Fraud Detection and Prevention Market | Key players operating in the market include ACI Worldwide, Arbutus Software, Avast Software, AVG, DXC Technology, ESET Endpoint Security, Experian, Finserv, First Data, FIS Global, Friss, GreatHorn, Guardian Analyti
The Asia Pacific FDP 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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Fraud Detection and Prevention (FDP) Market is set to exceed USD 80 billion by 2025. The Fraud Detection and Prevention (FDP) 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.
The credit & debit card frauds held over 20% of the market share in 2018 and is anticipated to maintain its market share over the forecast timeline due to the increasing use of chips in credit & debit cards that do not require authentication for small-value transactions. The credit & debit card frauds involve frauds, thefts or any illegal transactions performed by a payment card (debit/credit), using the card as a fraudulent source of money for transactions. Such frauds are either performed to make online purchases without paying or transferring funds from a particular account. With the increase in the migration of the global economy toward digital payments and reduced use of physical cash, card-based financial transactions have risen significantly. Card facilities are availed by nearly all bank customers, making cards one of the most fraud-prone payment mediums.
The service segment is estimated to register more than 25% of CAGR between 2019 and 2025 due to the increasing deployment of FDP solutions across enterprises. Fraud services include fraud identification, detection, and prevention services, with service providers retaining the responsibility for the functionality of its services. Fraud services consist of a wide variety of anti-fraud measures, tackling frauds from early stages of transactions to investigations and recovery procedures. With organizations consistently under threats from various frauds and being exposed to huge financial losses, the adoption of fraud services has significantly increased.
The education segment is estimated to register a substantial growth rate between 2019 and 2025 due to the lack of internal controls, unclear reporting channels, missing management reviews, and insufficient personnel for monitoring frauds. The educational sector employees often find new methods to trick systems, fueling frauds in educational systems. Adequate awareness and stringent anti-fraud regulations are anticipated to reduce fraudulent activities. The educational institutions are spending a huge amount to detect and prevent fraudulent activities. For instance, Texas A&M University, which ranks eighth in the list of the wealthiest U.S. universities (grants worth USD 11.5 billion in 2018), set up a 24x7 misconduct hotline. It addresses all types of scams, frauds, and illicit activities, providing fully anonymous reporting.
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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Prominent players including payment technology providers, software developing firms, and financial institutions that operate in the FDP 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. The payment technology providers are focusing on strategic partnerships with software developing firms to reduce fraud risks. For instance, in April 2019, Fidelity National Information Services (FIS) partnered with IBM to deploy IBM safer payments to detect and prevent fraudulent P2P transactions in real-time.
Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Fraud Detection and Prevention (FDP) Industry Insights
Chapter 4. Competitive Landscape, 2018
Chapter 5. Fraud Detection and Prevention (FDP) Market, By Component
Chapter 6. Fraud Detection and Prevention (FDP) Market, By Type
Chapter 7. Fraud Detection and Prevention (FDP) Market, By Application
Chapter 8. Fraud Detection and Prevention (FDP) Market, By End-Use
Chapter 9. Fraud Detection and Prevention (FDP) Market, By Region
Chapter 10. Company Profiles
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Global Fraud Detection and Prevention Solution Market Size, Status and Forecast 2025
This report studies the global Fraud Detection and Prevention Solution market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the global Fraud Detection and Prevention Solution market by companies, region, type and end-use industry.
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