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Fraud detection software, also known as online fraud detection software, is designed to identify and prevent illegitimate and high-risk online activities. These tools work by continuously monitoring user behavior and calculating risk levels to detect potentially fraudulent purchases, transactions, or access attempts. IT and compliance departments, particularly in businesses and digital banking companies, rely on these tools to monitor and mitigate the risk of fraud among their users. By adopting fraud detection software, companies aim to safeguard sensitive information, prevent cyberattacks, and protect against fraudulent transactions and identity theft. Leveraging machine learning and real-time behavior analytics, these tools can classify risks in real-time, considering factors such as device and IP reputation. Although there is some overlap with e-commerce fraud protection software, fraud detection solutions are primarily focused on real-time monitoring, detection, and alerting of fraudulent activities, whereas e-commerce tools are more concerned with regulatory enforcement and analyzing purchasing behaviors.