Global Fraud Detection and Prevention Market Report 2022
Major Players of Fraud Detection and Prevention market are IBM Corporation, FICO, Oracle Corporation, SAS Institute, BAE Systems, DXC Technology, SAP SE, ACI Worldwide, Fiserv, Inc., ThreatMetrix company, NICE syatem Ltd.
New York, March 28, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Fraud Detection and Prevention Global Market Report 2022” – https://www.reportlinker.com/p06248249/?utm_source=GNW
F5 Networks Inc., Equifax Inc., Cybersource Corporation and Global Payments Inc.
The global fraud detection and prevention market is expected to grow from $26.99 billion in 2021 to $33.51 billion in 2022 at a compound annual growth rate (CAGR) of 24.17%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $81.01 billion in 2026 with a CAGR of 24.69%.
The fraud detection and prevention market includes sales of fraud detection and prevention services by entities (organizations, sole proprietorships, and partnerships) that refer to fraudulent activities that may involve a wide range of cases , including money laundering, cybersecurity threats, tax evasion, and fraudulent insurance claims. Fraud detection and prevention refers to accepted strategies for discovering and avoiding attempts to obtain money or goods by deception.
The main types of fraud detection and prevention are check fraud, identity theft, internet/online fraud, investment fraud, payment fraud, insurance fraud and other types of fraud, including mortgage fraud, insider fraud and mobile fraud. check image analysis using powerful software to detect small corrections that may not be visible to the human eye alone.
These tools examine fixed information about the check such as payer details, signature line placement, font, check size, and serial number. The deployment modes used in fraud detection and prevention are on-premises and in the cloud and the various solutions provided include fraud analytics. , authentication, reporting and visualization.
Fraud detection and prevention is used in insurance claims, money laundering and electronic payment in small and medium enterprises (SMEs) and large enterprises.
North America was the largest region in the fraud detection and prevention market in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in the frequency of cyberattacks and frauds is driving the growth of the fraud detection and prevention market. The International Criminal Police Organization’s judgment on the impact of COVID-19 on cybercrime demonstrated a significant shift in focus from individuals and small businesses to large corporations.
For example, in 2020, according to Interpol, in the pandemic, as companies and businesses immediately set up remote systems and networks to support staff working from home, criminals are taking advantage of heightened security vulnerabilities to steal data, generate profits and cause disruption. In 4 months, from January to April, INTERPOL detected approximately 48,000 malicious URLs, 737 malware incidents and 907,000 spam messages.
Hence, the increase in the frequency of cyberattacks and frauds is driving the growth of the fraud detection and prevention market.
Technological advancements are a key trend gaining popularity in the fraud detection and prevention market. Technological advancement is the discovery of knowledge that advances the understanding of technology.
For example, in April 2019, NICE Actimize, a US-based company that provides financial crime, risk and compliance solutions, introduced CDD-X to update KYC and CDD programs with advanced analytics and the power of AI. The robust combination of AI Technology with NICE Actimize professionals in KYC and CDD reduces customer time to result by up to 70% and increases efficiency in handling high-risk customers.
Using CDD-X technological advances rather than adding more individuals will help managers strike the right balance between headcount and financial crime and compliance management (FCCM).
In September 2021, TransUnion, a US-based financial information platform, acquired Neustar for an undisclosed amount. The acquisition is expected to advance TransUnion’s strategy to extend its credit solutions with digital marketing and fraud mitigation capabilities.
Neustar, Inc. is an American technology company that offers real-time internet insights and analytics, digital risk and performance.
The countries covered in the Fraud Detection and Prevention market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom and the United States.
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