cvechecker
The goal of cvechecker is to report about possible vulnerabilities on your system, by scanning the installed software and matching the results with the CVE database. Indeed, this is not a bullet-proof method and you will most likely have many false positives (vulnerability is fixed with a revision-release, but the tool isn't able to detect the revision itself), yet it is still better than nothing, especially if you are running a distribution with little security coverage.
Still, the tool remains useful. With the proper reporting in place, you are immediately warned when a new CVE has been released that might match your system. You can then take the appropriate steps (acknowledge report, verify incident, fix package or mark as false positive).