Fraud Detection and Prevention Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Component (Services, Solutions), By Solutions (Fraud Analytics, Authentication, Governance, Risk and 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

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Summary

Report Description

The global fraud detection and prevention market is expected to grow at a high CAGR during the forecast period. A fraud detection and prevention system is a software solution that assists companies and organizations in identifying, preventing, and mitigating fraudulent activities. These systems use artificial intelligence, machine learning, and data analytics technologies to discover trends and anomalies in data and transactions that may suggest fraud. A fraud detection and prevention system's purpose is to reduce the impact of fraudulent acts on a business or organization by recognizing them as soon as feasible and taking necessary action to prevent further damage.

Systems for detecting and preventing fraud can be utilized in various industries, including finance, healthcare, retail, and e-commerce. They can assist firms in detecting fraud such as identity theft, credit card fraud, money laundering, and phishing attacks.

Increasing Instances of Fraud Drive the Fraud Detection And Prevention Market

Fraud has become a pervasive problem in today's digital world, and businesses across various industries are facing a growing threat of fraudulent activities. Fraudulent activities can cause significant financial losses, damage the reputation of businesses, and erode customer trust. As a result, businesses are looking for ways to protect themselves and their customers from fraudulent activities, driving the demand for fraud detection and prevention solutions. The increase in fraudulent activities is attributed to the rise of digital technologies such as mobile payments, e-commerce, and online banking. Fraudsters have found new ways to carry out fraudulent activities using these technologies, including phishing, identity theft, and cyber-attacks.

The growing incidence of fraud has led to the need for more advanced fraud detection and prevention solutions. Fraud detection and prevention solutions use various technologies such as AI, machine learning, big data analytics, and real-time monitoring to identify and prevent fraudulent activities. These solutions can detect anomalies and patterns that may indicate fraudulent activities and enable businesses to take immediate action to prevent further damage.

Governments and regulatory bodies are implementing stringent regulations to prevent fraudulent activities and protect consumers. Compliance with these regulations is driving the demand for fraud detection and prevention solutions. For instance, the Payment Card Industry Data Security Standard (PCI DSS) mandates that businesses that accept credit card payments implement measures to protect cardholder data and prevent fraud.

In conclusion, the increasing instances of fraud are expected to boost the global fraud detection and prevention market. The rise of digital technologies has enabled fraudsters to carry out fraudulent activities, leading to the need for more advanced fraud detection and prevention solutions. Governments and regulatory bodies are also implementing stringent regulations, driving the demand for fraud detection and prevention solutions. As a result, businesses and organizations are investing in these solutions to protect themselves and their customers from fraudulent activities.

Growth in e-commerce

E-commerce has become a significant target for fraudulent activities. As the e-commerce industry continues to grow, fraudsters are finding new ways to carry out fraudulent activities such as payment fraud, account takeover, and identity theft. This has created a need for advanced fraud detection and prevention solutions to protect businesses and their customers.

One of the major drivers of e-commerce growth is the increasing adoption of mobile devices, which has made online shopping more convenient and accessible to consumers. However, this has also made it easier for fraudsters to carry out fraudulent activities, as they can use mobile devices to create fake accounts, make fraudulent purchases, and steal personal information. The growth of e-commerce has also led to the need for more sophisticated fraud detection and prevention solutions. Traditional methods of fraud detection such as manual reviews and rule-based systems are no longer sufficient to detect and prevent fraudulent activities in real-time. Businesses need advanced solutions that can use artificial intelligence, machine learning, and big data analytics to detect anomalies and patterns that may indicate fraudulent activities.

The growth of e-commerce has led to the need for more robust identity verification and authentication processes. Businesses need to ensure that the person making a purchase is the legitimate owner of the account and has the authority to make the transaction. This requires advanced identity verification solutions such as biometric authentication, facial recognition, and multi-factor authentication.

In conclusion, the growth of e-commerce is expected to boost the global fraud detection and prevention market. As the e-commerce industry continues to grow, fraudsters are finding new ways to carry out fraudulent activities, driving the need for more advanced fraud detection and prevention solutions. Businesses need to invest in these solutions to protect themselves and their customers from the increasing threat of fraud in the e-commerce space.

Regulatory compliance

Regulatory compliance requirements are becoming more stringent across various industries, leading to an increased need for advanced fraud detection and prevention solutions. Regulatory bodies and governments are implementing measures to protect consumers from fraudulent activities, and businesses need to comply with these regulations to avoid legal and financial penalties. One of the key regulatory compliance requirements is the Payment Card Industry Data Security Standard (PCI DSS), which mandates that businesses that accept credit card payments implement measures to protect cardholder data and prevent fraud. Businesses that fail to comply with these regulations may face significant fines and damage to their reputation.

Furthermore, regulations such as the General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act (CCPA) in the US require businesses to protect consumer data and prevent data breaches. These regulations mandate that businesses implement advanced security measures such as encryption, multi-factor authentication, and real-time monitoring to prevent fraudulent activities. The healthcare industry is also subject to stringent regulatory compliance requirements such as the Health Insurance Portability and Accountability Act (HIPAA), which mandates that businesses protect patient data and prevent data breaches. Healthcare organizations need to implement advanced fraud detection and prevention solutions to prevent healthcare fraud, which costs the industry billions of dollars each year. As regulatory compliance requirements become more stringent across various industries, the demand for advanced fraud detection and prevention solutions is expected to grow. Such factors are expected to drive the growth of the global fraud detection and prevention market during the forecast period.

Recent developments

  • In August 2021, Iovation Inc. unveiled numerous new fraud force capabilities. The upgrades will enable security professionals to better manage fraud prevention rules, resulting in a more simplified and controlled fraud-fighting procedure.


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Market Segmentation

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.

Company Profiles

Some of the key players in the market include Iovation Inc, IBM Corporation, Cardinal Commerce Corporation, Oracle Corporation, Experian PLC, PayPal Holdings Inc, Distil Networks Inc., Hitachi, Ltd., NovAtel Inc., and Comtech Telecommunications Corp.

The global fraud detection and prevention market is highly competitive, with companies constantly seeking to differentiate themselves through their expertise, and cost-effectiveness. As the demand for innovative products continues to grow, the Fraud Detection and Prevention market is expected to expand further in the coming years.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion and CAGR for 2018-2022 and 2023E-2028F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

By Component

By Solutions

By Industry Vertical

By Region

Regional Scope

Asia-Pacific, North America, Europe, Middle East & Africa, and South America

Country Scope

China, Japan, India, Australia, South Korea, United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Turkey, Saudi Arabia, UAE, Brazil, Argentina, and Colombia

Key Companies Profiled

Iovation Inc, IBM Corporation, Cardinal Commerce Corporation, Oracle Corporation, Experian PLC, PayPal Holdings Inc, Distil Networks Inc., Hitachi, Ltd., NovAtel Inc., and Comtech Telecommunications Corp.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)


Report Scope:

In this report, the global fraud detection and prevention market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Fraud Detection and Prevention Market, By Component:
    • Services
    • Solutions
  • Fraud Detection and Prevention Market, By Solutions:
    • Fraud Analytics
    • Authentication
    • Governance
    • Risk and Compliance
  • Fraud Detection and Prevention Market, By Application:
    • Identity theft
    • Money Laundering
    • Payment Fraud
    • Others
  • Fraud Detection and Prevention Market, By Industry Vertical:
    • BFSI
    • Real Estate
    • Government
    • Manufacturing
    • IT & Telecom
    • Energy & Utilities
    • Telecommunications
    • Retail
    • Others
  • Fraud Detection and Prevention Market, By Region:
    • Asia-Pacific
      • China
      • Japan
      • India
      • Australia
      • South Korea
    • North America
      • United States
      • Canada
      • Mexico
    • Europe
      • United Kingdom
      • Germany
      • France
      • Spain
      • Italy
    • Middle East & Africa
      • Israel
      • Turkey
      • Saudi Arabia
      • UAE
    • South America
      • Brazil
      • Argentina
      • Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global fraud detection and prevention market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Fraud Detection and Prevention Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Service Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customer

5.    Global Fraud Detection and Prevention Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Component (Services, Solutions)

5.2.2.    By Solutions (Fraud Analytics, Authentication, Governance, Risk and Compliance)

5.2.3.    By Application (Identity theft, Money Laundering, Payment Fraud, Others)

5.2.4.    By Industry Vertical (BFSI, Real Estate, Government, Manufacturing, IT & Telecom, Energy & Utilities, Telecommunications, Retail, Others)

5.2.5.    By Region

5.3.  By Company (2022)

5.4.  Market Map

5.4.1.    By Component

5.4.2.    By Solutions

5.4.3.    By Application

5.4.4.    By Industry Vertical

5.4.5.    By Region

6.    North America Fraud Detection and Prevention Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Component

6.2.2.    By Solutions

6.2.3.    By Application

6.2.4.    By Industry Vertical

6.2.5.    By Country

6.3.  North America: Country Analysis

6.3.1.    United States Fraud Detection and Prevention Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.           By Value 

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Component

6.3.1.2.2.           By Solutions

6.3.1.2.3.           By Application

6.3.1.2.4.           By Industry Vertical

6.3.2.    Canada Fraud Detection and Prevention Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.           By Value 

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Component

6.3.2.2.2.           By Solutions

6.3.2.2.3.           By Application

6.3.2.2.4.           By Industry Vertical

6.3.3.    Mexico Fraud Detection and Prevention Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.           By Value 

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Component

6.3.3.2.2.           By Solutions

6.3.3.2.3.           By Application

6.3.3.2.4.           By Industry Vertical

7.    Asia-Pacific Fraud Detection and Prevention Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Component

7.2.2.    By Solutions

7.2.3.    By Application

7.2.4.    By Industry Vertical

7.2.5.    By Country

7.3.  Asia-Pacific: Country Analysis

7.3.1.    China Fraud Detection and Prevention Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Component

7.3.1.2.2.           By Solutions

7.3.1.2.3.           By Application

7.3.1.2.4.           By Industry Vertical

7.3.2.    Japan Fraud Detection and Prevention Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value 

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Component

7.3.2.2.2.           By Solutions

7.3.2.2.3.           By Application

7.3.2.2.4.           By Industry Vertical

7.3.3.    South Korea Fraud Detection and Prevention Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value 

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Component

7.3.3.2.2.           By Solutions

7.3.3.2.3.           By Application

7.3.3.2.4.           By Industry Vertical

7.3.4.    India Fraud Detection and Prevention Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.           By Value 

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.           By Component

7.3.4.2.2.           By Solutions

7.3.4.2.3.           By Application

7.3.4.2.4.           By Industry Vertical

7.3.5.    Australia Fraud Detection and Prevention Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.           By Value 

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.           By Component

7.3.5.2.2.           By Solutions

7.3.5.2.3.           By Application

7.3.5.2.4.           By Industry Vertical

8.    Europe Fraud Detection and Prevention Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Component

8.2.2.    By Solutions

8.2.3.    By Application

8.2.4.    By Industry Vertical

8.2.5.    By Country

8.3.  Europe: Country Analysis

8.3.1.    Germany Fraud Detection and Prevention Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Component

8.3.1.2.2.           By Solutions

8.3.1.2.3.           By Application

8.3.1.2.4.           By Industry Vertical

8.3.2.    United Kingdom Fraud Detection and Prevention Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Component

8.3.2.2.2.           By Solutions

8.3.2.2.3.           By Application

8.3.2.2.4.           By Industry Vertical

8.3.3.    France Fraud Detection and Prevention Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Component

8.3.3.2.2.           By Solutions

8.3.3.2.3.           By Application

8.3.3.2.4.           By Industry Vertical

8.3.4.    Italy Fraud Detection and Prevention Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Component

8.3.4.2.2.           By Solutions

8.3.4.2.3.           By Application

8.3.4.2.4.           By Industry Vertical

8.3.5.    Spain Fraud Detection and Prevention Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Component

8.3.5.2.2.           By Solutions

8.3.5.2.3.           By Application

8.3.5.2.4.           By Industry Vertical

9.    South America Fraud Detection and Prevention Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Component

9.2.2.    By Solutions

9.2.3.    By Application

9.2.4.    By Industry Vertical

9.2.5.    By Country

9.3.  South America: Country Analysis

9.3.1.    Brazil Fraud Detection and Prevention Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Component

9.3.1.2.2.           By Solutions

9.3.1.2.3.           By Application

9.3.1.2.4.           By Industry Vertical

9.3.2.    Argentina Fraud Detection and Prevention Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Component

9.3.2.2.2.           By Solutions

9.3.2.2.3.           By Application

9.3.2.2.4.           By Industry Vertical

9.3.3.    Colombia Fraud Detection and Prevention Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Component

9.3.3.2.2.           By Solutions

9.3.3.2.3.           By Application

9.3.3.2.4.           By Industry Vertical

10. Middle East & Africa Fraud Detection and Prevention Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Component

10.2.2. By Solutions

10.2.3. By Application

10.2.4. By Industry Vertical

10.2.5. By Country

10.3.             Middle East & Africa: Country Analysis

10.3.1. Israel Fraud Detection and Prevention Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Component

10.3.1.2.2.         By Solutions

10.3.1.2.3.         By Application

10.3.1.2.4.         By Industry Vertical

10.3.2. Turkey Fraud Detection and Prevention Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Component

10.3.2.2.2.         By Solutions

10.3.2.2.3.         By Application

10.3.2.2.4.         By Industry Vertical

10.3.3. UAE Fraud Detection and Prevention Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value 

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Component

10.3.3.2.2.         By Solutions

10.3.3.2.3.         By Application

10.3.3.2.4.         By Industry Vertical

10.3.4. Saudi Arabia Fraud Detection and Prevention Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.         By Value 

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.         By Component

10.3.4.2.2.         By Solutions

10.3.4.2.3.         By Application

10.3.4.2.4.         By Industry Vertical

11. Market Dynamics

11.1.             Drivers

11.1.1. Growing Incidents of Fraud

11.1.2. Need for Compliance

11.1.3. Advancements in Technology

11.2.             Challenges

11.2.1. High Cost of Implementation

11.2.2. Increasing Complexity of Fraud

12. Market Trends & Developments

12.1.Integration of artificial intelligence (AI)

12.2.Adoption of AI and Machine Learning

12.3.Shift towards Cloud-based Solutions

12.4.Integration with Other Security Solutions

12.5.Expanding use cases for Fraud Detection and Prevention

13. Company Profiles

13.1.                Iovation Inc

13.1.1.    Business Overview

13.1.2.    Key Revenue (If Available)

13.1.3.    Recent Developments

13.1.4.    Key Personnel

13.1.5.    Key Service Offered

13.2.                IBM Corporation

13.2.1.    Business Overview

13.2.2.    Key Revenue (If Available)

13.2.3.    Recent Developments

13.2.4.    Key Personnel

13.2.5.    Key Service Offered

13.3.                Oracle Corporation

13.3.1.    Business Overview

13.3.2.    Key Revenue (If Available)

13.3.3.    Recent Developments

13.3.4.    Key Personnel

13.3.5.    Key Service Offered

13.4.                Cardinal Commerce Corporation

13.4.1.    Business Overview

13.4.2.    Key Revenue (If Available)

13.4.3.    Recent Developments

13.4.4.    Key Personnel

13.4.5.    Key Service Offered

13.5.                Experian PLC

13.5.1.    Business Overview

13.5.2.    Key Revenue (If Available)

13.5.3.    Recent Developments

13.5.4.    Key Personnel

13.5.5.    Key Service Offered

13.6.                PayPal Holdings Inc

13.6.1.    Business Overview

13.6.2.    Key Revenue (If Available)

13.6.3.    Recent Developments

13.6.4.    Key Personnel

13.6.5.    Key Service Offered

13.7.                Distil Networks Inc.

13.7.1.    Business Overview

13.7.2.    Key Revenue (If Available)

13.7.3.    Recent Developments

13.7.4.    Key Personnel

13.7.5.    Key Service Offered

13.8.                Hitachi, Ltd.

13.8.1.    Business Overview

13.8.2.    Key Revenue (If Available)

13.8.3.    Recent Developments

13.8.4.    Key Personnel

13.8.5.    Key Service Offered

13.9.                NovAtel Inc.

13.9.1.    Business Overview

13.9.2.    Key Revenue (If Available)

13.9.3.    Recent Developments

13.9.4.    Key Personnel

13.9.5.    Key Service Offered

13.10.             Comtech Telecommunications Corp.

13.10.1. Business Overview

13.10.2. Key Revenue (If Available)

13.10.3. Recent Developments

13.10.4. Key Personnel

13.10.5. Key Service Offered

14. Strategic Recommendations

15. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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Key players in the global fraud detection and prevention market are Iovation Inc, IBM Corporation, Cardinal Commerce Corporation, Oracle Corporation, Experian PLC, PayPal Holdings Inc, Distil Networks Inc., Hitachi, Ltd., NovAtel Inc., and Comtech Telecommunications Corp.

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The Asia-Pacific (APAC) region is the fastest-growing market for fraud detection and prevention systems. The growth can be attributed to the high adoption of advanced analytics tools and the evolving regulations in the region.

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Fraud detection and prevention have various technology trends such as artificial intelligence (ai), big data analytics, biometric technologies, blockchain technology, and machine learning algorithms.

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The global fraud detection and prevention market is being driven by the Increasing Incidences of fraud, growing adoption of digital technologies, and stringent regulations by the state authorities.

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Sakshi Bajaal

Business Consultant
Press Release

Fraud Detection and Prevention Market to be Dominated by BFSI Through 2028

Jul, 2023

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.

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