The previous approaches to fraud management solutions usually depend on sets of pre-defined rules that analyze transactional data. Built-in algorithms available through predictive analytics. Predictive capabilities help us keep up with the evolving nature of fraud patterns. There are many advantages from having a combined approach including, abilities to detect known fraud patterns, based on expert knowledge and pre-defined rules, to identify unknown patterns early enough to minimize financial losses, based on predictive algorithms, to uncover connected fraud ring activities and suspicious relationships, based on predictive social link analysis. A strategy combining pre-defined rules and predictive capabilities provides the most complete approach, and the latest technology available.
The digital economy is evolving and it impacts almost every business, seeking some attention at traditional fraud management processes. Enterprises today must have an all-rounded understanding of fraud as customers engage with enterprises across multiple channels using a variety of mobile devices. Fraud detection protects both customer and enterprise assets, accounts, information, transactions and deals through the real-time, analysis of activities by customers and other distinct predefined entities. It uses background server-based processes which inspect users’ and other distinct defined entities’ accessibility and conduct patterns, and associates this evidence to a single summary of what’s required for decision making. Detecting fraud is not intrusive to a user unless the user’s activity is suspected. Anti-fraud management systems are using hybrid models of advanced analytics techniques and rule-based complete approach encompassing the wide range of fraud-detection techniques. Anti-fraud management systems effectively fight fraud. Detecting the issue, analyzing it and offering support to make instant decisions are major benefits provided by this technology.
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Increasing dynamic frauds hitting multiple channels and products is enabling the adoption of various anti-fraud management systems among the enterprises. Digitization and advancement in technology are enabling organizations to shift towards more efficient ways of delivering their solutions and services. This factor is expected to impact the growth of global anti-fraud management systems.
Key Players :
This report focuses on the top manufacturers’ Anti-Fraud Management System capacity, production, value, price and market share of Anti-Fraud Management System in global market. The following manufacturers are covered in this report:
BAE Systems Inc
Fair Isaac Corporation
Computer Sciences Corporation
Global Anti-Fraud Management System Market is segmented into solution, application type, and end-user, vertical.
On the basis of solution, the market can be segmented into fraud detection, fraud analysis and decision support.
On the basis of application type, the market can be further segmented into an electronic payment, insurance claims, others.
On the basis of end-user, the market can be segmented into small enterprises, medium enterprises and large enterprises.
On the basis of vertical industry, global anti-fraud management system market can be segmented into BFSI, retail, IT & telecommunication, government/public sector, healthcare, real estate, energy and power, manufacturing, travel and transportation, media and entertainment, others
Geographically, global Anti-Fraud Management System Market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and the Middle East and Africa.
North America is likely to continue its leading position over the forecast period. The growth of this regional market is largely fuelled by easy adoption and better disposable income among the population. As the majority of the key players have their head offices in the U.S. and these regions are among the most technologically advanced regions, this region is expected to continue its leading position during the forecast period. The continuous penetration of consumer electronics is among the key factors for the healthy pace of growth of the Asia Pacific anti-fraud management systems market which has the highest potential during the forecast period. Western European region market holds a large share in the global anti-fraud management system market.
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