(MENAFN- The Express Wire) Global Fraud Detection and Prevention Market Top Countries Data 2020: Industry Trends, Growth, Size, Segmentation, Future Demands, Latest Innovation, Sales Revenue by Regional Forecast By 360 Market Updates
Posted on Jul 13 2020 4:58 AM
"This report focuses on Professional Global Fraud Detection and Prevention Market 2020 volume and value at Global level, regional level and company level. Global Fraud Detection and Prevention Market comprehensive analysis of the business models, key ways, and individual market shares of some of the most outstanding players during this landscape. Fraud Detection and Prevention Market 2020 Industry Report analyzed in detail with all the vital data to frame tactical business judgments and propose strategic growth plans. This report offers a comprehensive insight into the development policies and plans in addition to manufacturing processes and cost structures.
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Global ' Fraud Detection and Prevention Market Report 2020 (value and volume) by company, regions, product types, end industries, history data and estimate data. Also, Report contains a comprehensive analysis of the important segments like market opportunities, import/export details, market dynamics, key manufacturers, growth rate, and key regions. This report focuses on the Fraud Detection and Prevention in the Global market, especially in the United States, Europe, China, Japan, South Korea, North America, India.Fraud Detection and Prevention Market report categorizes the market based on manufacturers, regions, type, and application. Fraud Detection and Prevention Market reports offer a detailed assessment of the Fraud Detection and Prevention including enabling technologies, current market situation, market assumptions, restraining factors.
The Global Fraud Detection and Prevention market swot is provided for the international markets including progress trends, competitive landscape breakdown, and key in regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.
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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. The need for fraud detection and prevention solutions has been increasing, with the rising revenue losses due to the rise in number of frauds across the globe. Such solutions are required mostly in industries that have more monetary transactions, such as BFSI, telecommunications, government, and retail sectors. The adoption rate of fraud and prevention solutions has also been increasing in other industries, such as professional services, manufacturing, healthcare, and transportation.
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.
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.
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The global Fraud Detection and Prevention market covers the vision of participant analysis by product types, market share, applications, sales, and revenue.
Fraud Detection and Prevention Market Report covers the Top Key-players in 2020:-
- SAP SE
- SAS Institute Inc.
- IBM Coropration
- 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
- LexisNexis Group
Highlighted points of Fraud Detection and Prevention Market Size:
- Covers the varying market dynamics of the industry.
- In-depth analysis of market risks, opportunities, limitations, and growth of the market.
- Includes market driving and restraining factors.
- Participants profiles along with product description, overview, and business data.
- Include details of five years of forecast analysis by types, regions, and applications.
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This Fraud Detection and Prevention Market Research/analysis Report Contains Answers to your following Questions
- Which Manufacturing Technology is Used for Fraud Detection and Prevention? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Fraud Detection and Prevention Market? What's Their Company Profile, Their Product Information, Contact Information?
- What Was Global Market Status of Fraud Detection and Prevention Market? What Was Capacity, Production Value, Cost and PROFIT of Fraud Detection and Prevention Market?
- What Is Current Market Status of Fraud Detection and Prevention Industry? What's Market Competition in This Industry, Both Company, and Country Wise? What's Market Analysis of Fraud Detection and Prevention Market by Taking Applications and Types in Consideration?
- What Are Projections of Global Fraud Detection and Prevention Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What About Import and Export?
- What Is Fraud Detection and Prevention Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is Economic Impact On Fraud Detection and Prevention Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Fraud Detection and Prevention Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, Marketing Channels for Fraud Detection and Prevention Industry?
Key Developments in the Fraud Detection and Prevention Market:
• December 2017: Dell EMC announced the launch of its new machine learning and deep learning solutions. These new solutions are expected to enable organizations take advantage of the convergence of HPC and data analytics and realize advancements in areas, including fraud detection, image processing, and financial investment analysis.• November 2017: IBM's Trusteer division launched a new account fraud detection capability that aims to detect fraud at the earliest stage. New account fraud is expected to be quite prevalent and has been expanding to new verticals, as more services are offered to customers online. As banks move to more secure payment cards and new payment channels, cyber-criminals have been transitioning to online channels, to attempt to use the same data for opening bank accounts and applying for credit, loans, insurance, and other types of accounts. This new security tool of IBM is expected to detect frauds at the earliest stage.• November 2017: Easy Solutions offered new early phishing detection capability. Early phishing detection leverages the company's propriety machine learning-based, URL classification technology that is expected to increase the number and speed at which phishing attacks are detected. As the malicious nature of a URL is confirmed, mitigation is expected to start immediately, protecting 100% of the end-user population in a reduced timeframe.
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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Finally, the report Global Fraud Detection and Prevention Market 2020 describes the Fraud Detection and Prevention industry expansion game plan, the Fraud Detection and Prevention industry knowledge supply, appendix, analysis findings, and the conclusion.
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