Fraud Detection and Prevention Market is Expected to Grow at Constant CAGR of 16.42% by 2023 with SAP SE, IBM, SAS INSTITUTE, ACI WORLDWIDE, FISERV, EXPERIAN, DXC TECHNOLOGY COMPANY, BAE SYSTEMS PLC, RSA SECURITY

The global fraud detection and prevention market was valued at USD 11.67 billion in 2017, and is expected to reach USD 29.07 billion by 2023, registering a CAGR of 16.42% during the forecast period of 2018-2023. The need for fraud detection and prevention solutions has been increasing, with the rising revenue losses due to the rise in number of frauds across the globe. Such solutions are required mostly in industries that have more monetary transactions, such as BFSI, telecommunications, government, and retail sectors. The adoption rate of fraud and prevention solutions has also been increasing in other industries, such as professional services, manufacturing, healthcare, and transportation.

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Multi-factor Authentication is One of the Important Methods to Prevent Fraud
Enterprises are now inundated with security aspects, while they are working on cloud migrations, influx of consumer devices, and other trends. Authenticating identities and privacy are becoming crucial tasks, which is why there is a growing adoption of multi-factor authentication services, as essential requirements in many organizations. There are more than 10 million Google authenticator downloads from the Play Store.

Key Developments in the Market:
• December 2017: Dell EMC announced the launch of its new machine learning and deep learning solutions. These new solutions are expected to enable organizations take advantage of the convergence of HPC and data analytics and realize advancements in areas, including fraud detection, image processing, and financial investment analysis.
• November 2017: IBM's Trusteer division launched a new account fraud detection capability that aims to detect fraud at the earliest stage. New account fraud is expected to be quite prevalent and has been expanding to new verticals, as more services are offered to customers online. As banks move to more secure payment cards and new payment channels, cyber-criminals have been transitioning to online channels, to attempt to use the same data for opening bank accounts and applying for credit, loans, insurance, and other types of accounts. This new security tool of IBM is expected to detect frauds at the earliest stage.
• November 2017: Easy Solutions offered new early phishing detection capability. Early phishing detection leverages the company’s propriety machine learning-based, URL classification technology that is expected to increase the number and speed at which phishing attacks are detected. As the malicious nature of a URL is confirmed, mitigation is expected to start immediately, protecting 100% of the end-user population in a reduced timeframe.

Major players –
SAP SE, IBM CORPORATION, SAS INSTITUTE INC., ACI WORLDWIDE INC., FISERV INC., EXPERIAN PLC, DXC TECHNOLOGY COMPANY, BAE SYSTEMS PLC, RSA SECURITY LLC (DELL TECHNOLOGIES INC.), ORACLE CORPORATION, NICE LTD. , EQUIFAX INC., LEXISNEXIS GROUP, FAIR ISAAC CORPORATION, CYBERSOURCE CORPORATION , GLOBAL PAYMENTS INC., and FEEDZAI INC., amongst others.

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False payment requests accounts for over 26% of internal fraudulent activities
This generally arises when employees who are entitled to be reimbursed, for expenses incurred while performing their duties, claim expenses to which they are not entitled to. The best technique for preventing false payments will be a system of controls, which makes it necessary to submit detailed reimbursement requests, original receipts, supporting documentation, and reasons for the expenditure. Claims should also be made/accepted within a specified time period. Such a system will authenticate correctness of the claims and will limit the chances for a second claim for the same expenses, at a later date.

Around 64% of revenue in BFSI is lost through deliberate and planned falsification of policies and claims
While considering the insurance industry in the BFSI sector, it was estimated that a significant amount of all insurance claims are false. The subsequent expenses, adding up to many billion dollars per annum, have a significant effect on insurance premiums, thus creating a competitive market environment. Considering the industry value chain analysis, insurance agencies, insurers, and intermediaries share the responsibility of minimizing frauds. The organizations of today are not just limiting themselves to identifying and analyzing the fraud, but are also applying predictive analytics of fraudulency. Data mining techniques create intelligent scorecards, providing the data necessary to create business rules, thus making early fraud detection and prevention possible.

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