Fraud Detection and Prevention Market is Projected to Grow at a CAGR of 25.6% over the forecast period (2019 – 2027), With Increased Necessity for Mitigating Diverse Risks in Banking and Financial Sector

With every fraud occurrence, banks experience direct financial impact and also risk losing customers. When a customer reports a fraudulent transaction, the bank is liable for the transaction cost, it has to refund merchant chargeback fee as well as additional fee. Additionally, frauds erode the trust of banks among customers and it becomes difficult to acquire new customers. Several regulatory bodies also levy fines on financial institutions for frauds. Therefore, the risk of losing customers, financial losses, and increasing incidences of fraud are acting as the primary drivers of fraud detection and prevention market in banking and financial sector. Furthermore, increased number of digital payments has modified the fraud landscape. These payments require complex and large scale monitoring of people, places, systems and events.

In terms of revenue, the fraud detection and prevention market stood at US$ 20.70 Bn in 2018, and is expected to grow at a CAGR of 25.6% during the forecast period (2019 – 2027). The study analyzes the market in terms of revenue across all the major regions, which is further bifurcated into countries.

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The solutions offered by vendors in the fraud detection and prevention market are helping banks and financial institutions to decrease risk while adhering to federal regulations. FICO TONBELLER offers banks an integrated anti-fraud solution that detects, assesses and prevents transaction & process alerts in real-time. The alerts generated by this solution are based on customer and transaction data, event patterns and correlations, and on custom user settings. The solution offers initial and continual risk classification for new and existing customers and provides due diligence functionality in the attached research system in addition to the bank's database-founded risk analysis. It also creates clear-structured dashboards to visualize cases of fraud, suspicious activities reports, and detected alerts.

“Two of the biggest challenges that banks and other financial institutions face are mitigating risks and compliance to regulations for which they have to maintain constant vigilance. Moreover, in response to the rising customer demand, banks and financial institutions are investing heavily in enabling digital services through multiple channels. This has expanded the attack surface and created new vulnerabilities in the system. This increasing need to combat the growing risks and to meet compliance requirements is driving the fraud detection and prevention market in banking and financial sector. ”

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The detailed research study provides qualitative and quantitative analysis of fraud detection and prevention market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa and Latin America.

Some of the players operating in the fraud detection and prevention market are ACI Worldwide, Inc., BAE Systems, Cyxtera Technologies, Inc., Dell Inc., Distil, Inc., DXC Technology, Experian Information Solutions, Inc., Fair Isaac Corporation (FICO), First Data Corporation, FIS, Fiserv, Inc., FRISS , Guardian Analytics, IBM Corporation, iovation Inc., Kount Inc., LexisNexis, MaxMind, Inc., NICE, Oracle, SAP SE, SAS Institute Inc., Securonix, Inc., SIMILITY , Software AG, ThreatMetrix and Wirecard AG amongst others.

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Fraud Detection and Prevention Market:
• By Deployment
o On Cloud
o On Premise

• By Organization Size
o SMEs
o Large Enterprise

• By Component
o Solutions
 Fraud Analytics
 Authentication
 Single-Factor Authentication
 Multifactor Authentication
 Others
o Services
 Professional Service
 Managed Service

• By Application
o Identity Theft
o Payment Frauds
 Electronic Payment Fraud
 Mobile Payment Fraud
 Credit and Debit Card Fraud
o Money Laundering
o Others (Banking Transactions, Fund Transfers etc.)

• By Industry Vertical:
o Banking, Financial Services and Insurance (BFSI)
o Energy and Power
o Government/Public Sector
o Healthcare
o Manufacturing
o Real Estate
o Retail
o Telecommunication
o Others (Travel and Transportation, Media and Entertainment, etc.)

• By Geography
o North America
 U.S.
 Canada
 Mexico
 Rest of North America

o Europe
 France
 The UK
 Spain
 Germany
 Italy
 Nordic Countries
 Denmark
 Finland
 Iceland
 Sweden
 Norway
 Benelux Union
 Belgium
 The Netherlands
 Luxembourg
 Rest of Europe

o Asia Pacific
 China
 Japan
 India
 New Zealand
 Australia
 South Korea
 Southeast Asia
 Indonesia
 Thailand
 Malaysia
 Singapore
 Rest of Southeast Asia
 Rest of Asia Pacific

o Middle East and Africa
 Saudi Arabia
 UAE
 Egypt
 Kuwait
 South Africa
 Rest of Middle East & Africa

o Latin America
 Brazil
 Argentina
 Rest of Latin America

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