Fraud Detection and Prevention Market projected to reach $65.8 billion by 2026, with a remarkable CAGR of 21.5%
Research Reports
Oct 25, 2022
According to a research report “Fraud Detection and Prevention Market by Solution (Fraud Analytics, Authentication, and GRC), Service (Managed and Professional), Vertical (BFSI, Retail and eCommerce, and Travel and Transportation), Deployment Mode and Region – Global Forecast to 2026″, size of the FDP market is expected to grow from USD 24.8 billion in 2021 to USD 65.8 billion by 2026 at a CAGR of 21.5%. Increasing adoption of IoT and digital solutions, increasing revenue losses due to frauds, and growing adoption of analytics for fraud detection across industries are some of the key factors that are driving the market growth. However, rising cases of complex frauds instances such as digital scams that require highly professional expertise is one of the factors that is hindering the market growth.
Browse and in-depth TOC on “Fraud Detection and Prevention Market”
493 – Tables
46 – Figures
381 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1312
The COVID-19 pandemic has accelerated the rate of fraudulent crimes in corporates
Recent news/trends in fraud:
Data from the US Federal Trade Commission (FTC) states that consumers lost over USD 5.8 billion to fraud in 2021, up from around 70% in 2020. 46% of companies surveyed reported experiencing fraud, corruption, and economic crime in 2022, against 47% in 2020 and 49% in 2018. According to various companies’ press releases, there has been a 44% rise in fraud rates between 2019 and 2021. Back in 2019, the average ID fraud rate was 4.1%, jumping to 5.9% in 2021. Over USD 2.3 billion in losses were attributed to imposter scams, which rose from USD 1.2 billion in 2020; online shopping was the reason for about USD 392 million in losses in 2021, which increased from USD 246 million in 2020. These statistics clearly state that if 2021 and 2022 have proven anything, it is that with increasing development in technologies, fraud techniques are also developing. As time, resources, and technologies evolve, so do frauds and their techniques.
During the pandemic, consumers sincerely embraced the convenience and ease of digital and mobile-based platforms to perform their daily operations effectively. The COVID-19 pandemic has further fueled the fraud rates by providing an open opportunity for fraudsters to steal crucial insights such as Personally Identifiable Information (PII), Social Security numbers (SSN), customer data, and companies’ Intel about their assets, liabilities, and cash flows that have also increased the ransomware attacks.
Impact of these frauds on industries and corporates
The top categories of fraud include – return & discount fraud, gift fraud, online/internet scam, asset misappropriation, healthcare/medicare fraud, payment fraud, and identity theft. These frauds have impacted all industries worldwide, such as banks, insurance firms, investment firms, healthcare organizations, retail and e-commerce companies, corporates, telecommunication, and government institutions. For instance, fraud continues to plague fintech businesses, including large and small institutes. During its earnings call for the fourth quarter of 2021, PayPal chief financial officer John Rainey said that the company identified 4.5 million accounts that it believes “were illegitimately created.” Another major industry that was affected was healthcare. According to a press release by WSJ, the justice department in the US has filed criminal charges against nearly 140 people, including medical professionals, for alleged healthcare fraud schemes that resulted in an estimated USD 1.4 billion in losses.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1312
FDP measures
How industry and corporate firms can prevent these frauds?
There are several best practice approaches that businesses can implement to protect them against fraudulent attacks. Detecting fraud is the first step in identifying where the risk lies. These risks can then be prevented automatically or manually using fraud detection and prevention (FDP) software, RiskOps tools, compliance tools, and other risk management strategies. FDP solutions, such as analytics, authentication, and compliance, can help reduce fraud losses. Further, various companies are exploring and updating their FDP solution capabilities with technologies like AI/ML, blockchain, and cloud/IoT. Among these solutions, authentication solutions such as single factor, 2FA, and MFA are gaining popularity in the consumer market to protect documents and data from misuse. Consumers have now become familiar and comfortable with the traditional use of passwords for authentication. This attention has shifted to biometric authentication such as fingerprint or facial authentication as a stronger alternative to conventional password-based safety. Businesses can help customers by assisting them with continuous biometric authentication services and reducing fraud risk. These fraud security measures can be used from beginning to end across all digital platforms to help continuously authenticate transactions.
The FDP market is highly competitive due to numerous players operating in different parts of the ecosystem. According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 70–80% in 2020 from 2019. These deals collectively include partnerships, acquisitions, collaborations, and alliances. FICO, LexisNexis, Fiserv, TransUnion, Nice Actimize, FIS Global, SAS SE, RSA Security, Neustar, F5, Kount, FRISS, and SecuroNix are some of the key players in the global FDP market that offer an innovative and broad portfolio of FDP solutions and services.
By increasing awareness about fraud, updating the security of the physical as well as digital infrastructure regularly, and responding to each fraud alarm, businesses can protect their crucial personal and customer information from fraudsters and can focus freely on their business growth and ROI.
Key Players
Major vendors in the global FDP market include BAE Systems (UK), Nice Actimize(US), FICO (US), LexisNexis(US), TransUnion(US), Kount (US), Software AG(Germany), RSA Security(US), Fiserv(US), FIS (US), ACI Worldwide(US), Experian(Ireland), SecuroNix (US), Accertify (US), Feedzai (US), CaseWare (Canada), FRISS(Netherland), MaxMind (US), Gurucul (US), DataVisor (US), PayPal (US), Visa (US), SAS institute (US), SAP SE (Germany), Microsoft Corporation (US), F5, Inc (US), Ingenico (France), AWS (US), PerimeterX (US), OneSpan (US), Signifyd (US), Cleafy (Italy) and Pondera Solutions (US).
Browse Adjacent Markets: Information Security Market Research Reports & Consulting
About MarketsandMarkets™:
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: sales@marketsandmarkets.com
MnM Blog: https://mnmblog.org/
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/fraud-detection-prevention.asp
Contact Information:
Mr. Aashish Mehra MarketsandMarkets
INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441
Tags:
PR-Wirein, Financial Content, Reportedtimes, Extended Distribution, iCN Internal Distribution, Research Newswire, English