Harrisburg, NC -- (SBWIRE) -- 08/20/2018 -- The global fraud detection and prevention market was valued at USD 12.37 billion in 2017, and is expected to reach USD 31.11 billion by 2023, registering a CAGR of 16.62% during the forecast period of 2018-2023.
Report elaborates the complete details covering product definition, product type, and application. The report covers useful details which are categorized based on Fraud Detection and Prevention production region, major players, and product type which will provide a simplified view of the Fraud Detection and Prevention industry. The Fraud Detection and Prevention market report presents the competitive scenario of the major market players based on the sales revenue, customer demands, company profile, the business tactics used in Fraud Detection and Prevention market which will help the emerging market segments in making vital business decisions.
Global Fraud Detection and Prevention Market by Top Manufacturers (2018-2023): SAP SE, SAS Institute Inc., IBM Corporation, ACI Worldwide Inc., Fiserv, Inc., Experian PLC, Dell EMC, DXC Technology Company, Equifax Inc., Easy Solutions Inc., Bae Systems PLC, Fair Isaac Corporation, Oracle Corporation, Bosch Software Innovations GmbH, and Lexisnexis Group, amongst others.
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Essential points covered in Fraud Detection and Prevention Market 2018 Research are:-
- What will the market size and the growth rate be in 2023?
- What are the key factors driving the Fraud Detection and Prevention market?
- What are the key market trends impacting the growth of the Fraud Detection and Prevention market?
- What are the challenges to market growth?
- Who are the key vendors in the Fraud Detection and Prevention market?
- What are the market opportunities and threats faced by the vendors in the Fraud Detection and Prevention market?
- What are the key outcomes of the five forces analysis of the Fraud Detection and Prevention market?
This independent 121 pages report guarantees you will remain better informed than your competition. With figures examining the Fraud Detection and Prevention market, the report gives you a visual, one-stop breakdown of the leading products, submarkets and market leader's market revenue forecasts as well as analysis to 2023.
Rising Number of Online Transaction Expected to be the Major Driver for the Market
With the booming e-commerce industry, the banking and financial sector is experiencing a steep increase in the number of online transactions. The rise of online transactions is also helping SME owners to avoid huge costs of establishing centers in big cities. Personalized banking services for customers, such as ATM kiosks, mobile banking, internet banking, and social media, are the driving forces for digital transactions. Emerging payment gateways, such as PayPal, AliPay, Apple Pay, CCAvenue, Google Wallet, PayZippy, CitrusPay, and EBS, are facilitating safe and secure authorization of payments.
The transaction carried out at a bank branch is 30 times more expensive, when compared to an online transaction. It is a matter of providing convenience to customers of those banks, who have their presence through branch banking. However, it is a necessity for banks with fewer branches to have an online presence. Citibank, with its more than 100 years of existence in India, gets 60% of its transaction requests through internet, whereas ICICI and HDFC experience 35-40% of online transactions. With more people gaining access to internet through their smartphones and other portable devices, lower-tier cities and underdeveloped regions can emerge as strong drivers of online shopping.
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Multi-factor Authentication is One of the Important Methods to Prevent Fraud
Enterprises are now inundated with security aspects, while they are working on cloud migrations, influx of consumer devices, and other trends. Authenticating identities and privacy are becoming crucial tasks, which is why there is a growing adoption of multi-factor authentication services, as essential requirements in many organizations. There are more than 10 million Google authenticator downloads from the Play Store.
False payment requests accounts for over 26% of internal fraudulent activities
This generally arises when employees who are entitled to be reimbursed, for expenses incurred while performing their duties, claim expenses to which they are not entitled to. The best technique for preventing false payments will be a system of controls, which makes it necessary to submit detailed reimbursement requests, original receipts, supporting documentation, and reasons for the expenditure. Claims should also be made/accepted within a specified time period. Such a system will authenticate correctness of the claims and will limit the chances for a second claim for the same expenses, at a later date.
Around 64% of revenue in BFSI is lost through deliberate and planned falsification of policies and claims
While considering the insurance industry in the BFSI sector, it was estimated that a significant amount of all insurance claims are false. The subsequent expenses, adding up to many billion dollars per annum, have a significant effect on insurance premiums, thus creating a competitive market environment. Considering the industry value chain analysis, insurance agencies, insurers, and intermediaries share the responsibility of minimizing frauds. The organizations of today are not just limiting themselves to identifying and analyzing the fraud, but are also applying predictive analytics of fraudulency. Data mining techniques create intelligent scorecards, providing the data necessary to create business rules, thus making early fraud detection and prevention possible.
Reasons to Purchase This Report
- Understanding how the rising number of online transactions acts as a driver of the global market scenario.
- Analyzing various perspectives of the market with the help of Porter's five forces analysis.
- The solution and type of security that are expected to dominate the market.
- The regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in excel).
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