Fraud Detection & Prevention Market Research Projection By Trends, Sales, Revenue, Outlook Analysis Forecast Report 2026
Fraud Detection & Prevention Market - 2018-2026
A new market study, titled “Global Fraud Detection & Prevention Market By Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
PUNE, MAHARASHTRA, INDIA, December 13, 2019 /EINPresswire.com/ --
Fraud Detection & Prevention Market - 2018-2026
Fraud Detection & Prevention Industry:
Fraud Detection and Prevention (FDP) systems are software that give analytical solutions to the detection and prevention of frauds. It basically examines the patterns and abnormalities in transactions from different data sources. Developing technological headways, for example, data mining, machine learning, and statistical modeling have supplanted the traditional techniques for FDP, along these lines expanding the market for the new improved FDP. The regular frauds experienced by the vast majority of the undertakings are information theft, provider and obtainment frauds, asset theft, and internal financial theft.
The reception of fraud detection at the underlying stage is essential to avoid further damage to the business. The FDP framework recognizes the plausible risk and reports doubtful transactions and situations to the particular organization. The Blockchain innovation has decentralized ledger that stores and offers information which is being utilized by the organizations to identify frauds, as it empowers transparency in transactions.
The fundamental shift from physical cards, checks, and currency to digital payments, continues to transform the way consumers and businesses transfer value. Identity, security, and trust are fundamental requirements for payments, commerce, and finance, especially in a digitized economy.
For consumers, data breaches typically mean identity theft. Once compromised, fraudsters can make fraudulent purchases, manipulate listing information, create fake reviews, or change account information, to divert payouts to their own bank accounts. According to the ‘Internet Organized Crime Threat Assessment’ by the European Cybercrime Centre, non-cash payments are constantly at risk, as fraudsters perceive the online transactions space as a goldmine.
For successful implementation, any fraud prevention mechanism has to be well integrated with various verticals (such as banking, insurance, retail, healthcare, transportation, IT, and others) and easily unified to the fraud detection solutions of multiple vendors.
The global fraud detection and prevention (FDP) market is relied upon to reach US$ 40,580 million by 2023, developing at a high CAGR during the conjecture time frame. Fraud detection and prevention systems are software applications and are being utilized in giving analytical solutions against fraudulent occurrences. It additionally helps in recognizing or avoiding future events.
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Top Key Players Of Fraud Detection & Prevention Industry:
FICO
IBM
BAE Systems
SAS Institute
Experian
LexisNexis
Iovation
FRISS
SAP
Fiserv
ACI Worldwide
Simility
Kount
Software AG
BRIDGEi2i Analytics Solutions
Perceptiviti
Scope of the Report
Fraud Detection System is a Web-based security solution that can signal the threat of fraud before customers fall prey to the perpetrators. The system analyzes suspicious behavior and produces reports for security and risk mitigation purposes. Unlike network security solutions, the system reports suspicious activity before it escalates into fraud, identity theft or other crimes.
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Key Market Trends | Growth | Share | Sale | Revenue | Manufactures | Technology Component
SEGMENTATION – BY END-USER INDUSTRIES - BFSI
The growing technological penetration, coupled with the digital channels, such as internet banking, mobile banking, becoming the prominent choices of customers for banking services, there is a greater need for banks to leverage fraud prevention solutions•Fraud prevention and detection represents the biggest area for concerns for the financial institutions and is likely to become one the prominent drivers for IT spending.
The potential risk of fraud is one of the greatest in online payments, which is expected to grow in tandem with the availability of digital customer relationships, as more companies telcos, e-commerce, banks are now offering online payments.
Out of all industries, BFSI is most prone to insiders/employees when fraudulent activities are considered. There have been various instances where employees have been accused of fraud (PNB fraud in India, 2018). To prevent these, the industry needs robust fraud detection and prevention solutions.
SEGMENTATION - BY GEOGRAPHY - NORTH AMERICA
In North America, digital transaction, coupled with the use of online banking, is increasing at a remarkable rate, thus, increasing the chances of fraud
North America to overwhelm the global FDP market in 2018
North America is overwhelming the FDP market, trailed by Asia-Pacific, Europe, Middle East and Africa and Latin America. There is an expanding reception of online business and web based administrations in North America that raises the requirement for retailers to embrace FDP measures to decrease financial losses. APAC is the quickest developing area with the expanding consciousness of FDP crosswise over SMEs and developing episodes of frauds, which thusly, quicken the market development. Notwithstanding these, Europe FDP market is seeing development because of the developing assembling industry that expands the odds of frauds, in this manner raising the interest for FDP. For example, in 2015 BMW, a vehicle assembling organization in Germany was defrauded by the assailant for $ 7.7 million that made makers to decide on fraud prevention.
The challenge in the global fraud detection and prevention market is exceptional as different worldwide and territorial merchants are giving the new innovation to different end-use enterprises for the development of the market. The fraud detection and prevention merchants are stressing on putting resources into R&D offices to build innovation improvement. The key players and developing sellers have improved their items to have a competitive edge over others. Besides, organizations are engaged with acquisitions and development to improve their item contributions and increment the creation procedure. Industry players have created associations and coordinated efforts with the main innovation suppliers for tending to the interest and reinforce their essence over the globe.
Competitive Landscape
The market studied comprises several global and regional players, vying for attention in a fairly-contested market space. Although the market studied poses high barriers to entry for new players, several new entrants have been able to gain traction, in the market.
Table of Content: Fraud Detection & Prevention Market 2026
1 Study Coverage
2 Executive Summary
3 Breakdown Data by Manufacturers
4 Breakdown Data by Type
5 Breakdown Data by Application
…
16 Appendix
Continued …
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