The rise in e-commerce business and increasing electronic payment is driving fraud detection and prevention market. As payment channels evolve, the growing threat of electronic payments fraud is increasing and various measures are implemented in preventing electronic payment frauds. These include ensure multichannel integration. Hackers coordinate attacks using multiple interaction channels to overcome traditional detection systems. Denial of service (DOS) and other attacks are often used to cover payment fraud on a network, requiring a more tightly integrated view of payments and broader network activity. To prevent customers account, the ensure multichannel integration method is used. It is required that institutions need to have visibility, into customer activity across all payment and interaction channels, including online and mobile. The organization must ensure that they are closely integrated with their core payments platforms. This approach enables them to capture payments from all channels and helps to maintain sophisticated fraud prevention logic across the business.
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The Fraud Detection and Prevention Market can be segmented on the basis of solution. It includes fraud analytics, the various methods and strategies used by fraud analytics technique in fraud detection and prevention. Fraud investigations, and financial crime investigations are the two important methods, fraud investigation and financial crime investigation are the valuable source which reviews the types of analysis that should be considered prior to beginning an investigation and explains how to optimally use data mining techniques to detect fraud. Fraud analytics helps to improve profitability in card business, reduce payouts and legal issues and most importantly, it improves customer satisfaction.
The Fraud Detection and Prevention Market is expected to grow at approximately USD 34 Billion by 2023, at 15% of CAGR between 2017 and 2023.
In July 2018, Myriad Connect, a Paris-based technology firm has announced its plan for launching an out of band authentication and SIM swap detection service which will help combat fraud in mobile financial services.
In July 2018, Wibmo, a payment security technology provider, has rolled out an upgraded anti-fraud solution for safeguarding electronic payments services.
The prominent players in the fraud detection and prevention market are – IBM Corporation (U.S.),Oracle Corporation (U.S.), Fico (Brazil), SAS Institute Inc. (U.S.), SAP SE (Germany), Computer Sciences Corporation (U.S.), BAE Systems (U.K.), ACI Worldwide (U.S.), Fiserv Inc. (U.S.), Threatmetrix (U.S.) among others.
Fraud Detection and Prevention Market Segmentation
The fraud detection and prevention market has been segmented on the basis of application. The application segment includes electronic payment. Electronic payment fraud is becoming increasingly sophisticated, with increasing number of cybercrimes, cybercriminals are frequently using multiple channels and payment methods to attack customer’s accounts. The key methods to reduce electronic payment fraud risks across all channels includes analytics and predictive modeling. Data analytics effectively incorporate a range of transaction, institutional and customer-level data to understand each customer’s normal payment behaviors. This includes the frequency, velocity and size of the payments that are made, and through which channels, such as online or mobile, the users typically initiate electronic payments.
Market Research Analysis:
Regional analysis for fraud detection and prevention market is studied in different geographic regions as North America, Europe, Asia-Pacific and Rest of World. Europe region is one of the prominent player in fraud detection and prevention market owing to growing crimes, majority of crimes are related to physical assets or stock cheating, stealing information, loss or attack, management conflict of interest, internal financial fraud, and vendor supplier or procurement frauds. The BFSI sector is considered to be the primary target for fraudsters engaged in card related frauds and fraudulent insurance claims.
- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- IT Organizations
- Fraud Detection and Prevention Solution Providers
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Table Of Contents
1 Market Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
3 Market Dynamics
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
3.5 Market Restraints
4 Executive Summary
5. Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.2 Supply Chain Analysis
6 Fraud Detection And Prevention Market, By Segments
6.2 Market Statistics
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