutions to utilize fully.
• Premium pricing reflects enterprise positioning.

8. Riskified

Riskified stands out as a merchant-focused fraud prevention platform with a unique chargeback guarantee model.

By shifting liability away from merchants, Riskified enables businesses to approve more orders while minimizing false declines confidently. This approach not only reduces fraud losses but also directly boosts revenue by capturing more legitimate sales.

Key Features:

• Chargeback guarantee: Riskified covers losses on approved fraudulent orders.
• ML decision engine: Real-time scoring across hundreds of transaction signals.
• Global merchant network: Shared data improves the detection of fraud rings across merchants.
• Policy and account protection: Tools to prevent promo abuse, return fraud, and account takeovers.

Pros:

• Guarantees fraud liability coverage for merchants.
• Increases approvals while reducing false declines.
• Learns from fraud patterns across a global merchant network.
• Easy to integrate with existing e-commerce systems.

Cons:

• Primarily suited to merchants, not banks or financial institutions.
• Requires trust in outsourcing fraud decisioning.

9. SEON

SEON specializes in digital footprint enrichment, analyzing user data like email, phone, and device fingerprints to assess credibility.

Its approach allows businesses to detect disposable identities and fraudulent sign-ups in real time while minimizing friction for genuine customers.

Key features:

• Digital footprint analysis: Enriches emails, phones, and IPs with open-source intelligence.
• Device fingerprinting: Detects multiple accounts or emulators from the same device.
• IP risk analysis: Flags proxy, VPN, or suspicious IP usage.
• Custom Rules Engine: No-code rules to align with business-specific risk appetite.

Pros:

• Flexible and modular, with low ongoing maintenance.
• Improves KYC checks without adding friction.
• Transparent scoring aids trust and regulatory needs.
• Affordable for SMBs, startups, and scaling fintechs.

Cons:

• Not an all-in-one enterprise fraud suite.
• Requires tuning to maximize effectiveness.

Factors to consider when selecting fraud risk management software

We can conclude from this list that the best fraud software choice depends on a few key factors:

• Scalability: Real-time performance that grows with your volumes
• Accuracy: Strong detection with minimal false positives
• Multi-channel coverage: Unified monitoring across cards, ACH, wires, and digital channels
• AI + rules: Balance of advanced models with flexible, no-code rules.
• Consortium data: Shared intelligence to spot fraud patterns early.
• Real-time decisioning: Instant scoring through APIs.
• Case management: Efficient tools for investigations and resolution.
• Customization: Tailored modules for your industry and fraud types.
• Integration: Open APIs for easy fit with existing systems.
• Vendor and ROI: Proven support and clear return on investment.

The bottom line: Why VALID leads in 2025

While each solution on this list has its strengths, VALID Systems stands apart. It is the only provider that not only detects check and ACH fraud at the moment of deposit but also guarantees coverage against losses.

By combining behavioral analytics, consortium intelligence, and sub-second scoring, VALID gives banks what they need most in 2025: the ability to release funds instantly without incurring unacceptable risk.

That balance of speed, accuracy, and financial assurance makes VALID the clear choice for institutions serious about deposit fraud.

Ready to upgrade your fraud risk management software?

Book a demo with VALID Systems today and discover why leading financial institutions rely on it to stop deposit fraud, reduce losses, and protect customer trust.