What should a bank look for in AI fraud detection software?
AI fraud-detection software scores events as they happen, such as a card payment, a login, a new-account application, a wire or a phone call, and returns a risk score or a decision within milliseconds. Banks buy it as a hosted platform priced by volume and licence, connect it to their payment and digital channels, and tune rules and models on their own data. The questions that separate vendors are latency, the data network behind the models, scam coverage, explainability for analysts, and how the vendor supports model validation.
Observations from how these products are sold and regulated, not advice.
01
Coverage of the fraud types you actually lose money to
Card-not-present, account takeover, new-account and synthetic identity, authorised push-payment and scam, check and wire fraud need different signals. A vendor strong on card scoring may have little for scams where the customer is tricked into sending money.
02
Latency and where the model runs
Payment authorisation leaves tens of milliseconds for a decision. Ask for the vendor's measured response time at your volume and whether scoring runs in its cloud, in yours or on premises.
03
The data behind the model
Consortium or network data (device, behavioural or cross-bank signals) can catch fraud a single bank's history cannot. Ask what data leaves the bank, how it is pooled and what rights the vendor keeps.
04
False positives, not only detection
Declined good customers and analyst workload are the cost of a fraud model. Vendor-reported detection gains are usually measured against a customer's prior system; ask for the false-positive ratio and the baseline behind any percentage.
05
Explainability and case management
Analysts need the reasons behind a score to work an alert, and model-risk teams need documentation to validate it. Check what the vendor provides for both, and whether you can export decisions and features.
06
Pricing that tracks your volume
Most fraud platforms are sold on annual licences tied to transaction or account volume, with implementation fees; published price lists are rare. Model the cost at next year's volume, not this year's.
Which rules apply to a bank using AI fraud detection software?
| Rule | Why it applies | Documents |
|---|---|---|
| Model risk management (SR 26-2 / OCC 2026-13 / FIL-15-2026) | Fraud models are models under the April 2026 interagency guidance; a bank above $30 billion in assets is expected to inventory, validate and monitor them, including vendor models. Generative and agentic AI are outside its scope. | SR 26-2 OCC Bulletin 2026-13 FDIC FIL-15-2026 |
| Third-party risk management | Buying a fraud platform is a third-party relationship: due diligence, contract terms, ongoing monitoring and exit planning under the 2023 interagency guidance. | OCC Bulletin 2023-17 SR 23-4 FDIC FIL-29-2023 |
| Deepfake and synthetic-identity fraud | FinCEN's 2024 alert lists red flags for generative-AI identity documents, images and audio used to open accounts, and asks for a specific SAR key term; identity and voice vendors are bought against exactly these threats. | FIN-2024-Alert004 (Deepfake Media) |
| Adverse action where fraud models decide credit | When a fraud or identity score contributes to declining a credit application, the ECOA/Regulation B and FCRA notice duties apply to that decision. | ECOA / Regulation B adverse action (15 U.S.C. 1691(d); 12 CFR 1002.9) FCRA adverse action and credit-score disclosures (15 U.S.C. 1681m, 1681g(f)) |
| EU AI Act fraud carve-out | For banks operating in the EU, AI used solely to detect financial fraud is excluded from the Act's high-risk credit-scoring category, unlike credit models. | Regulation (EU) 2024/1689 |
Documents link to the Regulation tracker. By use case: Fraud detection · AML / KYC · Model risk management · Third-party & vendor AI.
How do the AI fraud detection vendors compare?
| Vendor | What it does | Deployment | Pricing model | Published price | US bank customers* | Founded · ownership |
|---|---|---|---|---|---|---|
| Feedzai | RiskOps platform for bank fraud, scam and AML prevention: transaction scoring, behavioral biometrics and network intelligence. | SaaS (cloud-based); Feedzai IQ Score is also delivered via a single API and listed on AWS Marketplace | Sales-led enterprise licensing, scoped per institution and use case (fraud, AML, onboarding, scam prevention); Feedzai IQ Score is also sold as an API-metered add-on listed on AWS Marketplace | Not published | 2 | 2011 · Private |
| Featurespace | Real-time behavioral fraud and AML scoring for banks and processors (The Featurespace Platform, formerly ARIC Risk Hub); a Visa unit. | Hosted cloud or on-premises; Visa A2A Protect is delivered through a single API | Sales-led enterprise licensing, sold as a Visa solution; A2A Protect is offered to financial institutions via a single API | Not published | 1 | 2008 · Acquired by Visa |
| BioCatch | Behavioral-biometric and device intelligence that scores digital banking sessions for account takeover, scams, mules and application fraud. | SaaS; collected through BioCatch's Align SDK in the bank's web and mobile apps, and available through Q2, Alkami and Alloy integrations | Sales-led enterprise licensing per institution, plus distribution through digital-banking and onboarding platform partners (Q2, Alkami, Alloy); no figures disclosed. | Not published | 3 | 2011 · Private |
| Sardine | Fraud and AML platform: device and behavioral signals, transaction monitoring, sanctions screening and AI agents for alert review. | SaaS, integrated through APIs and a client-side device and behavior SDK | Sales-led enterprise contracts; Sardine describes usage-based pricing for its custom agents | Not published | 0 | 2020 · Private |
| Socure | Identity verification, fraud scoring and watchlist screening for account opening and login, run on its RiskOS decisioning platform. | API (cloud); self-serve Socure Launch or configurable Socure Enterprise on the RiskOS platform (Direct API, hosted UI, SDKs) | Per-evaluation self-serve pricing (Socure Launch) with $1,000 of free monthly credits; usage-based enterprise contracts with volume discounts (Socure Enterprise / RiskOS) | $1.00 per evaluation ($1,000 of free monthly credits) (Socure Launch (self-serve bundles) — KYC + Fraud + Watchlist, DocV Step up) | 4 | 2012 · Private |
| Alloy | Identity and fraud prevention platform: onboarding KYC/KYB, fraud and login risk scoring, AML monitoring and data orchestration. | SaaS (single API, SDK and no-code dashboard; hosted on AWS) | Sales-led enterprise platform contracts; bought through a demo and quote process | Not published | 3 | 2015 · Private |
| Pindrop | Phone-channel fraud scoring, passive caller authentication and voice deepfake detection for bank contact centers. | SaaS (cloud), integrated with contact-center platforms such as NiCE CXone and Zoom Contact Center; also sold through AWS Marketplace and FICO Marketplace | 12-month contract licences per product sized by call volume (up to 1,000,000 calls per unit) or by meeting users, with per-unit charges for additional usage; custom and private offers through sales | $250,000 per 12-month contract, licence for up to 1,000,000 calls; additional usage $0.30 per unit (Pindrop Anti-Fraud and Authentication Platform, Pindrop's own AWS Marketplace listing — Anti Fraud) | 2 | 2011 · Private and venture-backed: a $75 million Series C led by Google Capital |
| LexisNexis Risk Solutions | Fraud, identity and financial-crime compliance data and analytics: ThreatMetrix, Emailage, IDVerse, Bridger Insight XG and Firco. | API and SaaS platforms (Dynamic Decision Platform, cloud-based RiskNarrative), sold direct and through partners | Subscription or transactional (volume-based) contracts, sold direct and through partners | Not published | 3 | 2008 · Wholly owned business of RELX PLC, which reports it as its Risk segment |
| DataVisor | Real-time fraud and AML decisioning platform using unsupervised machine learning, rules, device intelligence and Vera AI agents. | SaaS (cloud-based, multi-tenant); also pre-integrated into partner core and digital-banking platforms (DCI, Nymbus, VeriPark) | Sales-led enterprise SaaS contracts, sold directly or bundled through core and digital-banking partners; bought through a demo and proof of concept | Not published | 1 | 2013 · Private |
| Oscilar | No-code risk decisioning platform with AI agents for fraud, credit underwriting, onboarding and AML compliance. | SaaS (cloud-native; no-code workflow builder and API) | Custom quotes based on transaction volume and use cases; sold through a demo-led sales process | Not published | 1 | 2021 · Private and self-funded: co-founders Neha Narkhede and Sachin Kulkarni put in $20 million at the 2023 launch, and Oscilar said in June 2026 that the two had built the company without taking outside investment. No valuation has been disclosed. |
| Prove Identity | Phone-based identity verification and authentication: Pre-Fill onboarding, passive authentication and AI-agent verification. | API (cloud), with SDKs and a self-serve developer sandbox; also offered inside Backbase, Temenos Exchange, Blend and Alloy | Sales-led enterprise contracts for API identity verification and authentication; free developer sandbox | Not published | 2 | 2008 · Private |
| Mitek | Mobile check deposit capture, check fraud scoring and identity verification (document, selfie, liveness, deepfake detection) for banks. | SaaS (cloud), licensed on-premises software and mobile SDKs; also sold through resellers such as Fiserv | Software licences with maintenance, SaaS subscriptions and per-transaction fees, sold directly and through channel partners | Not published | 4 | 1986 · NASDAQ: MITK |
| Jumio | Identity verification platform: ID and selfie checks, liveness and deepfake detection, AML screening and continuous identity monitoring. | SaaS (APIs, iOS and Android SDKs, or a hosted web client); also sold through AWS Marketplace | Annual contracts for a committed number of verification transactions, sold through sales; overages billed per transaction | $37,500 per 12-month contract for 25,000 verifications (Jumio Identity Verification (Jumio Go) — AWS Marketplace — Jumio Go - 25,000 transactions (AWS Marketplace contract)) | 0 | 2010 · Private |
| Persona | Identity verification platform: government ID, selfie and database checks, KYC/KYB, watchlist screening, case review and fraud-ring graphs. | SaaS (cloud platform with API, webhooks and a no-code dashboard; EU data residency available) | Annual platform plans (Essential, Growth, Enterprise) with volume-based pricing for verifications and reports; Essential is self-serve, Growth and Enterprise are quoted by sales | Starting at $250/month minimum contract term of 12 months; templated identity services, self-guided integration, email support (Persona identity platform — Essential) | 0 | 2018 · Private |
| NICE Actimize | Fraud, AML, sanctions screening, KYC, case management and trade surveillance software for banks, on X-Sight and Xceed platforms. | SaaS (X-Sight and Xceed cloud platforms) or on-premises under term licences | Sales-led enterprise contracts: cloud subscriptions with transaction- or usage-based fees, or on-premises term licences, plus professional services | Not published | 5 | 1999 · Business unit of NICE Ltd |
| Hawk | AML transaction monitoring, sanctions and customer screening, fraud prevention and AI investigation agents for banks and payment firms. | SaaS (multi-tenant, multi-cloud) or private cloud | Sales-led enterprise SaaS contracts; modules (AML, screening, fraud) sold separately or together under one contract | Not published | 0 | 2018 · Private |
| Unit21 | Fraud and AML platform: transaction monitoring, screening, case management and SAR filing, with AI agents that run alert investigations. | SaaS (cloud-based), accessed through Unit21's API and dashboard | Sales-led annual plans for Fraud or AML, plus implementation and support options (Standard or Gold support, Solutions Architect add-on) | Not published | 1 | 2018 · Private and venture-backed |
| Nasdaq Verafin | Cloud financial-crime platform for banks: fraud detection, BSA/AML monitoring, sanctions screening, case management and AI agents. | SaaS (cloud subscription); Agentic AI Workforce also offered as an overlay on third-party systems | Annual SaaS subscription to Verafin's cloud platform, plus professional services; sold through a demo and quote process | Not published | 8 | 2003 · Owned by Nasdaq, Inc. |
| Zest AI | AI credit underwriting for banks and credit unions, plus fraud detection (Zest Protect) and gen-AI lending intelligence (LuLu). | SaaS | Sales-led, per-lender enterprise contracts; not published. | Not published | 2 | 2009 · Private |
| Provenir | Cloud decisioning platform for credit risk, fraud and identity, with a data marketplace, case management and AI models. | SaaS (cloud-native; API-first, real-time and batch) | Sales-led enterprise software licence (SaaS); not published. | Not published | 1 | 2004 · Private |
| FICO | FICO Platform decisioning and analytics software for origination, account management and fraud (Falcon), plus the FICO Score. | SaaS or on-premises | Software: multi-year subscriptions priced on usage (accounts, transactions or decision use cases), often with contracted minimums; not published. FICO Score for mortgages: published per-score and funded-loan fees | Not published (prices shown for FICO Score for mortgage, Mortgage Direct License Program (not the FICO Platform) on the vendor page) | 3 | 1956 · NYSE: FICO |
| Experian | Credit bureau and decisioning software vendor: Ascend analytics platform, PowerCurve decisioning, CrossCore fraud and identity checks. | SaaS and APIs (Ascend Platform hosted in a hybrid-cloud environment; CrossCore is a cloud fraud and identity platform) | Sales-led enterprise contracts for decisioning, fraud and analytics software and data, quoted per client | Not published | 1 | 1996 · LSE: EXPN |
| ACI Worldwide | Payments software for banks: real-time and card payment processing (ACI Connetic, BASE24) with AI fraud management. | SaaS or PaaS (ACI private cloud or public cloud) or on-premises licence; ACI Fraud Management also runs multi-tenant, in the public cloud or on-premises | Software licence plus maintenance, or SaaS/PaaS subscription; priced by the solutions taken and transaction volumes, generally with multi-year minimum terms | Not published | 4 | 1975 · NASDAQ: ACIW |
* Banks among the 120 largest US banks on this site publicly named as customers, each sourced on the vendor's page. Prices are shown only where the vendor publishes them for the AI product itself; a price for another product (a credit score, a notary plan, contact-centre seats) is listed on the vendor's page, not here. More vendors in this category are being researched.
Private · founded 2011
Feedzai
Sells banks a single AI-native RiskOps platform, rather than point tools, for fraud, scam and AML prevention, extending in 2025-2026 into GenAI scam agents, federated network intelligence and a tabular foundation model for risk decisions.
NYSE: V · founded 2008
Featurespace
Sells banks, card processors and merchant acquirers a real-time machine-learning platform that profiles each customer's normal behavior to score payments, cards, checks, applications and AML activity; since the 2024 acquisition it is sold as a Visa solution and its technology is being folded into Visa products such as A2A Protect.
Banks among the 120: U.S. Bank
Private · founded 2011
BioCatch
Sells banks behavioral-biometric and device intelligence that runs inside their digital banking sessions to flag account takeover, scams, money-mule accounts and account-opening fraud, licensed directly and through digital-banking and onboarding platforms; being acquired by Visa.
Banks among the 120: Wells Fargo, BofA, Citi
Private · founded 2020
Sardine
Sells banks, fintechs and merchants one modular platform for fraud prevention and AML compliance, built on device and behavioral signals and a cross-industry data consortium (Sonar), and since 2025 adds AI agents that triage alerts and draft investigation work under human review.
Banks among the 120: none named publicly yet
Private · founded 2012
Socure
Sells banks, fintechs and government agencies API-based identity verification, identity-fraud scoring and sanctions screening, now packaged in the RiskOS decisioning platform and charged per evaluation or on usage-based enterprise contracts.
Banks among the 120: Capital One, Citi, SoFi, Atlantic Union
Private · founded 2015
Alloy
Sells banks, credit unions and fintechs a SaaS identity and fraud prevention platform that orchestrates more than 270 third-party data solutions behind one API, adding its own machine-learning models and, since 2026, an agentic AI Assistant for risk and compliance reviews.
Banks among the 120: Ally, Banc of California, Eastern Bank
Private · founded 2011
Pindrop
Sells banks, insurers and healthcare payers cloud software that scores every phone call for fraud risk, authenticates callers passively from voice, device and network signals, and detects synthetic voices and AI agents, sold directly, through contact-center platforms (NiCE, Zoom), AWS Marketplace and FICO Marketplace.
NYSE: RELX · founded 2008
LexisNexis Risk Solutions
Sells banks fraud, identity and financial-crime compliance data and decision tools (device and digital-identity risk scoring, email and document checks, sanctions and transaction screening) on subscription or per-transaction contracts, largely built through acquisitions.
Banks among the 120: Cathay Bank, City National, EverBank
Private · founded 2013
DataVisor
Sells banks, credit unions, card issuers and payment companies a cloud fraud and AML platform that combines unsupervised machine learning, a rules engine, device intelligence and case management, sold directly and pre-integrated through core and digital-banking providers, and since 2026 driven by conversational AI agents (Vera).
Banks among the 120: SoFi
Private · founded 2021
Oscilar
Sells banks, credit unions, sponsor banks, fintechs and payment companies a cloud, no-code risk decisioning platform that runs fraud, credit underwriting, onboarding and AML workflows on one data layer, with a suite of AI agents (Agent Hub) that draft rules, triage alerts and explain decisions for human reviewers.
Banks among the 120: SoFi
Private · founded 2008
Prove Identity
Sells banks, card issuers and other enterprises API-based identity verification and authentication built on mobile-carrier and phone-possession signals, sold through enterprise contracts and through banking platforms such as Backbase, Temenos, Blend and Alloy, and since 2025 extended to verifying AI agents.
NASDAQ: MITK · founded 1986
Mitek
Sells banks the check-imaging software behind mobile check deposit, a consortium-based check fraud scoring service, and identity verification and biometric authentication, through direct sales and resellers such as Fiserv.
Banks among the 120: JPMorgan, BofA, Capital One, U.S. Bank
Private · founded 2010
Jumio
Sells banks, fintechs, gaming operators and other regulated businesses a SaaS identity platform that checks government IDs against live selfies with liveness and deepfake detection, screens customers for AML, and since 2026 re-scores verified identities over time against its cross-customer Identity Graph.
Banks among the 120: none named publicly yet
Private · founded 2018
Persona
Sells businesses, including banks, fintechs and credit unions, a configurable SaaS identity platform for KYC/KYB onboarding, re-verification, watchlist screening and fraud investigation, priced by plan and volume, and since October 2026 adds AI agents that review identity cases.
Banks among the 120: none named publicly yet
NASDAQ: NICE · founded 1999
NICE Actimize
Sells banks fraud, anti-money-laundering, sanctions-screening, KYC/CDD, case-management and markets-compliance applications on two platforms, X-Sight for large institutions and Xceed for the mid-market, as cloud subscriptions or on-premises term licences, and since 2025 adds agentic-AI investigation features and a cross-institution risk network.
Banks among the 120: KeyBank, Associated, Fifth Third, Valley, Cathay Bank
Private · founded 2018
Hawk
Sells banks and payment firms a modular, cloud-based platform for AML transaction monitoring, screening and fraud prevention that can replace a rules engine or sit on top of one as an AI overlay, adding in 2026 AI agents that investigate AML alerts and review screening hits.
Banks among the 120: none named publicly yet
Private · founded 2018
Unit21
Sells fintechs, sponsor banks, community banks and credit unions one cloud platform for fraud and AML (detection rules, screening, case management and regulatory filing), and since 2025 has rebuilt it around AI agents that investigate alerts and draft SAR narratives for human approval.
Banks among the 120: Sallie Mae
NASDAQ: NDAQ · founded 2003
Nasdaq Verafin
Sells banks and credit unions, mostly in North America, a cloud subscription platform for fraud detection, BSA/AML compliance, sanctions screening and investigations built on consortium data from its customer base, and since 2025 a set of AI agents that triage alerts.
Banks among the 120: FNBO, Pinnacle, Busey Bank, United Bank, United Community, OceanFirst, ConnectOne, First Interstate
Private · founded 2009
Zest AI
Sells AI-automated underwriting models, priced and built per lender, to banks, credit unions and specialty lenders, and cross-sells fraud detection (Zest Protect) and a generative-AI lending-intelligence assistant (LuLu) into the same customer base.
Banks among the 120: Zions, First Hawaiian
Private · founded 2004
Provenir
Sells banks, credit unions, fintechs and non-bank lenders a configurable decisioning platform, licensed as cloud software, on which the lender runs its own credit, fraud and identity strategies and models, with third-party data supplied through Provenir's marketplace.
Banks among the 120: SoFi
NYSE: FICO · founded 1956
FICO
Sells banks two things: the FICO Score, licensed per score mostly through the credit bureaus, and decisioning software (FICO Platform, Falcon fraud, originations and account-management solutions) on multi-year subscriptions priced by accounts, transactions or use cases.
LSE: EXPN · founded 1996
Experian
Sells banks credit data plus decisioning, fraud and analytics software, increasingly through the cloud Ascend Platform, to which it has added generative and agentic AI tools since 2024.
Banks among the 120: Santander
NASDAQ: ACIW · founded 1975
ACI Worldwide
Sells banks, intermediaries, merchants and billers payments-processing software (card switching, real-time and account-to-account payments) with AI fraud management embedded, under long licence or SaaS/PaaS contracts; since 2025 it has been moving customers to its cloud-native ACI Connetic hub.
Banks among the 120: BMO, First Hawaiian, City National, Webster
How much does AI fraud-detection software cost a bank?
Most vendors do not publish prices. Enterprise fraud platforms are sold on annual licences scaled to transaction, account or API-call volume, plus implementation. Where a price is public it is on the vendor's own pricing page and is listed in the comparison table above with its date; otherwise the table says 'Not published'.
Is a fraud model subject to model risk management rules?
Yes. The April 2026 interagency guidance (Fed SR 26-2, OCC Bulletin 2026-13, FDIC FIL-15-2026) covers quantitative models used in decisions, including vendor fraud models; it is expected to matter most for banks above $30 billion in assets and leaves generative and agentic AI outside its scope.
What is the difference between fraud detection and AML software?
Fraud detection protects the bank and its customers from losses in real time, usually before a payment completes. AML software monitors activity after the fact for money laundering and sanctions exposure, and feeds suspicious activity reports. Several vendors now sell both on one platform, which the industry calls FRAML.
Which AI fraud detection vendors are compared here?
Feedzai (RiskOps platform for bank fraud, scam and AML prevention: transaction scoring, behavioral biometrics and network intelligence); Featurespace (Real-time behavioral fraud and AML scoring for banks and processors (The Featurespace Platform, formerly ARIC Risk Hub); a Visa unit); BioCatch (Behavioral-biometric and device intelligence that scores digital banking sessions for account takeover, scams, mules and application fraud); Sardine (Fraud and AML platform: device and behavioral signals, transaction monitoring, sanctions screening and AI agents for alert review); Socure (Identity verification, fraud scoring and watchlist screening for account opening and login, run on its RiskOS decisioning platform); Alloy (Identity and fraud prevention platform: onboarding KYC/KYB, fraud and login risk scoring, AML monitoring and data orchestration); Pindrop (Phone-channel fraud scoring, passive caller authentication and voice deepfake detection for bank contact centers); LexisNexis Risk Solutions (Fraud, identity and financial-crime compliance data and analytics: ThreatMetrix, Emailage, IDVerse, Bridger Insight XG and Firco); DataVisor (Real-time fraud and AML decisioning platform using unsupervised machine learning, rules, device intelligence and Vera AI agents); Oscilar (No-code risk decisioning platform with AI agents for fraud, credit underwriting, onboarding and AML compliance); Prove Identity (Phone-based identity verification and authentication: Pre-Fill onboarding, passive authentication and AI-agent verification); Mitek (Mobile check deposit capture, check fraud scoring and identity verification (document, selfie, liveness, deepfake detection) for banks); Jumio (Identity verification platform: ID and selfie checks, liveness and deepfake detection, AML screening and continuous identity monitoring); Persona (Identity verification platform: government ID, selfie and database checks, KYC/KYB, watchlist screening, case review and fraud-ring graphs); NICE Actimize (Fraud, AML, sanctions screening, KYC, case management and trade surveillance software for banks, on X-Sight and Xceed platforms); Hawk (AML transaction monitoring, sanctions and customer screening, fraud prevention and AI investigation agents for banks and payment firms); Unit21 (Fraud and AML platform: transaction monitoring, screening, case management and SAR filing, with AI agents that run alert investigations); Nasdaq Verafin (Cloud financial-crime platform for banks: fraud detection, BSA/AML monitoring, sanctions screening, case management and AI agents); Zest AI (AI credit underwriting for banks and credit unions, plus fraud detection (Zest Protect) and gen-AI lending intelligence (LuLu)); Provenir (Cloud decisioning platform for credit risk, fraud and identity, with a data marketplace, case management and AI models); FICO (FICO Platform decisioning and analytics software for origination, account management and fraud (Falcon), plus the FICO Score); Experian (Credit bureau and decisioning software vendor: Ascend analytics platform, PowerCurve decisioning, CrossCore fraud and identity checks); ACI Worldwide (Payments software for banks: real-time and card payment processing (ACI Connetic, BASE24) with AI fraud management). Each has its own page with products, pricing, ownership and the banks among the 120 largest US banks that are named as customers. More vendors in this category are being added as their pages are researched and sourced.
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