Fraud Detection and Prevention Market to be Dominated by BFSI Through 2028
The global fraud detection and
prevention market has been rapidly developing in recent years due to increasing
fraud incidents, the need for compliance, and technological advancements.
According to TechSci Research
report, “Fraud Detection and Prevention Market – Global Industry Size,
Share, Trends, Opportunity, Competition, and Forecast, 2018-2028F” Fraud detection and prevention
is a set of procedures and strategies used to detect, monitor, and prevent
fraud. The first step in discovering the cause of the problem is to detect
fraud, and once detected, the fraud must be avoided either automatically or
manually using software built expressly for this purpose.
Money laundering, cyber security
threats, tax evasion, identity theft, false insurance claims, fraudulent bank
checks, and terrorist financing are all examples of fraudulent activities.
These fraudulent acts are prevalent in financial institutions, government,
healthcare, the public sector, and insurance. The global fraud detection and
prevention market refer to the set of tools, technologies, and solutions used
to detect, prevent, and mitigate fraudulent activities. This market has been
growing steadily in recent years due to the increasing sophistication of
fraudsters, the rising adoption of digital payments, and the growing need for
organizations to protect themselves from financial losses, reputational damage,
and legal liability.
One of the main reasons behind
the growth of the global fraud detection and prevention market is the
increasing use of digital payment methods. As more people use digital payments,
such as mobile payments and e-commerce, the risk of fraudulent activities also
increases. This has led to a greater demand for advanced fraud detection and
prevention solutions that can detect and prevent fraudulent activities in
real-time.
Another factor driving the
growth of the global fraud detection and prevention market is the increasing
sophistication of fraudsters. Fraudsters are constantly evolving their tactics
to bypass security measures, which has led to the need for more advanced and
sophisticated fraud detection and prevention solutions.
Regulatory requirements and
compliance standards have also contributed to the growth of the global fraud
detection and prevention market. Organizations are required to comply with
various regulations, such as PCI DSS and GDPR, and failing to do so can result
in hefty fines and legal actions. This has led to the need for robust fraud
detection and prevention solutions to ensure compliance and minimize the risk
of fraud.
In conclusion, the global fraud
detection and prevention market is increasing due to the rise of digital
payments, the increasing sophistication of fraudsters, and the need for
organizations to comply with regulatory requirements and prevent financial
losses. As the market continues to grow, it is likely that there will be
further innovations in fraud detection and prevention technologies and
solutions in the coming years.
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fraud Detection and Prevention Market."
Based on component, the market
is segmented into services and solutions. Based on solutions, the market is
segmented into fraud analytics, authentication, governance, risk and
compliance. Based on application, the market is segmented into identity theft,
money laundering, payment fraud, and others. Based on industry vertical, the
market is segmented into BFSI, real estate, government, manufacturing, IT &
telecom, energy & utilities, telecommunications, retail, and others. The
market analysis also studies the regional segmentation to devise regional
market segmentation, divided among North America, Europe, Asia-Pacific, South
America, and Middle East & Africa.
The global fraud detection and
prevention market is highly competitive, with numerous global and regional
players offering a wide range of products and services. The market is expected
to continue to evolve with advancements in mobile devices, sensors, artificial
intelligence, and cloud computing, among other technologies, which will
positively impact the market dynamics and dominant players in the future.
Key market players in the global
fraud detection and prevention market include:
- Iovation Inc
- IBM Corporation
- Cardinal Commerce Corporation
- Oracle Corporation
- Experian PLC
- PayPal Holdings Inc
- Distil Networks Inc.
- Hitachi, Ltd.
- NovAtel Inc.
- Comtech Telecommunications Corp.
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“The market will continue to
grow due to the increasing sophistication of fraudsters and the growing adoption
of digital payment methods. As fraud becomes more sophisticated, the
requirement for enhanced fraud detection and prevention solutions grows. The
market for fraud detection and prevention is expected to increase significantly
in future as businesses seek to protect themselves against financial losses,
reputational damage, and legal risk. The growing complexity of fraudsters, as
well as the need for organizations to comply with legal obligations, are
driving the global fraud detection and prevention market. “We may expect
additional technological breakthroughs and increased efficacy in detecting and
preventing fraudulent actions as organizations continue to invest in fraud
detection and prevention solutions,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Fraud Detection and Prevention
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028F, Segmented By Component
(Solutions and Services), By Solutions (Fraud Analytics, Authentication,
Governance, Risk, Compliance), By Application (Identity theft, Money
Laundering, Payment Fraud, Others), By Industry Vertical (BFSI, Real Estate,
Government, Manufacturing, IT & Telecom, Energy & Utilities,
Telecommunications, Retail, Others), By Region, Competition”,
has evaluated the future growth potential of fraud detection and prevention
that provides statistics and information on market structure, size, share, and
future growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global fraud detection and prevention
market.
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