Fraud Management in Banking Market market is expected to grow at a CAGR of 23.4% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Fraud Management in Banking Market size accounted for USD 10.3 Billion in 2023, growing at a CAGR of 23.4% from 2023 to 2033. Fraud management in banking refers to the set of processes, tools, and strategies that financial institutions use to detect, prevent, and respond to fraudulent activities. Fraud in the banking sector can take various forms, including identity theft, credit card fraud, account takeover, and more. Effective fraud management is crucial for maintaining the integrity of financial systems, protecting customer assets, and ensuring the overall stability of the banking industry.

Request/Download PDF Sample: https://report.evolvebi.com/index.php/sample/request?referer=OpenPR&reportCode=021464

As banking systems and transactions become more digital and interconnected, fraudsters also become more sophisticated. The continuous evolution of technology, including artificial intelligence (AI), machine learning, and advanced analytics, drives the need for corresponding advancements in fraud management systems to stay ahead of new and complex fraud schemes. The rise of online banking, mobile payments, and digital transactions has led to an increase in the volume and complexity of financial transactions. This creates more opportunities for fraudsters, making robust fraud management systems essential for identifying and preventing fraudulent activities.

Key Players
Some of the major Fraud Management in Banking Market players holding high market shares include IBM Corporation, LexisNexis Risk Solutions, BioCatch Ltd., SAS Institute Inc., and BAE Systems. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include ACI Worldwide Inc, NICE Actimize, SAP SE, Experian PLC, FIS Global

For More Information: https://report.evolvebi.com/index.php/sample/request?referer=OpenPR&reportCode=021464

Segmental Analysis
Based on components, Fraud Management in the Banking market is segmented into Solutions, and Service. The largest segment of Fraud Management in the Banking market is solutions. This is due to the increasing demand for comprehensive fraud management solutions that can provide a unified view of all fraud-related data and activities. These solutions typically include a combination of software, hardware, and services that can help banks detect, prevent, and investigate fraud.

Based on fraud type, the Fraud Management in the Banking market is Payment Fraud, Loan Fraud, Identity Theft, Money Laundering, and Others. The largest segment of Fraud Management in the Banking market is payment fraud. This is due to the increasing prevalence of online and mobile payments, which are more vulnerable to fraud than traditional payment methods. Payment fraud can take many forms, including card-not-present fraud, account takeovers, and fake mobile payment apps.

Based on application, Fraud Management in the Banking market is a Fraud Detection and Prevention System, Identity and Access Management (IAM), Customer Authentication, Transaction Monitoring, and Others. The largest segment of Fraud Management in the Banking market is fraud detection and prevention systems (FDPS). FDPS are software solutions that use a variety of techniques to detect fraudulent activity, such as real-time transaction monitoring, behavioral analysis, and machine learning.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

Address
Evolve Business Intelligence
C-218, 2nd floor, M-Cube
Gujarat 396191
India
Email: sales@evolvebi.com
Website: https://evolvebi.com/

About EvolveBI
Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from Fortune's global 2000 companies.

This release was published on openPR.