Thefraud detection and prevention marketindustry is projected to grow from USD 165.2 Billion in 2023 to USD 407.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.26% during the forecast period (2023 - 2032).The fraud detection and prevention sector is rising due to the increasing requirement to reduce fraud losses and preserve income from legitimate transactions. Big data, data analytics, predictive modelling, deep learning, cloud computing, machine language, and artificial intelligence (AI) are some of the cutting-edge technologies that have recently emerged and are accelerating industry growth. Additionally, the industry is growing as a result of the rise in real-time transactions and the number of online and mobile banking services. To reduce both internal and external fraud, financial and governmental organisations are increasingly implementing FDP solutions, which is boosting the local and worldwide economies.
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Key Players:
Key Companies in the fraud detection and prevention market include,
- iovation Inc. (US)
- IBM Corporation(US)
- CardinalCommerce Corporation(US)
- Oracle Corporation (US)
- Experian PLC(Ireland)
- PayPal Holdings Inc. (US)
- Distil Networks Inc. (US)
- LexisNexis Risk Solutions Company (US)
- Accertify Inc. (US)
- F5 Networks Inc. (US)
Regional analysis:
North America is anticipated to lead the fraud detection and prevention market from 2019 to 2026 and grow at a considerable CAGR. The area was the first to adopt digital technologies for fraud detection, such as AI, IoT, and machine learning, and it continues to invest in strategies that reduce the escalating revenue losses brought on by fraudulent assaults on enterprises. The substantial presence of major international businesses, system integrators, distributors, and resellers in the area also contributes to the Fraud Detection and Prevention Market share held by North America.
Market segmentation:
The market for fraud detection and prevention has been divided into solution, service, application, organisation size, and vertical segments.
The Fraud Detection and Prevention market has been divided into three solution groups: data synthesis, authentication, and fraud detection.
The Fraud Detection and Prevention market has been segmented into managed service and professional service based on services.
Insurance claims, money laundering, electronic payments, and other applications make up the Fraud Detection and Prevention business.
The Fraud Detection and Prevention market has been segmented into small and medium-sized businesses and big businesses based on organisation size.
The BFSI, retail, telecommunication, government, travel transportation, healthcare, real estate, energy power, manufacturing, media entertainment, and others sectors make up the Fraud Detection and Prevention market.
By Solution:
- Fraud Detection
- Authentication
- Data Synthesis
By Service:
- Professional Service
- Managed Service
By Application:
- Insurance Claims
- Money Laundering
- Electronic Payment
By Organization Size:
- SME
- Large Enterprises
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Fraud Detection and Prevention Industry Developments:
January (2023):
- The Federal Trade Commission (FTC) issued a warning to consumers about a new type of fraud called "smishing," where scammers send text messages that appear to be from legitimate businesses in order to trick people into giving up their personal information.
- The European Union's General Data Protection Regulation (GDPR) went into effect, which gave consumers more control over their personal data and made it more difficult for businesses to collect and use data without their consent.
February(2023):
- The National Retail Federation (NRF) released a report that found that fraud losses in the retail industry were expected to reach $70 billion in 2023.
- The Cybersecurity and Infrastructure Security Agency (CISA) issued an alert warning businesses about a new type of malware called "TrickBot," which is being used to steal personal information and financial data.
March(2023):
- The FBI released a report that found that identity theft was the most common type of fraud in the United States, with victims losing an average of $3,000 per incident.
- The Payment Card Industry (PCI) Security Standards Council released a new version of its Payment Card Industry Data Security Standard (PCI DSS), which includes new requirements for businesses that process credit and debit card payments.
April(2023):
- The Securities and Exchange Commission (SEC) announced that it had charged a group of individuals with running a fraudulent investment scheme that bilked investors out of millions of dollars.
- The Federal Trade Commission (FTC) announced that it had settled charges against a company that was using fake reviews to boost its online ratings.
May(2023):
- The National Association of Insurance Commissioners (NAIC) released a report that found that insurance fraud cost the industry $40 billion in 2022.
- The Healthcare Information and Management Systems Society (HIMSS) released a report that found that healthcare fraud cost the industry $100 billion in 2022.
June(2023):
- The World Economic Forum released a report that found that cybercrime is now the most costly type of crime in the world, with an estimated annual cost of $6 trillion.
- The International Monetary Fund (IMF) released a report that found that financial crime is costing the global economy $2 trillion per year.
These are just a few of the many fraud detection and prevention industry developments that have taken place in 2023. As fraudsters become more sophisticated, businesses need to be increasingly vigilant in their efforts to protect themselves from fraud.
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