Top 10 Financial Fraud Detection Companies - 2020
Vigilant Eye Inc.: Innovative Fraud Monitoring Tool for Businesses

Top 10 Financial Fraud Detection Companies - 2020

Over the last few years, financial organizations are increasingly investing in robust cybersecurity tools and technologies. However, most of these solutions take weeks, if not months, to detect intrusions. As cyberattack tactics evolve, financial firms can no longer rely on outdated cybersecurity technology. Most cybersecurity solutions in the landscape tend to focus on narrow areas of security risk, as a result of which, they cannot scale up to enterprise-level fraud prevention. With the rising threat from cybercriminals and tightening compliance requirements from regulators, financial organizations must empower their cybersecurity strategies with robust solutions.

By streamlining the model development process, institutions can achieve a more agile response to flash fraud and zero-day threats. The utilization of advanced data science approaches enables organizations to identify and prevent fraud while also enhancing the quality of customer experience. In the current landscape, consequently, there is a need for high-performance analytics that can rapidly analyze vast amounts of data in a short period.

Additionally, emerging technologies such as AI and machine learning are also enhancing the capabilities of fraud detection technologies. Solutions based on these technologies can learn from existing data and detect variance to identify fraud and malware. The integration of robust financial fraud detection solutions will also enable analysts to get a more comprehensive view of the protected data and get alerts from various monitoring systems. They will be able to prioritize risks and automatically send alerts to the investigators based on the unique requirements of the financial organization. Further, to meet the needs of consumers as well as regulators, financial institutions also have to invest more thought when seeking fraud detection solutions and service providers.

To assist organizations in the task of finding accomplished fraud detection solution and service providers, we have compiled this issue of CFO Tech Outlook. It is elaborately crafted to assist you in fostering productive partnerships and improving performance. In this edition, we have listed the top 10 fraud detection solution providers and services companies to highlight the ones making significant contributions to financial fraud detection. Equipped with innovative technological capabilities, these providers are set to transform the fraud detection landscape. This edition also blends through thought leadership from subject-matter experts, CIOs, and CXOs, with real-life stories on how the solution providers and service companies have enhanced the capabilities of their clients. We hope this issue of CFO Tech Outlook helps you build the partnership you and your organization need to foster a workspace driven by robust and efficient technology.

We present to you CFO Tech Outlook, “Top 10 Financial Fraud Detection Companies – 2020,”

Top 10 Financial Fraud Detection Companies

MCG Consulting, offers best-in-class customized consultancy services for financial institutions in leveraging best-of-breed RegTech solutions for financial fraud detection and mitigation. Agnostic to any software solution, the company recommends advanced cognitive solutions to enable its clients, including banks, broker-dealers, investment advisors, and private equity firms, to have a better line of sight into fraudulent activities. The team at MCG Consulting is a versatile mix of technology experts with years of deep domain expertise at big multinational companies and regulatory experts who have worked as attorneys for various regulators such as SEC and FINRA. Besides, the company also offers traditional consulting services which include, forensic testing, fraud analysis, among others to the clients in the Financial Services industry

mcgcomply.com

The company delivers financial oversight directly to owners by linking all banking and credit card accounts, performing detailed classifications of transactions, and using custom analytics to identify spending patterns and flag suspicious activity. Vigilant Eye SMB has a permanent record of every flag that has ever been triggered on that respective account. It presents a complete breakdown of that particular transaction and provides details on what caused the flag. Also, it has a transaction detail page that provides an upgraded version of the bank statements, including the vendor classification, the date of a transaction, the amount, and the vendors associated with it. All transactions can even be extracted to an Excel spreadsheet, which allows the users to cross-verify or follow-up investigations with the police department, attorney, or with a forensic accountant

myvigilanteye.com

Abrigo

Abrigo

Abrigo provides market-leading compliance, credit risk, and lending solutions to enable its customers to think bigger, allowing them to both manage risk and drive growth. The business’s mission to make big things happen underscores its commitment to helping community financial institutions succeed against the perfect storm of ever-changing and increasing regulatory requirements, limited resources, increasing and new competition, evolving technologies, and changing customer expectations. Abrigo provides product innovation, world-class support, and unparalleled expertise so that our customers can make big things happen

Bolt Financial

Bolt Financial

Bolt is a platform that is improving the online checkout process. It is on a mission to perfect the checkout experience for online retailers and make sure nothing gets in the way when shoppers decide to buy. The enterprise provides the industry’s fastest checkout that is optimized for any device and coupled with a unique approach to fraud detection that approves more good orders. By converting more shoppers into customers, Bolt has become the proven choice of customer-obsessed retailers like Dita, HUF Worldwide, and Polywood

Broadcom Inc.

Broadcom Inc.

CA Technologies, together with its subsidiaries, engages in the design, development, marketing, licensing, and support of information technology (IT) management software products that operate on a range of hardware platforms and operating systems. The company has a portfolio of software products and services that address its customers’ needs for mainframe and distributed environments, spanning IT governance, IT management, and IT security. It focuses on various areas that include infrastructure management, project and portfolio management, security management, service management, application performance management, and data center automation and virtualization. CA offers Enterprise IT Management (EITM) software for organizations to manage IT in computing environments, which include people, information, processes, systems, networks, and applications, as well as databases from a web service to the mainframe to a virtualized cloud, regardless of the hardware or software customers they are using

DigiPli

DigiPli

DigiPli is a RegTech firm focused on assisting financial institutions in leveraging new technologies and approaches to optimize their compliance and anti-money laundering programs. They are in the final development and testing stages of the Managed Utility described in our White Paper, which is available on the ‘Insights’ page. Headquartered in Jersey City, New Jersey, DigiPli was founded in 2019 and is a privately held company. By leveraging cutting-edge technology and a SaaS-based delivery model, DigiPli’s end-to-end solution for AML systems, staffing, and data delivers exceptional results at a fraction of the cost of a traditional AML program

FundingShield

FundingShield

FundingShield provides the residential mortgage industry's highest level of protection in the funding process to close new origination mortgage loans. The company protects against loss of funds due to inaccurate and/or insufficient documentation, diversionary wire practices, or parties closing more than their coverage limits from closing agents or attorneys, which could jeopardize closing protection letter coverage. FundingShield provides monitoring at the transaction level, not by assigning risk tolerance or rating levels to parties but by active control of its client's closings and inspection of the necessary documentation to make an assurance of a valid CPL

Mount Hood Payment

Mount Hood Payment

Mounthoodpayments.com is one of the Pacific Northwest’s fastest-growing high-risk credit card processing offices. They are partnered with two of the nation’s leading top risk banks, Emerchantbroker.com, and Firstamericanmerchant.com. Located In Vancouver, Washington, they provide payment processing services for merchants of all sizes. High-Risk Merchant Services, Merchant Funding, Check processing, Charge Back Shield, Credit Card Processing and Terminals, Advisory/consulting, and digital marketing are some of the services provided by the company. Incorporated in 2015, Mounthoodpayments.com is a sole proprietorship company. Their primary goal is to help every merchant find a merchant solution

Riskified

Riskified

Established in 2013, Riskified is the AI platform powering the eCommerce revolution. Commerce has transformative powers, and at Riskified, the team believes everyone should have the opportunity to take part. The enterprise’s AI platform collects and analyzes eCommerce data to spot patterns that no one else sees, recognizing opportunities for increased revenue and reduced risk. They started as an eCommerce fraud-prevention solution. Today, in addition to preventing fraud, they protect shoppers’ retail accounts, increase bank-authorization rates, improve communication between merchants and financial institutions, and provide shoppers with financing through Deco, giving everyone the chance to join the revolution

SHAZAM

SHAZAM

The SHAZAM Network, founded in 1976, is a national member-owned financial services and payments processing company. SHAZAM provides choice and flexibility to community financial institutions throughout the U.S., and is a single-source provider of the following services: debit card, core, fraud, ATM, merchant, marketing, training, risk and ACH. SHAZAM sets financial institutions apart in the marketplace and drives their bottom line with enhanced products and services. SHAZAM’s mission is to strengthen community financial institutions. SHAZAM is the only member-owned network, committed to open access and member control that owns its own hardware and software