Why the Fraud Detection and Prevention (FDP) Market is set to Trend? Top Companies: ACI Worldwide, Arbutus Software, Avast Software, AVG, DXC Technology, ESET Endpoint Security, Experian, Finserv, First Data, FIS Global, Friss, GreatHorn, Guardian Analyti

Market Study Report Provides A Detailed Overview Of Fraud Detection and Prevention (FDP) Market With Respect To The Pivotal Drivers Influencing The Revenue Graph Of This Business Sphere. The Current Trends Of Fraud Detection and Prevention (FDP) Market In Conjunction With The Geographical Landscape, Demand Spectrum, Remuneration Scale, And Growth Graph Of This Vertical Have Also Been Included In This Report.

Fraud Detection and Prevention (FDP) Market is set to exceed USD 80 billion by 2025; according to a new research report.

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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.

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.

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 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 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.

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.

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.

The Fraud Detection and Prevention (FDP) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2014 to 2025, for the following segments:

Fraud Detection and Prevention (FDP) Market, By Component

Solution

Fraud Analytics

Identity and Authentication

Governance, Risk Management and Compliance (GRC)

Monitoring and Reporting

Service

Professional Service

Managed Service

Fraud Detection and Prevention (FDP) Market, By Type

o External

o Internal

Fraud Detection and Prevention (FDP) Market, By Application

o Money Laundering

o Credit & Debit Fraud

o Mobile Frauds

o Identity Threat

o Electronic Fraud

Fraud Detection and Prevention (FDP) Market, By End-Use

o Banking

o Insurance

o Government

o Healthcare

o E-commerce

o Education

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Report Content

Chapter 1. Methodology & Scope

1.1. Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definition

1.1.6. Methodology and forecast parameters

1.2. Data Sources

1.2.1. Primary

1.2.2. Secondary

1.2.2.1. Paid sources

1.2.2.2. Public sources

Chapter 2. Executive Summary

2.1. Fraud Detection and Prevention (FDP) industry 360 degree synopsis, 2014 - 2025

2.1.1. Business trends

2.1.2. Regional trends

2.1.3. Component trends

2.1.3.1. Solution trends

2.1.3.2. Service trends

2.1.4. Type trends

2.1.5. Application trends

2.1.6. End-Use trends

Chapter 3. Fraud Detection and Prevention (FDP) Industry Insights

3.1. Introduction

3.2. Industry segmentation

3.3. Industry landscape

3.4. Fraud Detection and Prevention (FDP) ecosystem analysis

3.5. Fraud triangle

3.6. Fraud cycle

3.7. Fraud Detection and Prevention (FDP) evolution

3.8. Fraud status

3.9. Use cases

3.10. Technology & innovation landscape

3.10.1. Rule-based fraud detection

3.10.2. Machine learning and deep learning

3.10.3. Fraud analytics

3.10.4. Blockchain technology

3.11. Regulatory landscape

3.11.1. Banking regulations

3.11.1.1. Basel III regulations

3.11.1.2. Indian Contract Act 1872

3.11.1.3. Prevention of Money Laundering Act

3.11.1.4. Anti-Money Laundering Directive 2015/849/EU (AMLD)

3.11.2. Data protection regulations

3.11.2.1. The General Data Protection Regulation (GDPR) (EU)

3.11.2.2. Payment Card Industry Data Security Standard (PCI DSS)

3.11.2.3. The Gramm-Leach-Bliley Act (GLB) Act of 1999

3.11.2.4. The Sarbanes-Oxley Act of 2022

3.12. Industry impact forces

3.12.1. Growth drivers

3.12.1.1. Rise in revenue loss due to numerous frauds

3.12.1.2. Growing use of electronic and digital payment methods

3.12.1.3. Increase in the frequency of cyberattacks and frauds

3.12.1.4. Rapid surge in deployment of AI and big data analytics

3.12.2. Industry Pitfalls and Challenges

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