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.
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.
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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 for segment on the basis of solution, service application, end-user and vertical.
Fraud Detection and Prevention Market by Solution:
- Fraud Detection
- Data Synthesis
Fraud Detection and Prevention Market by Service:
- Professional Service
- Managed Service
Fraud Detection and Prevention Market by Application:
- Insurance Claims
- Money Laundering
- Electronic Payment
Fraud Detection and Prevention Market by End-User:
- Small & Medium Enterprises
- Large Enterprises
Fraud Detection and Prevention Market by Vertical:
- Government/Public Sector
- Real estate
- Energy and Power
- Travel & Transportation
- Media and Entertainment
The regional analysis of fraud detection and prevention market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America is estimated to have the largest market share in the fraud detection and prevention market owning to presence of large number of FDP vendors present in the region. Asia-Pacific region is one of the prominent players in the fraud detection and prevention market due to emerging economies, such as India and China, which are rapidly implementing FDP solutions. This is mainly due to growth in fraudulent activities in organizations, banking & financial institutes with the growing volume of online payment transactions.
Study Objectives of Global Fraud Detection and Prevention:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global Fraud Detection and Prevention.
- To provide insights about factors affecting the market growth.
- To analyze the global Fraud Detection and Prevention based porter’s five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
- To provide country level analysis of the market with respect to the current market size and future prospective.
- To provide country level analysis of the market for segment by programming languages and applications.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the global Fraud Detection and Prevention market.
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- 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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