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Fraud Detection and Prevention Market Growth Rate, Demands, Status and Application Forecast to 2025

Author : Ronak Bora | Published Date : 2020-09-08 

Fraud detection and prevention market share is gaining immense momentum due to increasing cases of corporate economic theft and other financial crimes which lead to considerable revenue losses. Additionally, growing demand to track and secure real-time transactions is driving technological advancements in the field of digital payment, adding impetus to global fraud detection and prevention market trends.Several government initiatives aim at securing online financial transactions carried out by the citizens and are spreading awareness about e-payment fraudulence along with levying stringent regulations.The burgeoning e-commerce sector is substantially driving the digital payments domain and providing opportunities to people involved in fraudulent activities. The e-commerce market in emerging countries is particularly ripe for the taking, with Indian e-commerce sector itself projected to surpass USD 120 billion by 2020. Rising penchant for online shopping and e-banking will certainly offer lucrative growth prospects for Fraud Detection and Prevention market.

Rising dependence on plastic money globally is intensifying the global Fraud Detection and Prevention market scope. According to reports, as of 2016, the total value of card payments recorded in the U.S. was estimated at USD 5.96 trillion. In terms of numbers, credit cards segment had recorded a remarkable growth rate at 10.2% while debit cards grew by 6%. Evidently, there has been a rise in the adoption of credit and debit cards among people, raising the probability fraud.

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The Fraud Detection and Prevention market growth is attributed to the hefty economic losses to countries. The rapid surge in corporate economic crimes including money laundering is contributing to banks' and countries' net loss. These frauds contribute to the regional and global economic slowdown. The proliferation of smartphones and the growing demand for real-time transactions are propelling the use of several digital payment methods. Fraudsters are relying on soft targets and substantial loopholes to commit frauds, proliferating the deployment of FDP solutions across various end-use industries including banks, insurance, government, and e-commerce.

Frauds in any vertical squander tax money, raise the price of several goods & services, pull resources from innovations, and even cost human lives. The rapid digitization among enterprises across industry verticals due to the availability of low-cost connected devices is accelerating fraud attacks. The e-mail frauds and phishing attacks affect enterprises of every size across various industries, leading to huge financial & sensitive data losses. The payment technology providers are focusing on technological innovations and strategic alliances to mitigate the risks of new payment frauds.

There are several forms of credit and debit card frauds such as:

  • Counterfeit card fraud
  • Card ID theft
  • Fake card
  • Card Not Present (CNP) fraud
  • Manual or electronic card imprints

The government and many key industry players are undertaking initiatives to spread awareness among the people regarding card usage and precautions that must be followed. The Reserve Bank of India, for instance has laid down guidelines to strengthen electronic banking transactions with an aim to facilitate customer protection. Growing demand for debit and credit cards has led to an increased adoption of fraud detection and prevention solutions.

The Asia Pacific Fraud Detection and Prevention market is projected to exhibit more than 25% of CAGR over the forecast timeline due to the burgeoning e-commerce sector. The rapid surge in digital payment methods coupled with a high proportion of digital illiteracy is increasing the amount of fraud loss in the region. The recent fraud scandals such as 1MDB scandal (Malaysia) and PNB fraud (India) are propelling the demand for FDP solutions across various end-uses in the regions.

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Prominent players including payment technology providers, software developing firms, and financial institutions that operate in the Fraud Detection and Prevention market are ACI Worldwide, Arbutus Software, Avast Software, AVG, DXC Technology, ESET Endpoint Security, Experian, Finserv, First Data, FIS Global, Friss, GreatHorn, Guardian Analytics, IBM, LexisNexis Risk Solutions, SAP, SAS Institute, SpyCloud, Trulioo, Verifi, and Webroot SecureAnywhere.

Table of Contents (ToC) of the report:

Chapter 1. Methodology & Scope

1.1. Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definition

1.1.6. Methodology and forecast parameters

1.2. Data Sources

1.2.1. Primary

1.2.2. Secondary Paid sources Public sources

Chapter 2. Executive Summary

2.1. Fraud Detection and Prevention (FDP) industry 360º synopsis, 2014 - 2025

2.1.1. Business trends

2.1.2. Regional trends

2.1.3. Component trends Solution trends Service trends

2.1.4. Type trends

2.1.5. Application trends

2.1.6. End-Use trends

Chapter 3. Fraud Detection and Prevention Market Insights

3.1. Introduction

3.2. Industry segmentation

3.3. Industry landscape

3.4. Fraud Detection and Prevention (FDP) ecosystem analysis

3.5. Fraud triangle

3.6. Fraud cycle

3.7. Fraud Detection and Prevention (FDP) evolution

3.8. Fraud status

3.9. Use cases

3.10. Technology & innovation landscape

3.10.1. Rule-based fraud detection

3.10.2. Machine learning and deep learning

3.10.3. Fraud analytics

3.10.4. Blockchain technology

3.11. Regulatory landscape

3.11.1. Banking regulations Basel III regulations Indian Contract Act 1872 Prevention of Money Laundering Act Anti-Money Laundering Directive 2015/849/EU (AMLD)

3.11.2. Data protection regulations The General Data Protection Regulation (GDPR) (EU) Payment Card Industry Data Security Standard (PCI DSS) The Gramm-Leach-Bliley Act (GLB) Act of 1999 The Sarbanes-Oxley Act of 2022

3.12. Industry impact forces

3.12.1. Growth drivers Rise in revenue loss due to numerous frauds Growing use of electronic and digital payment methods Increase in the frequency of cyberattacks and frauds Rapid surge in deployment of AI and big data analytics

3.12.2. Industry Pitfalls and Challenges Limited presence of skilled professionals Huge cost associated with FDP solutions Lack of integration capabilities

3.13. Growth potential analysis

3.14. Porter’s Analysis

3.15. PESTLE analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/fraud-detection-and-prevention-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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