New York, March 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fraud Detection and Prevention Global Market Report 2022" - https://www.reportlinker.com/p06248249/?utm_source=GNW
, F5 Networks Inc. , Equifax Inc., Cybersource Corporation, and Global Payments Inc.
The global fraud detection and prevention market is expected to grow from $26.99 billion in 2021 to $33.51 billion in 2022 at a compound annual growth rate (CAGR) of 24.17%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $81.01 billion in 2026 at a CAGR of 24.69%.
The fraud detection and prevention market consists of sales of fraud detection and prevention services by entities (organizations, sole traders, and partnerships) that refer to fraudulent activities that can involve a broad range of cases, including money laundering, cybersecurity threats, tax evasion, and fraudulent insurance claims. Fraud detection and prevention refers to the strategies accepted to find out and avoid attempts to secure money or property by deception.
The main types of fraud detection and prevention are check fraud, identity fraud, internet /online fraud, investment fraud, payment frauds, insurance fraud, and other fraud type include mortgage fraud, insider fraud, and mobile fraud.The check fraud refers to automated check image analysis utilizing powerful software to detect small corrections that may not be visible to the human eye alone.
These tools look at fixed information on the check such as payer’s details, signature line placement, font, check size, and serial number.The deployment modes used in the fraud detection and prevention are on premise and cloud and the various solutions provided include fraud analytics, authentication, reporting, and visualisation.
The fraud detection and prevention are used in insurance claims, money laundering, and electronic payment in small and medium enterprises (smes), and large enterprises.
North America was the largest region in the fraud detection and prevention market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in the frequency of cyberattacks and frauds is driving the growth of the fraud detection and prevention market.The International Criminal Police Organization’s judgement of the impact of COVID-19 on cybercrime has demonstrated an important target shift from individuals and small businesses to major corporations.
For instance, in 2020, according to Interpol, in the pandemic, with businesses and firms immediately installing remote systems and networks to help staff working from home, criminals are taking advantage of enlarged security vulnerabilities to steal data, generate profits, and cause disruption.Within 4 months, from January to April, INTERPOL detected around 48,000 malicious URLs, 737 incidents related to the malware, and 907,000 spam messages.
Therefore, the increase in the frequency of cyberattacks and frauds is driving the growth of the fraud detection and prevention market.
Technological advancements is a key trend gaining popularity in the fraud detection and prevention market.Technological advancement is the discovery of knowledge that advances the understanding of technology.
For instance, in April 2019, NICE Actimize, a US-based company that provides financial crime, risk, and compliance solutions, introduced CDD-X to update KYC and CDD programmes with advanced analytics and the power of AI.The robust combo of AI technology with NICE Actimize’s professionals in KYC and CDD reduces customer result time by up to 70% and increases the efficiency of high-risk customer management.
Using CDD-X technology advancements rather than adding more individuals, will support managers in striking the correct balance of headcount and financial crime and compliance management (FCCM).
In September 2021, TransUnion a US-based financial information platform has acquired Neustar for an undisclosed amount.The acquisition is expected to advance TransUnion’s strategy to expand from its credit solutions with supportive digital marketing and fraud mitigation capabilities.
Neustar, Inc., is an American technology company that offers real-time information and analytics for the Internet, risk, digital performance.
The countries covered in the Fraud Detection And Prevention market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06248249/?utm_source=GNW
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