The fraud detection and prevention market will reach $ 100 billion by 2027, according to Global Market Insights Inc.
Growing cases of cyber threats and money laundering across industries are driving the need for FDP solutions. Rapid digitization in all industries, such as fintech, healthcare, etc., has increased the frequency of cyber attacks. In recent years, the fintech sector has been facing cases of cyber attacks, increasing the demand for FDP solutions. Fintech solution providers integrate their digital payment platform with FDP solutions to provide more secure and reliable services.
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The Identity and Authentication segment is poised to capture a substantial market share by 2027. Online fraud activity increases. such as identity theft and account takeovers, especially in the e-commerce sector, is likely to fuel industry revenues. This has increased the importance of identity and authentication to mitigate the risk of fraud. Identification and authentication are security approaches to control access to any service or digital platform based on a user’s authenticated identity.
The type of internal fraud is expected to increase by more than 25% CAGR between 2021 and 2027 due to increasing collusion among employees. Internal fraud is any fraudulent activity committed against a business by its own directors, officers or employees for financial gain. Internal frauds are attributed to poor personal morals and ethics, poor or non-existent internal controls within the company, and financial pressures on employees (such as high debts and low wages). It includes three broad categories: corruption, misappropriation of assets and financial statement fraud.
The credit and debit card fraud segment is expected to hold 30% of FDP’s market share in 2027. Credit and debit card fraud involves fraud, theft or any illegal transaction made by a payment card (debit / credit), using the card as a fraudulent source of money for the transaction. Banks are increasingly adopting robust anti-fraud measures, such as microchip cards (EMV cards), anti-skimming ATMs, and two-factor authentication (2FA), to protect transactions from activity. fraudulent.
The healthcare industry is expected to post gains of 20% through 2027 due to the growing number of fraudulent claims such as life insurance. Healthcare fraud involves fraudulent activities with the aim of defrauding medical insurers, government health programs and equivalent private programs, as well as medical patients. For example, in October 2020, UVM Health Network was hit by a cyberattack as a result of which it shut down its 5,000 health systems. The systems were taken offline for 40 days.
Asia Pacific The fraud detection and prevention market is expected to grow exponentially with substantial growth rate throughout the forecast period. The growth is attributed to increasing digitization across all sectors and supporting government initiatives to propel digital transactions in the region. In addition, the increasing cases of account taking, identity theft, phishing, etc., create many opportunities for growth.
Companies operating in the market are focusing on updating their fraud detection and prevention platforms. For example, in November 2021, D4T4 Solutions Plc has launched the latest version of its Celebrus Fraud Behavioral Biometric Data Platform with tamper-proof geolocation, enhanced scam prevention and time series anomaly detection technology. The latest version helps banks, insurance companies and other organizations protect their customers from fraudulent activity.
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Some of the key findings of the Fraud Detection and Prevention Market report include:
- The increasing adoption of advanced analytics in FDP and the integration of ML & AI technologies to develop more advanced and integrated FDP solutions offers significant growth opportunities for vendors in the FDP market.
- The growing demand for FDP solutions in several industries is expected to support the growth of the market.
- The APAC fraud detection and prevention market is driven by the increasing penetration of the internet and mobile phones.
- The major players operating in the FDP market are ACI Worldwide Inc, Arbutus Software Inc, DXC Technology, Experian PLC, First Data Corporation, Fiserv Inc, Guardian Analytics, IBM Corporation, SAP SE and SAS Institute Inc.
- Companies in the market are actively investing in the development of more advanced and secure FDP solutions.
Partial chapters of the report table of contents (TOC):
Chapter 3 Overview of the Fraud Detection and Prevention Industry
3.2 Industry segmentation
3.3 Impact of the COVID-19 epidemic
3.3.1 Global Outlook
3.3.2 By region
126.96.36.199 North America
188.8.131.52 Asia Pacific
184.108.40.206 Latin America
220.127.116.11 Middle East & Africa
3.3.3 Industry value chain
18.104.22.168 FDP technology providers
22.214.171.124 Marketing and distribution channels
3.3.4 Competitive landscape
126.96.36.199 Business growth
3.4 Evolution of the FDP
3.5 Architecture of the FDP Industry
3.6 Fraud triangle and fraud cycle
3.7 Ecosystem Analysis of FDP Industry
3.7.1 FDP software vendors
3.7.2 FDP service providers
3.7.3 Fraud prevention equipment suppliers
3.7.4 System integrators
3.7.5 End users
3.7.6 Distribution channel
3.7.7 Profit Margin Analysis
3.7.8 Matrix of suppliers
3.8 Patent analysis
3.9 Investment portfolio
3.10 Technology and innovation landscape
3.10.1 Rules-based fraud detection
3.10.2 Machine learning and deep learning
3.10.3 Fraud analysis
3.10.4 Blockchain technology
3.11 Regulatory landscape
3.11.1 Data protection rules
188.8.131.52 Federal Law on Information Security Management (FISMA)
184.108.40.206 Health Insurance Portability and Accountability Act (HIPAA)
220.127.116.11 Payment Card Industry Data Security Standard (PCI DSS)
18.104.22.168 The General Data Protection Regulation (GDPR)
22.214.171.124 The Gramm-Leach-Bliley Act (GLB) of 1999
126.96.36.199 The Sarbanes-Oxley Act of 2002
3.11.2 Banking regulations
188.8.131.52 Directive on Alternative Investment Fund Managers (AIFMD)
184.108.40.206 Fraud Detection and Prevention Directive 2015/849 / EU (FDPD)
220.127.116.11 Basel III regulations
18.104.22.168 Dodd-Frank Law on Wall Street Reform and Consumer Protection
22.214.171.124 European Regulation on Market Infrastructures (EMIR)
126.96.36.199 Foreign Accounts Tax Compliance Act (FATCA)
188.8.131.52 Indian Contracts Act 1872
184.108.40.206 Markets in Financial Instruments Directive (MiFID)
220.127.116.11 Law on the Prevention of Money Laundering
3.12 Industry impact forces
3.12.1 Growth drivers
18.104.22.168 Increasingly severe penalties for non-compliance with FDP regulations
22.214.171.124 Increase in revenue losses due to numerous financial frauds
126.96.36.199 Growing use of electronic and digital means of payment
188.8.131.52 Increased frequency of cyber attacks and fraud
184.108.40.206 Rapid increase in deployment of AI and big data analytics
3.12.2 Pitfalls and challenges of the industry
220.127.116.11 Lack of qualified professionals
18.104.22.168 High initial costs associated with FDP solutions
3.13 Analysis of growth potential
3.14 Porter’s analysis
3.15 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, United States, is a global provider of market research and consulting services; offering syndicated and personalized research reports as well as growth consulting services. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid in strategic decision making. These comprehensive reports are designed using a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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