The fraud detection and prevention market revenue is poised to reach a valuation of $80 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The market growth is attributed to hefty economic losses happening in countries.
Frauds in any vertical lead to the squandering of tax money, raise the price of several goods & services, pull resources from innovations, and even cost human lives. The rapid digitization among enterprises across industry verticals due to the availability of low-cost connected devices is accelerating fraud attacks.
E-mail frauds and phishing attacks affect enterprises of every size across various industries result in huge financial and sensitive data losses. Payment technology providers are focusing on technological innovations and strategic alliances to mitigate the risks of new payment frauds.
The service segment in the fraud detection and prevention market is estimated to register more than 25% CAGR between 2019 and 2025 due to the increasing deployment of FDP solutions across enterprises. Fraud services include providing fraud identification, detection, and prevention services with service providers, retaining the responsibility for the functionality of its services.
Fraud services consist of a wide variety of anti-fraud measures, tackling fraud from the early stages of a transaction to investigation and recovery procedures. With organizations consistently under threat from various frauds and being exposed to huge financial losses, the adoption of fraud services has significantly increased.
The credit & debit card fraud held over 30% market share in 2018 and is anticipated to maintain the fraud detection and prevention (FDP) market share over the forecast timeline due to the increasing use of chips in credit & debit cards that do not require authentication for small-value transactions.
The credit & debit card frauds involve frauds, thefts or any illegal transactions performed by a payment card (debit/credit), using the card as a fraudulent source of money for transactions. Such frauds are either performed to make online purchases without paying or transferring funds from a particular account.
With the increase in migration of the global economy toward digital payments and reduced use of physical cash, card-based financial transactions have risen significantly. Card facilities are availed by nearly all bank customers, making cards one of the most fraud-prone payment mediums.
The education segment is estimated to register a substantial growth rate between 2019 and 2025 due to the lack of internal controls, unclear reporting channels, missing management reviews, and insufficient personnel for monitoring frauds.
Educational sector employees often find new methods to trick the system, fueling frauds in educational systems. Adequate awareness and stringent anti-fraud regulations are anticipated to reduce fraudulent activities. The educational institutions are spending a huge amount to detect and prevent fraudulent activities.
The Asia Pacific fraud detection and prevention market is projected to exhibit more than 25% CAGR over the forecast timeline due to the burgeoning e-commerce sector. The rapid surge in digital payment methods coupled with a high proportion of digital illiteracy is increasing the amount of fraud loss in the region.
Prominent players including payment technology providers, software developing firms, and financial institutions that operate in the fraud detection and prevention market are ACI Worldwide, Arbutus Software, Avast Software, AVG, DXC Technology, ESET Endpoint Security, Experian, Finserv, First Data, FIS Global, Friss, GreatHorn, Guardian Analytics, IBM, LexisNexis Risk Solutions, SAP, SAS Institute, SpyCloud, Trulioo, Verifi, and Webroot SecureAnywhere. Payment technology providers are focusing on strategic partnerships with software developing firms to reduce fraud risks.
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