Fraud detection and prevention is a software application that is installed into a system and these applications can analyze suspicious behavior that creates reports for security and risk mitigation purposes. It is different from a network security solution, and helps the system to report doubtful activity before it becomes a fraud or leads to other crimes. Fraud detection and prevention systems are used to provide investigative solutions for the detection and prevention of criminal activity done on a computer in an organization. These applications investigate data from a wide array of data sources to identify upcoming inaccuracies such as an anomaly or phantom merchant transaction. It is used in various industries/organizations like: telecommunications, government, travel, transportation, life sciences and healthcare. And is used to prevent cybercrimes like: account stealing, ransomware, email hacking, DDoS attacks, phishing and credit card identity theft which result in the losses for a firm or organization.
Fraud detection and prevention Market: Key Players
The research study includes profiles of leading companies operating in the global fraud detection and prevention market. Key players profiled in the report include: IBM, FICO, SAS Institute, BAE Systems, DXC Technology, SAP, ACI Worldwide, Fiserv, NICE Systems, Experian, LexisNexis Risk solutions, iovation, Friss, Dell technologies, First Data, Wirecard, Software AG, Easy Solutions, Distil Networks, Guardian Analytics, Securonix, MaxMind, Kount and Simility.
Drivers for the Global Fraud detection and prevention Market:
Rising demand of electronic and digital payment methods, increasing frequency of cyber-attacks, surge in deployment of AI and big data analytics, mobile banking, increase in the generation of enterprise data and its complexity and high industry-specific requirements globally are owing to increase the disposable income and growth of the industry. Hence the electronic and digital payments is the major driver for the industry and the other factors are going to drive the market further.
Opportunities for the Global Fraud detection and prevention Market:
Moreover, rigorous government regulations to emphasize on fraud prevention and detection systems within organizations, technological improvements, Expansion of the smartphone industry due to the increase in the population, increase in the number of banking and digital marketing sectors and high security systems undertaken by every bank and organization. Hence these factors are going to provide opportunities for the future growth of the industry.
Restrains for the Global Fraud detection and prevention Market:
However, due to high cost of the solutions/software, low level of awareness to new technology, reduced number of skilled professionals and lack of integration capabilities. Hence these factors can hamper the growth of the Fraud detection and prevention market.
Region Wise, Global Fraud detection and prevention Market Analysis:
North America held major share in fraud detection market due to investment in new technology, general economic conditions, increase in fraudulent activities, increased number of industries and enterprises that are more susceptible to incidents of frauds and financial losses. Besides China and Europe held a large share in the market
Global Fraud detection and prevention Market: Product analysis
- Fraud Analytics
- Data Synthesis
Global Fraud detection and prevention Market: Application analysis
- Insurance Claims
- Electronic Payment
- Identity Theft
- Payment Frauds
- Money Laundering
Global Fraud detection and prevention Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
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