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Fraud Detection and Prevention Market Size, Share, Outlook, Latest Trends, Business Growth, Segmentation, Dynamics and Forecast to 2029

06-20-2024 09:26 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ABNewswire

Fiserv (US), FIS Global (US), Lexisnexis Risk Solutions (US), TransUnion (US), Experian (Ireland), NICE Actimize (US), ACI Worldwide (US), SAS Institute (US), RSA Security (US), SAP (Germany), FICO (US), Software AG (Germany), Microsoft (US), F5 (US), AWS

Fiserv (US), FIS Global (US), Lexisnexis Risk Solutions (US), TransUnion (US), Experian (Ireland), NICE Actimize (US), ACI Worldwide (US), SAS Institute (US), RSA Security (US), SAP (Germany), FICO (US), Software AG (Germany), Microsoft (US), F5 (US), AWS

Fraud Detection and Prevention Market Size, Share, Growth Analysis by Offering (Solutions (Fraud Analytics, Authentication, and GRC) and Services (Professional and Managed)), Fraud Type, Deployment Mode, Vertical and Region - Global Forecast to 2029.
The fraud detection and prevention (FDP) market [] size is projected to grow from USD 28.8 billion in 2024 to USD 63.2 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period. The growth of the fraud detection and prevention market is fueled by the adoption of digital technologies such as cloud computing, IoT, AI, ML, and big data analytics by enterprises in their complex and interconnected business processes.

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Based on the offering, the solutions segment accounts for the highest market size during the forecast period.

The adoption of fraud detection and prevention solutions has surged as organizations must adopt a multi-layered approach to combat modern fraud, which is becoming increasingly sophisticated. Key strategies include implementing advanced fraud detection technologies like AI, machine learning, behavioral analytics, and biometric verification. These provide real-time analysis, adapt to new fraud patterns, and offer more effective and user-friendly prevention. Also, strong authentication measures such as multi-factor authentication should be established to verify user identities and prevent unauthorized access. Moreover, developing a comprehensive fraud prevention policy that outlines roles, processes, and consequences while providing ongoing employee education and awareness.

By deployment mode, the cloud segment will grow at the highest CAGR during the forecasted period.

The cloud deployment mode in fraud detection and prevention is rapidly increasing among organizations worldwide. This shift is driven by several factors, including the need for scalability, agility, and cost-effectiveness in combating evolving fraud threats. Cloud-based solutions offer the flexibility to scale resources dynamically, allowing organizations to handle fluctuating workloads and accommodate growing data volumes more efficiently than traditional on-premises systems. Additionally, the cloud provides accessibility from any location with internet connectivity, enabling real-time monitoring and response to fraudulent activities. Moreover, cloud deployment reduces the burden of managing and maintaining infrastructure, allowing organizations to focus on improving fraud detection capabilities and enhancing overall security posture. Adopting cloud deployment mode in fraud detection and prevention empowers organizations to stay ahead of fraudsters while optimizing resource utilization and operational efficiency.

By region, Asia Pacific is to grow at the highest CAGR during the forecast period.

The Asia Pacific region comprises countries such as China, India, AnZ, Singapore, and Japan, leading in the FDP market. Asia Pacific region is expected to register high growth rates in the FDP market. China is the leading country in this market, with extensive adoption of FDP technology in various sectors, including BFSI, government, and healthcare. Other countries in the region, such as Japan, are also witnessing growth in the FDP market. Various factors, such as internal and external regulations and the growing focus of different industries to get a unified view of risk, are expected to contribute to market growth. Factors such as increasing compliances, internet usage, regulations, and increasing digitalization are the significant factors fueling the adoption of FDP solutions.

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Unique Features in the Fraud Detection and Prevention Market

As fraudsters become more skilled at their craft, the market for fraud detection and prevention is always changing. Businesses require fraud prevention solutions with distinctive characteristics if they want to stay competitive. Here are some of the more auspicious ones:

Conventional fraud detection works by looking for trends in previous fraud. Beyond this, predictive analytics makes use of machine learning to spot trends and anticipate upcoming fraud efforts. This enables companies to take preventative measures, such banning transactions that seem suspicious or requesting more verification.

With the use of this technology, users' typing and mouse actions, as well as how they navigate webpages, can be analyzed. By utilizing these patterns, it is possible to provide each user a special identification that can be used to spot fraudulent activities.

This entails many organizations exchanging information regarding fraud threats. This can assist companies in identifying fresh fraud strategies and creating stronger defenses.

This technology uses the hardware and software configuration of a user's device to generate a unique identification for it. This can be used to detect fraudulent activity, such when a con artist tries to utilize several devices to access an account.

Major Highlights of the Fraud Detection and Prevention Market

The proliferation of e-commerce, mobile payments, and online banking has presented fraudsters with an abundance of chances. Robust fraud prevention solutions are increasingly necessary as more and more transactions are being conducted online.

Criminals are always coming up with new and advanced ways to get around security controls. This calls for the creation of innovative fraud detection systems that can keep up with the times.

Because of its susceptibility to financial fraud, the Banking, Financial Services, and Insurance (BFSI) industry is the one that uses fraud detection technologies the most. Nonetheless, other industries, such as healthcare, which is dealing with problems like identity theft and billing scams, are adopting the technology at an increasing rate.

The cutting edge of fraud detection solutions is provided by cutting edge technology including big data analytics, artificial intelligence, and machine learning. For more effective fraud prevention, these allow for real-time transaction monitoring, anomaly detection, and risk profiling

The market is shifting away from conventional techniques for detecting fraud and toward more advanced solutions that make use of behavioral biometrics, publicly available threat intelligence, and integration of data from third parties.

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Top Companies in the Fraud Detection and Prevention Market

Fiserv (US), FIS Global (US), Lexisnexis Risk Solutions (US), TransUnion (US), Experian (Ireland), NICE Actimize (US), ACI Worldwide (US), SAS Institute (US), RSA Security (US), SAP (Germany), FICO (US), Software AG (Germany), Microsoft (US), F5 (US), AWS (US), Bottomline Technologies (US), ClearSale (Brazil), Genpact (US), Securonix (US), Accertify (US), Feedzai (Portugal), Caseware (US), OneSpan (US), Signifyd (US), BioCatch (Israel), Friss (Netherlands), MaxMind (US), DataVisor (US), Cleafy (Italy), Gurucul (US), Riskified (Israel and US), Thomson Reuters (US), Sift (US), NoFraud (US), Featurespace (UK), HUMAN Security (US), XTN Cognitive Security (Italy), Equifax (US), Alloy (US), Castle (US), Enzoic (US), Kubient (US), SpyCloud (US), SEON (Hungary), Deduce (US), Incognia (US), Resistant AI (Czech Republic), and Amani Technologies (UAE) are the key players and other players in the fraud detection and prevention market.

Equifax (US) is a global leader in data, analytics, and technology, providing information solutions to businesses, governments, and consumers. The company specializes in human resources business process automation and outsourcing services for employers. Its diverse clientele includes financial institutions, corporations, government agencies, and individuals. It reports its business results in three operating segments, such as: Workforce Solutions, U.S. Information Solutions ("USIS"), and International. Equifax is a leading provider of payroll-related and human resource management business process services in the United States, and it offers e-commerce fraud and chargeback protection services in North America. For consumers, it provides products and services to help them understand, manage, and protect their personal information, aiding them in making more informed financial decisions. Additionally, the company supports debt collections and recovery management with its information, technology, and services. In February 2021, Equifax acquired Kount, a provider of Artificial Intelligence (AI)-driven fraud prevention and digital identity solutions, to expand the its worldwide footprint in digital identity and fraud prevention solutions.

XTN Cognitive Security (Italy) is a global leader in protecting digital businesses against fraud and threats. The XTN Cognitive Security Platform (CSP) is a leading fraud protection solution that employs advanced behavioral biometrics and proprietary AI algorithms to ensure highest security and simplified fraud management. Its platform offers comprehensive protection across all channels, allowing clients to implement the anti-fraud strategies. It leverages cutting-edge technology and an omnichannel approach, to manage fraud across multiple channels from a single console, removing the need for separate vertical management systems. The CSP platform offers functionality such as Smart Fraud Protection (SMASH), Smart App Protection (SEAP), and Smart Authentication (SA). It offers solutions to the banks, eCommerce, and financial institutions. It is trusted by customers including HALKBANK, BPER: BANCA, Sisal, FINECO BANK, and BANCO BPM. It has its international presence in Italy and US.

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