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Fraud Detection and Prevention Market 2020 Outlook By Industry Analysis, Growth and Forecast To 2025

Author : Ronak Bora | Published Date : 2020-08-20 

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. For instance, in June 2018, PayPal acquired Simility, a fraud risk and prevention management platform, for USD 120 million. The machine learning-powered tool of Simility will help traders to reduce the fraudulent payment activities and verify failed payments.

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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 industry 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.

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 5. Fraud Detection and Prevention Market, By Component

5.1. Key trends, by component

5.2. Solution

5.2.1. Fraud analytics Fraud analytics market estimates and forecast, 2014-2025

5.2.2. Identity and authentication Identity and authentication market estimates and forecast, 2014-2025

5.2.3. Governance, risk management and compliance (GRC) GRC market estimates and forecast, 2014-2025

5.2.4. Monitoring and reporting Monitoring and reporting market estimates and forecast, 2014-2025

5.3. Service

5.3.1. Professional service Professional service market estimates and forecast, 2014-2025

5.3.2. Managed service Managed service market estimates and forecast, 2014-2025

Chapter 6. Fraud Detection and Prevention Market, By Type

6.1. Key trends, by type

6.2. External

6.2.1. External market estimates and forecast, 2014-2025

6.3. Internal

6.3.1. Internal market estimates and forecast, 2014-2025

Chapter 7. Fraud Detection and Prevention Market, By Application

7.1. Key trends, by application

7.2. Money laundering

7.2.1. Money laundering market estimates and forecast, 2014-2025

7.3. Credit and debit fraud

7.3.1. Credit and debit fraud market estimates and forecast, 2014-2025

7.4. Mobile fraud

7.4.1. Mobile fraud market estimates and forecast, 2014-2025

7.5. Identity threat

7.5.1. Identity threat market estimates and forecast, 2014-2025

7.6. Electronic fraud

7.6.1. Electronic fraud market estimates and forecast, 2014-2025

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.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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