What's Driving the Fraud Detection And Prevention Market Trends? Arbutus Software, ACI Worldwide, Avast Software, DXC Technology, AVG, ESET Endpoint Security, Finserv, Experian, First Data, Friss, and FIS Global

Global fraud detection and prevention market share has accrued substantial momentum lately, a feat that can be accredited to growing incidence of corporate economic theft and other financial misdeeds. Furthermore, intensifying demand to keep track of real-time transactions and make them secure has also pushed technical advancements in digital payments which will also add stimulus to fraud detection and prevention industry growth. According to the latest research report by Global Market Insights Inc., fraud detection and prevention market will surpass $80 billion by 2025.

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Frauds in any vertical augment the cost of several goods and services, waste tax money, harm human lives, and draw resources from innovations. The fraud attacks are being rapidly augmented with growing digitization among companies throughout FDP market segments owing to the availability of low-cost connected devices.

Phishing attacks and e-mail frauds impact firms of every size across numerous industries which leads to huge financial and sensitive information losses. Consequently, this calls for the deployment of advanced fraud detection devices. With improving digitization trends and rising demand for secure payment methods, fraud detection and prevention market outlook will thus expand in the years to come.

The concentration of payment technology providers has been amplified on strategic alliances and technological innovations to lessen the possibilities of new payment frauds and reinforce their foothold in fraud detection and prevention industry. To illustrate with an example, in June 2018, PayPal has reportedly acquired Simility, which is a fraud risk and prevention management platform. The company acquired Simility for a sum of $120 million. The acquisition was made to leverage the machine learning-powered tool of Simility which can help traders to decrease the suspicious payment activities and validate failed payments.

In 2018, credit and debit card frauds accounted for more than 30% of fraud detection and prevention market share. The use of chips, that do not require authentication for small-value transactions, in credit and debit cards is likely to proliferate FDP industry share in the coming times. The credit and debit card frauds include sourcing the card for fraudulent money transactions, thefts, frauds or any illegal transactions done by manipulating a payment card (credit/ debit). These frauds are either performed to transfer funds from a specific account or make online shopping without paying.

The global economy is rapidly migrating toward digital payments and use of physical cash has been reduced which has simultaneously boosted card-based financial transactions. Payment cards have become highly prone to the fraud transactions as they are available with almost every bank customer. Growing usage of payment cards and employment of advanced techniques to avoid false transactions have enhanced fraud detection and prevention market outlook.

Numerous companies partake in global fraud detection and prevention industry share. For most parts, these players have been implementing various strategies to expand their footprints. The fraud detection and prevention market participants include software developing firms, financial institutions, and payment technology providers operational in the industry.

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A few names out of several global participants are Arbutus Software, ACI Worldwide, Avast Software, DXC Technology, AVG, ESET Endpoint Security, Finserv, Experian, First Data, Friss, and FIS Global.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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