The Best 6 Free and Open-Source Fraud Detection Software

Tools, techniques, and processes have transformed from traditional to digitalization and globalization which ensures conversions of masses and gaining new customers. However, it also adds a high risk to the system as well when it comes to cybercrime. 

The transactions made through mobile phones or any public Wi-fi provide an opportunity for cyber thieves to steal all the credit card details and misuse them. It is not only important for an individual rather for companies and organizations as well to ensure the security and well-being of their employees, teams, and relevant stakeholders. To rectify and minimize the risk of fraud or misuse of such classified information, companies invest in software that helps in detecting frauds. It assists in detecting illegitimate and high-risk transactions that are made online with super-intuitive features to identify fraudulent purchases, access to the wrong individual by surveilling behaviors of the users along with calculating risk figures. 

Nowadays, the element of fraud still exists and is recurring, and one must take severe actions and concrete implementations to minimize the intensity of the situation. Fraud could be found in various ways like mail fraud, debit card fraud, credit card fraud, bank account fraud, insurance fraud, and many more. Businesses have gone global which involves catering to global customers, clients, and vendors which also emerges the chances of getting caught up with a fraudulent activity or a wrongdoer. Powerful tools like fraud detection software solutions help in identifying such involvements of anonymous fraud users and monitoring the behaviors with the help of artificial intelligence. The software assists businesses and other sectors to take precautionary steps to detect and check the actions of their users the help of this software. 

Mainly this software comes in handy and is adopted by the IT workers to ensure that the transactions made are lawful and genuine in the absence of fraud. It also ensures the safety and security of information of clients and customers. The use of such tools is highly significant and beneficial as it not only helps businesses, government sectors, and organizations in recovering data and information but also, detects and checks the possible loss acquired in fraudulent activity and helps in taking timely actions. 

Similarly, it guides in protecting IT assets, it safeguards the system from fraudulent business practices that help in infusing the sense of reliability and credibility in an organization. It also prepares a way out for all the vulnerable points that act as a loophole for fraudsters and can be tracked before time. 

Here at LinuxAPT, we shall look into the best 6 free, open-source fraud detection software that empowers businesses and organizations to secure the essential data of their clients, customers, and stakeholders and to minimize the risk factor being able to have a controlled and concrete action plan for fraudulent activities.

Main factors to consider before selecting a fraud detection software:

  • Compliance along with security standards.
  • Cost of fraud detection tool.
  • Technical support to a customer.
  • Assistance for mobile use cases.
  • Handles legitimate cases of false declines.
  • Integration and Deployment.
  • Multiple Protection layers.

1. Feedzai

Feedzai is a fraud detection software solution that businesses take leverage from by using its artificial intelligence technology and other powerful capabilities to detect and minimize cyber threats and rectify them before time.

The features are as follows: Case Management, Check Fraud Detection, Compliance Management, Compliance Tracking, Configurable Workflow, Counterparty Risks, Custom Fraud Rules, Customer Accounts, Enterprise Risk Management, FACTA Red Flags, Financial Analysis, Financial Risk Reporting, Identity Verification, Incident Management, Internal Controls Management, Investigation Management, Monitoring, PEP Screening, Real-time Alerts, Real-time Updates, Reminders, Reporting & Statistics, Risk Alerts, Risk Analytics, Risk Assessment, Risk Reporting, Risk Scoring, Third-Party Integrations, Transaction History, Transaction Monitoring, and many more down the list.

Get started by requesting now for a demo

2. Kount

Kount is being used by businesses to ensure the safety and security of their classified information and their clients and customers. It is designed with intuitive features that detect fraudulent activities before time and provide solutions to rectify the worst consequences.

The features incorporated in this software are as follows Payment Fraud Prevention, Policy Management, Predictive Modeling, Real-Time Data, Real-time Alerts, Real-time Updates, Reporting and Analytics, Risk Analytics, Risk Assessment, Statistical Modeling, Third-Party Integrations, Threat Intelligence, Internal Fraud Monitoring, API, Access Management, Activity Dashboard, Activity Monitoring, Activity Tracking, Alerts & Notifications, Anomaly Detection, Assessment Management, Audit Management, Audit Trail, Check Fraud Detection, and the list goes on.

Get started now by requesting a demo

3. Alessa

Alessa is an AML compliance and super-intuitive fraud detecting software that monitors and controls such cybercrime and fraudulent activities and identifies suspicious transactions. It provides an early risk detection facility to enable the stakeholders to investigate suspicious activities make timely decisions and maintain compliance with regulations.

The super intuitive features embedded in this software are as follows Activity Dashboard, Behavioral Analytics, Case Management, Check Fraud Detection, Compliance Management, Compliance Tracking, Configurable Workflow, Custom Fraud Rules, Investigation Management, Monitoring, PEP Screening, Performance Metrics, Real-Time Analytics, Real-Time Data, Real-Time Monitoring, Real-Time Notifications, Real-Time Reporting, Risk Alerts, Risk Analytics, Risk Assessment, Transaction Monitoring, Watch List, Workflow Management, and many more.

Get started with a demo at

4. ThreatMark

ThreatMark is yet another fraud detecting tool in cybersecurity and features in the latest advancements in Artificial intelligence technology and data analytics. The software empowers companies and businesses to ensure the safety of information of all the interested parties and stakeholders along with ensuring a secure and safe digital journey from onboarding to the transaction for all the involved parties.

The features included in this software are as follows Secure Login, Third-Party Integrations, Tokenization, Transaction History, Transaction Monitoring, Two-Factor Authentication, User Management, Vulnerability Scanning, Whitelisting/Blacklisting, Risk Analytics, Risk Assessment, Risk Management, Risk Reporting, Risk Scoring, Payment Fraud Prevention, Real-Time Analytics, Real-Time Data, Real-Time Monitoring, Real-Time Reporting, Real-time Alerts, IT Risk Management, Incident Management, Internal Controls Management, Internal Fraud Monitoring, Data Import/Export, Data Synchronization, Data Visualization, Exceptions Management, Financial Analysis, and much more down the list.

Request for a quick demo now at

5. Actico

Actico is a complete suite for cyber security and ensuring data safety and security. With the advancement in technology, this software offers a wide range of security to detect malpractices and fraudulent activities before time enabling the businesses to take timely effective actions.

The super features included in this fraud detection tool are Alerts/Notifications, Anomaly Detection, Behavior Tracking, Behavioral Analytics, Case Management, Check Fraud Detection, Data Verification, Financial Management, Financial Transaction Approval, Internal Fraud Monitoring, Private Banking, Real-Time Analytics, Real-time Alerts, Real-time Updates, Reporting and Analytics, Retail Banking, Search & Filter, Secure Data Storage, Transaction History, Transaction Monitoring, and many more down the list.

Experience now by requesting a demo

6. MISP 

MISP is free and open source software that helps in sharing information related to threat intelligence along with cyber security indicators. This open source threat sharing platform makes use of IoCs (Indicator of Compromise) and data to detect and prevent attacks and fraud against ICT (information and communications technology) infrastructure, organizations, and individuals.

This free fraud detection software gathers and correlates Indicators of Compromise of targeted attacks and financial fraud information. In an automated manner, this open source fraud detection software can store the IOCs in a structured way. Without unmanageable complexity, MISP allows you to store and use information related to threats and malware activities. The detection of fraud or attack is fast and effective due to its sharing and collaborative analysis functionality.

It's Key Features includes: Efficient IoC (Inversion of Control) and indicators database, Financial fraud information, Automatic Correlation, Flexible data model, Vulnerability information, Even Counter-terrorism information, Threat Intelligence, Sharing Functionality, Flexible Sharing Group, Intuitive user- interface and Graphical Interface.

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This article covers the 6 best, free and open-source fraud detecting software solutions that assist and empower businesses and companies in securing the data and information of their clients, teams, and relevant stakeholders and parties. They include Feedzai, Kount, Alessa, ThreatMark, Actico and MISP.

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