Fraud Detection and Prevention Market to Record Revenue
BERLIN, July 26. 2022 (GLOBE NEWSWIRE) — The Global Fraud detection and prevention market The size accounted for USD 27 billion in 2021 and is expected to reach USD 176 billion by 2030, with a significant CAGR of 23.4% from 2022 to 2030.
While there has been an increase in the number of fraudulent activities all over the world, the arrival of the COVID-19 pandemic has acted as a catalyst for these illegal activities. According to the UK Finance Organization, losses from unauthorized financial fraud on payment cards, branchless banking and paychecks totaled more than $950 million in 2020. gross losses. Our forecasts on the global fraud detection and prevention market indicate that the implementation of advanced AI, ML and blockchain would help businesses and consumers save millions in the near future.
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|Market||Fraud detection and prevention market|
|Market size 2021||$27 billion|
|Market Forecast 2030||$176 billion|
|CAGR from 2022 to 2030||23.4%|
|Analysis period||2018 – 2030|
|Year of reference||2021|
|Forecast data||2022 – 2030|
|Segments Covered||By Component, Fraud Type, Deployment Model, Organization Size, Vertical, and Geography|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||ACI Worldwide, Inc., BAE Systems, Experian plc, Fiserv, Inc., Equifax, Inc., IBM, Oracle, SAP SE, Software AG, SAS Institute, Inc. and Total System Services, Inc.|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
|Scope of customization||10 a.m. free customization and expert advice|
Aspects of the growth of the global fraud detection and prevention market
The main driver of the industry is the growing number of fraud cases around the world. For example, according to recently released data from the Federal Trade Commission (FTC), customers reported losing more than $5.8 billion to fraud in 2021, an increase of more than 70% from the previous year. In the same year, the Federal Trade Commission received fraud reports from more than 2.8 million customers, with impostor scams again being the most frequently reported category, followed by online shopping scams.
Additionally, the rising trend of online banking has increased online fraud rates, which is expected to boost the fraud prevention and detection market revenue. According to a public study, in the first quarter of 2021, online banking accounted for 96% of all banking transactions and 93% of all fraud attempts. That leaves branch and telephone banking to make up the remaining 4%. Additionally, phone fraudsters have stepped up their efforts, with the report showing a 728% increase in phone banking fraud.
Growing Number of Identity Theft Cases Propel Market Value of Fraud Detection and Prevention
Due to the increase in identity theft fraud, financial institutions are implementing voice recognition technologies in all of their contact centers to reduce identity fraud attempts. Additionally, the use of fraud authentication technologies such as geolocation and device fingerprinting adds another layer of security against identity theft and improves customer verification. According to the Identity Theft Research Center (ITRC), there was a peak amount of data and information compromised in the United States in 2021, which represents a 68% increase from 2020. In 2021, the Consumer Sentinel Network of the Federal Trade Commission (FTC) received more than 5.7 million reports, including 49% for fraud and 25% for identity theft.
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Fraud detection and prevention market segmentation
The global market has been segmented on the basis of component, fraud type, mode of deployment, organization size, industry vertical, and region. Based on component, the market is divided into solutions (authentication, fraud analytics and government, risk and compliance (GRC)) and services (managed services and professional services). According to our analysis of the fraud detection and prevention industry, solutions dominated the market with the highest shares, while services experienced the fastest growth. Based on the type of fraud, the market is divided into identity fraud, check fraud, internet/online fraud, payment fraud, insurance fraud and other types of fraud. Payment frauds have been among the highest while identity theft is growing day by day.
On the basis of organization size, the market is divided into large enterprises and SMEs. Large enterprises use the bulk of the share of fraud detection and prevention solutions, while SMBs are poised to support the industry significantly in the coming years. Based on the deployment model, the market is categorized into cloud and on-premises. On-premises generated the maximum fraud detection and prevention market share in 2021. Further, based on industry vertical, the market is segmented into IT & Telecommunications, Retail & e-Commerce, BFSI , healthcare, industrial and manufacturing, government and defense, and others. BFSI is among the hardest hit industries in need of fraud detection and prevention solutions. In the first half of 2021, the insurance industry was the most common target for computer virus attacks, accounting for nearly 25% of all such attacks against Accenture clients. According to Accenture, consumer goods or services and telecommunications come in second and third place.
Fraud Detection and Prevention Market Regional Outlook
North America, Asia-Pacific, Europe, Latin America, Middle East and Africa is the regional classification of the global fraud detection and prevention market. North America held the major market share and is expected to do so during the forecast period. According to a survey, 47% of Americans witnessed financial identity theft in 2020. Additionally, according to the FBI’s 2021 Internet Crime Report, the public reported a record 847,376 cybercrime complaints to the FBI, an increase of 7% over 2020. The Asia-Pacific region is expected to experience an increasing number of fraud cases in the coming years. According to the Microsoft Global Tech Support Scam Research 2021 report, Indian consumers had a relatively high online fraud rate of 69% in the previous year. Additionally, 31% of Indians have lost money to a scam, the highest rate in the world. In India, 48% of consumers were duped into pursuing the scam, which is three times higher than in the world.
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Fraud detection and prevention market players
Some of the major fraud detection and prevention companies covered by the industry include ACI Worldwide, Inc., BAE Systems, Experian plc, Fiserv, Inc., Equifax, Inc., IBM, Oracle, SAP SE, Software AG, SAS Institute , Inc., and Total System Services, Inc.
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Mr. Richard Johnson
Acumen Research and Consulting
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