Payment Card Skimming Market Growth Rate, Top Trends, Industry Report 2033

The new report published by The Business Research Company, titled Payment Card Skimming Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the payment card skimming market size has grown rapidly in recent years. It will grow from $3.16 billion in 2023 to $3.56 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The payment card skimming market size is expected to see rapid growth in the next few years. It will grow to $5.71 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%.

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Rising ATM Fraud Incidents Fueling Growth In ATM Security Market
The increasing incidents of automated teller machine (ATM) fraud are expected to propel the growth of the payment card skimming market going forward. An automated teller machine (ATM) is a specialized computerized device that enables individuals to perform various banking transactions without human intervention or visiting a physical bank branch. With advancements in technology and the widespread use of ATMs for banking transactions, there has been a significant rise in ATM fraud. Payment card skimming measures protect against fraud and unauthorized access, ensuring the safe operation of automated teller machines (ATMs) and safeguarding users' financial information. These measures include PIN authentication, encryption, surveillance and physical security features. For instance, in April 2022, according to the Federal Bureau of Investigation, a US-based law enforcement agency, there were 254 thefts from ATMs in 2021, an increase of 10% from 229 in 2020. Therefore, the increasing incidents of automated teller machine (ATM) financial fraud will drive the growth of the payment card skimming market.

Innovations In Fraud Detection With Generative AI
Major companies operating in the payment card skimming market are integrating artificial intelligence, such as generative AI technology, to enhance detection capabilities and bolster security measures for card transactions. Generative AI technology is utilized in skimming prevention by identifying patterns and anomalies in transaction data to detect and mitigate fraudulent activities proactively. For instance, in May 2024, Mastercard Inc., a US-based payment card services corporation, launched a new technology that rapidly scans transaction data from billions of cards and millions of merchants, surpassing previous processing speeds. This system employs Mastercard's generative AI-based predictive technology to detect and alert on emerging fraud patterns, effectively doubling the detection rate of compromised cards, significantly reducing false positives by up to 200% during fraud detection on potentially compromised cards, and accelerating the identification of merchants at risk from or compromised by fraudsters by 300%.

The payment card skimming market covered in this report is segmented -

1) By Component: Solution, Service
2) By Deployment Mode: On-Premise, Cloud
3) By Organization Size: Large Enterprise, Small And Medium-sized Enterprises
4) By Application: Identity Theft, Payment Fraud, Money Laundering, Automated Teller Machine (ATMs), Other Applications

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Major companies operating in the payment card skimming market are Fiserv Inc., NCR Voyix Corporation, Zebra Technologies Corporation, Fortinet Inc., Diebold Nixdorf Incorporated, IDEMIA Identity & Security USA LLC, Check Point Software Technologies Ltd., Trend Micro Incorporated, Axis Communications AB, ACI Worldwide Inc., Fair Isaac Corporation (FICO), Ingenico Group SA, CyberArk Software Ltd., Verifone Systems Inc., McAfee LLC, Trustwave Holdings Inc., SAI360 Inc., MagTek Inc., Matrix IFS Ltd., Bluefin Payment Systems LLC, Sesame Software LLC, ComplianceForge LLC, Rivial Data Security LLC, C2C SmartCompliance LLC, Riskskill Inc.

Contents of the report:
1. Executive Summary
2. Payment Card Skimming Market Report Structure
3. Payment Card Skimming Market Trends And Strategies
4. Payment Card Skimming Market - Macro Economic Scenario
5. Payment Card Skimming Market Size And Growth
…..
27. Payment Card Skimming Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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