While the UK Finance’s Half year fraud update highlights the decrease of fraud by 2% compared to the previous year, that’s still £580 million stolen by criminals in the first six months of 2023. UK Finance warns that ‘the level of fraud in the UK has reached a point where it must be considered a national security threat’.

The Payment Systems Regulator (PSR) highlights that APP fraud accounted for 40% of all fraud losses in 2022. Additionally, the PSR has set new requirements for banks and payment companies, which are scheduled to take effect starting in 2024. Under the new rules financial institutions will be faced with a 50/50 liability to compensate the lost funds to the victim.

This comes as a part of the PSR’s push to ensure that there are sufficient customer protection measurements in place. With the new requirements coming into force, financial institutions face a pressing need to improve their fraud detection defences and keep their customers safe.

Our blog covers some of the best financial fraud detection and prevention software solutions available in 2023. There are many good options available, with some designed for large enterprises and banks and others supporting a variety of different business types from eCommerce to online landing and payment gateways.

Data and information contained in this report was collected from online sources during November 2023. If you want to learn more about how this report was written, or about the providers and services we discuss, get in touch.

Logos of the best fraud detection software solutions: Salv

How to choose fraud detection software

First, let’s take a closer look at the key considerations when choosing fraud detection software.

Business requirements

It is important to look closely at your business’s or organisation’s needs before picking a fraud detection software solution. Being clear on the exact needs of the business is a crucial step in ensuring you find the correct fit among the many options available.

Every business deals with different fraud challenges, so a one-size-fits-all solution might not work for everyone.


Knowing what you need, you won’t end up spending too much on software features you don’t really need for the fraud risks your business faces.

On the other hand, it is important to consider the long-term needs of the business: trying to save money initially might create a cascade of issues down the line.

When it comes to pricing models, you will find many different options among vendors: fixed subscription plans, per transaction as well as flexible pricing plans according to business size and industry, annual sales volume, etc.

Functionality and features

Real-time transaction monitoring: Real-time transaction monitoring is crucial to detecting fraudulent patterns and anomalies in transaction data, involving the use of advanced analytical tools and algorithms. This allows financial institutions to detect fraud and scams in real time and before any money leaves a victims account.

The ratio of false positive to true positive alerts: Check with the software provider how their solution validates transactions, including the handling of false positive alerts, and how they ensure optimal approval rates.

Behavioural and transactional analytics: Prioritise fraud detection solutions with behavioural analytics to flag unusual behaviour for investigation.

AI/ML capabilities and the level of automation: AI can improve operational efficiency and reduce false positives. Moreover, it offers adaptive capabilities to identify evolving fraud typologies and fight fraud on a larger scale.

User experience: A user-friendly interface improves ease of use, enhances efficiency, promotes adaptability, and facilitates collaboration among different departments.

Customer support: Make sure you can easily reach a software provider if you have any difficulties or want to ask more questions. The vendor should be able to explain what kind of technical support can be expected, what the average response time is and other relevant conditions.

Integration capabilities: One of the most important things to consider is the average integration time and the ease of integration. One option is to do research by exploring discussion sections on websites like Gartner Peer Insights, Capterra, G2crowd, and FinancesOnline. Pay attention to reviews to understand common pitfalls and issues.

Scalability: Customers value quick reactions to fraud events. Look for a tool that is able to handle large transaction volumes and complex scenarios for businesses operating globally or with high-net-worth individuals and is able to scale quickly without compromising accuracy.

Compliance with security standards: Make sure the chosen fraud detection solution aligns with your organisation’s data security requirements, which will vary across different business sectors.

List of fraud detection software solutions

  1. Salv Bridge – collaboration platform, increase recovery of funds up to 80%
  2. Mastercard Consumer Fraud Risk – real-time fraud detection for banks
  3. EBA CLEARING Fraud Pattern and Anomaly Detection (FPAD)
  4. Swift GPI - Stop and recall payment service
  5. Cifas – leading fraud prevention service in the UK
  6. Feedzai – real-time transaction monitoring and fraud prevention
  7. Verafin – enterprise-level solutions for anti-financial crime
  8. ComplyAdvantage – AI-driven fraud and AML risk detection
  9. Resistant AI – fraud detection for banks and fintechs
  10. HAWK:AI – AI-powered fraud detection
  11. Unit21 – real-time transaction monitoring
  12. SEON – AI-powered fraud detection
  13. Sift – fraud detection software

13 Best fraud detection software solutions

Salv Bridge

Salv Bridge is a collaboration platform that, among various applications, has demonstrated effectiveness in real-time detection of fraud. Within the platform, fincrime teams across multiple institutions gain access to effective bank warnings, which allows them to join forces and work as a single team. Large banking groups, fintechs, and VASPs report increasing the success of recovery of funds up to 80%.

The solution goes beyond fraud detection, bridging the gap between risk-based prevention and recall for confirmed fraud.

Here are some of the key features of Salv Bridge:

  • Enables recovery of funds based on a high level of suspicion and ahead of the victim report.
  • Cuts out the extensive time delay caused by waiting for confirmation (i.e. a victim report), which usually makes the funds unrecoverable.
  • Collaboration enabled by Salv Bridge strengthens the effectiveness of real-time payment controls.
  • Underpinned by advanced encryption, which guarantees that neither Salv nor any third party can access the sensitive information shared within the platform.

Investigate and solve fraud, and increase recovery rates up to 80% with Salv Bridge

Learn more

Mastercard Consumer Fraud Risk

Mastercard’s Consumer Fraud Risk system is a fraud prevention solution that at the time of writing this blog, is used only by banks.

Mastercard uses AI and real-time payment data to identify scams before money leaves a customer’s account. This way, banks can identify suspicious transactions in real time, buying themselves the opportunity to request additional verification. The solution was created for tackling APP fraud specifically, where a fraudster impersonates a friend, family member or company and tricks an individual into making a transfer on their behalf.

In addition to helping banks stop fraud, it leads to a better understanding of fraudulent vs. legitimate transactions and improving fraud detection accuracy over time.

EBA Clearing Fraud Pattern and Anomaly Detection (FPAD)

EBA CLEARING is a pan-European payment infrastructure provider that has launched their fraud detection pilot (FPAD) with nine banks across six countries in September of 2023.

FPAD covers a broad range of real-time fraud prevention and detection tools, including an IBAN/name check, offering insights from a central infrastructure level perspective. The analytical pilot aims to develop models for identifying fraud patterns in collaboration with users, enhancing the system’s adaptability to evolving threats. FPAD is set to provide comprehensive post-transaction investigation capabilities as well as transaction and account risk assessment functions.

Swift GPI - Stop and Recall Payment service

Swift GPI, which stands for Global Payments Innovation, is an initiative designed specifically for cross-border payments.

Swift GPI - Stop and Recall Payment service is a fraud prevention solution aimed at banks and financial institutions, which allows them to initiate, deliver and respond to payment recalls, and re-route funds back to the customer.

This is all thanks to Swift GPI Tracker’s ability to monitor payments and prevent fraud in real time. In turn, the automation makes for faster recalls as well as reduced effort and cost on manual searches and workload involved with stopping a payment.


Cifas is a leading fraud prevention service in the UK, managing the two largest fraud databases in the country. The service provides extensive fraud data and intelligence, serving a diverse network of over 600 member organisations in 14 sectors.

Cifas’s fraud databases, including the National Fraud Database and Internal Fraud Database, offer real-time and online sharing of data to protect organisations from fraud and scams. The service addresses concerns such as identity fraud, account takeover, false claims, false applications and more. Businesses can choose from various membership options tailored to their specific needs, including data sharing memberships, intelligence-only memberships, and opportunities for staff training through the Cifas Fraud and Cyber Academy.


Feedzai is a comprehensive fraud prevention platform, tailored for both retail and corporate banks as well as fintechs, PSPs, and acquirers.

The platform facilitates precise customer risk assessment, recognising early risk signals and uncovering fraud patterns. It detects user anomalies and prevents credential theft, impersonation, and manipulation attacks. Transaction fraud is efficiently tracked across multiple channels with a focus on real-time customer interactions, allowing for behavioural and transactional pattern-scoring models to keep in front of emerging fraud. The platform provides a high level of granularity when it comes to detection of authorised push payment (APP) fraud and scams.


Verafin provides enterprise-level solutions for anti-financial crime, helping financial institutions to enhance their AML/CFT efforts and fight fraud. Verafin uses targeted analytics for financial crime detection, monitoring transactions across multiple channels and automatically analysing customer profiles and historical behaviour.

Verafin integrates cross-institutional, third-party, and open-data sources to minimise false positives and generate high-quality alerts. Verafin’s FRAML Platform covers a wide range of fraudulent scenarios. Using artificial intelligence and machine learning, the platform generates robust alerts allowing you to proactively detect fraud across multiple channels. As of 2023, 92.14% of Verafin customers are located or operating in the US.


ComplyAdvantage offers AI-driven fraud and AML risk detection for financial institutions. Utilising real-time monitoring, businesses can detect fraudulent activities with minimal impact on their customers. The platform covers over 50 payment type-agnostic fraud scenarios, with the ability to detect fraud in the pre-transaction phase. ComplyAdvantage’s ML model, trained on historical data, links fraudulent accounts that may be controlled by the same individual or entity, leading to the uncovering of organised fraud.

Resistant AI

Resistant AI is a fraud detection software aimed at banks and fintechs. It uses AI to augment existing risk touch points, from onboarding to ongoing monitoring, and enhances the effectiveness of in-house risk and compliance teams.

Resistant AI provides solutions for detecting and preventing fraud, including APP fraud and scams, in particular, focusing on the detection of document fraud. The software integrates identity and behaviour profiling to identify potential fraudulent actors, reducing manual reviews as well as attempts at serial fraud.


Hawk:AI is an AI-powered fraud detection software that leverages artificial intelligence to enhance rule-based legacy systems, which often struggle to adapt to new regulations. Its real-time transaction processing enables holistic detection of fraud across channels and payment methods.

The platform provides a range of solutions from payment and customer screening, customer risk rating, transaction monitoring, and fraud prevention. By utilising machine learning in high-volume transactions, Hawk AI effectively reduces false-positive alerts and increase true positive detection. The software is designed for use by both traditional and digital banks, payment companies, and fintechs.


Unit 21 offers comprehensive fraud detection solutions to customers ranging from startups to Fortune 500 companies, including both traditional banks and digital banks, payments companies, and fintechs.

Unit21 provides a platform for data-driven risk, fraud, and compliance decisions, focusing on the detection and prevention of fraud. This is accomplished through real-time transaction monitoring and fraud investigations powered by machine learning. Unit21’s Marketplace Fraud solution offers a unified view of customer actions and transactions to reduce fraud losses from account takeovers, payment fraud, and platform abuse.


SEON offers a streamlined approach to the detection of fraud. Leveraging over 50 social signals and digital footprint data, SEON employs artificial intelligence and machine learning to dynamically adjust to various businesses’ risk evaluation methods. The adaptive approach enhances its ability to effectively detect and prevent fraudulent transactions.

SEON offers services to a wide variety of businesses: banks, iGaming, online lending, eCommerce, payment gateways, crypto companies, and more.


Sift is a fraud detection software with a unified and user-friendly interface. The software utilises patented technology to deliver connected data and intelligent automation, aimed at preventing account takeovers and minimising the impact of fraud on customers.

Sift is used by a wide range of companies, including fintechs, digital goods & services providers, and marketplaces. Thanks to its customisable logic, Sift provides a flexible service with industry-leading features and capabilities.

Frequently asked questions

1. What is the difference between fraud detection and fraud prevention software?

Fraudulent activity can be detected while a transaction is on hold or after it has been processed. Fraud is effectively prevented if the money never leaves the customer’s account. Both of these capabilities can be present in a single software, such as Salv Bridge.

2. What are the main features of fraud detection software?

The main features to look for in fraud detection software are:

  • Real-time transaction monitoring
  • The ratio of false positive to true positive alerts
  • Behavioural and transactional analytics
  • AI/ML capabilities and the level of automation

3. How is Salv Bridge different from conventional anti-fraud solutions?

Salv Bridge is a collaboration platform aimed at banks, fintech, crypto and BaaS companies. Thanks to its unique approach, fincrime teams across multiple institutions can detect anomalies in real-time payments and exchange effective warnings, thus increasing recovery rates by up to 80%. Large banking groups, fintechs, and VASPs within the Salv Bridge network report similar results.

The ongoing fight against fraud calls for a radically new approach among financial institutions. While numerous solutions exist to tackle fraud, each business must clearly understand the features they need and their responsibilities to ensure compliance with laws and regulations.

One of the key aspects in preventing fraud is detecting it early in the payment chain. Conventional fraud prevention software often fails to address the problem, and therefore cannot guarantee successful recovery of funds.

Salv Bridge stands out as a solution to this challenge. It enables its members to initiate collaborative investigations as soon as a suspicion arises, allowing for real-time detection of fraud.

ISO/IEC 27001 logo
Aicpa logo
GDPR compliant logo
OWASP logo

We build security to our products and organisation from the start. We use security best practices (incl. ISO 27001, CIS etc.) to ensure that our security management system meets the highest standards.

Salv has an ISO/IEC 27001: 2022 certificate, as well as ISAE 3000 compliant SOC 2 Type 2 report.