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Fraud detection software: six tools to use

Jan 25, 2022

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Fraud in the 21st century is a serious concern for companies of all types, industries, and sizes. But this does not mean that the problem is unsolvable. On the contrary, if you counter fraud, you can protect yourself and your business from trouble. In our article, you will learn about 6 anti-fraud tools and the best fraud detection software.

Risk management software is needed! Basic fraud types


Fraudsters are becoming more and more sneaky every day; they are finding new ways to cheat. Online fraud falls into three categories:

  1. Misappropriation of data and assets. Asset misappropriation accounts for 90% of all scams. These are schemes in which the scammer steals important customer and company data to use for their purposes. Examples of asset misappropriation are money theft, identity theft, and more. The only way to prevent your business to become a victim of such fraud is to use risk management software and anti-fraud tools.

  2. Corruption - this type of fraud is blackmail or getting money by deception.

  3. Financial fraud and money laundering. Fraudulent financial reporting accounts for less than 5% of the cases.


Even though many countries in Europe, the USA, and other developed states have laws that aim to prevent the spread of scams, this does not prevent fraudsters from developing and increasing their scale. The fact is that it is very difficult to prove that a crime was committed against you if it took place on the Internet. But to protect yourself, you can ask for help from fraud detection software companies, which provide many anti-fraud tools to combat scams.

What are the advantages of using fraud detection software?


As you have already understood, fraud of any kind can and should be fought. The easiest way to do this is with the help of special fraud detection software, which is trained to prevent and warn you about fraud. Many companies provide this kind of service, but we recommend you to use the fraud detection system from the market leader – Covery.

6 tools of the Covery risk management software to fight scammers


To prevent any kind of fraud, the Covery fraud detection software came up with 6 effective tools:

  1. Automation of KYC/KYB/AML. Whenever a customer logs in, your system automatically checks if he/she is the person they claim to be and whether it's safe to conduct business with them.

  2. Device and Browser Fingerprinting. Covery tracks all sessions from all customer devices, which allows preventing account takeovers and synthetic identity fraud cases in real-time,

  3.  Trustchain solution. A global database of reputation records helps provide precise risk scoring and user validation.

  4. In-Depth Analysis and Advanced reporting from the fraud detection system.

  5. Machine Learning and AI. Covery uses supervised machine learning techniques to analyze the data and improve the long-term results.

  6. Automated Decision-Making. Due to a flexible rule-based risk logic engine, you can create a wide variety of scenarios for every situation, enabling you to automatically approve or decline transactions based on a range of conditions.


Protect your business and your clients, use Covery fraud detection software!