Fraud detection software refers to a set of technologies, algorithms and strategies designed to better identify and prevent fraudulent activities. This software supports fraud prevention strategies by helping to identify fraud as it’s happening. Leveraging the power of robust and varied datasets, data analysis, business rules, machine learning (ML) and artificial intelligence (AI) to better identify patterns, anomalies and suspicious behaviors that might indicate elevated risk. Those risks include fraudulent activities including identity theft, synthetic identities, account takeovers, promotion abuse, payment fraud and internal fraud.