Market overview:

The fraud detection and prevention market industry is projected to grow from USD 165.2 Billion in 2023 to USD 407.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.26% during the forecast period (2023 - 2032). Recently the rising fraud in different sectors has increased the growth of fraud detection and prevention to maintain revenue. The Fraud Detection And Prevention Market is growing due to the rising fraudulent activities around the globe—technologies like AI, cloud computing, the internet, and mobile banking fuel market growth. Financial, baking instituting are using the technology to prevent fraud, which improves the market's growth rate. COVID-19 made people stay at home. The digital platform is used for various reasons, such as WFH, online banking, which opened doors for cyber attackers to use different technologies for fraud. The increasing demand for online services for mobile banking, shopping, purchases drives the growth of the fraud detection and prevention market. With this, many fake businesses also used the name of other brands and trapped people in the attack that improved the use of the fraud detection and prevention market. The use of fraud detection by banking and financial services to detect fraud in real-time creates opportunities for the market. Many types of new patterns and technologies are used to detect frauds. The lack of experts to identify the fraud activities or use fraud detection and prevention is a market challenge. Many organizations recruit professionals who lack the expertise to analyze fraudulent activities in less time.

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Key Players:

Key Companies in the fraud detection and prevention market include,

• iovation Inc. (US)
• IBM Corporation (US)
• CardinalCommerce Corporation (US)
• Oracle Corporation (US)
• Experian PLC (Ireland)
• PayPal Holdings Inc. (US)
• Distil Networks Inc. (US)
• LexisNexis Risk Solutions Company (US)
• Accertify Inc. (US)
• F5 Networks Inc. (US)

Market segmentation:

The fraud detection and prevention market has been segmented into service, solution, application, organization size, and vertical. The market is divided into authentication, fraud detection, and data synthesis based on the solution segment. Fraud detection and prevention based on the service are further divided into managed and personal services. The market bifurcated into money laundering, electronic payment, insurance claims, and others based on application. The market has been segregated based on organization size into small and medium enterprises and large enterprises. Based on the vertical segment, the fraud detection, and prevention market is divided into BFSI, telecommunication, retail, travel and transportation, government, healthcare, real estate, energy and power, manufacturing, media and entertainment, and others. The electronic payment segment holds a high market share and is expected to grow in the forecast period. The increasing number of start-ups in developing countries will push the small and medium enterprise segment to grow in the forecast period. Rising adaptation of fraud detection and prevention in many sectors will improve the growth of the healthcare and life science segment to hold the largest market share in the forecast period.

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Regional analysis:

The fraud detection and prevention market is divided into North America, Asia Pacific, Europe, South America, the Middle East, and Africa. The North American region holds the largest market share and is expected to grow further from 2019 to 2026. North America is the first to acquire new technologies, AI and IoT, and machine learning for fraud detection. The region is continuously investing in a solution to minimize losses due to fraud attacks on the organization. The presence of prominent market players and many new entrants in the region also increases the market's growth. Other regions are growing significantly and will contribute to the market in the forecast period.

Fraud Detection and Prevention Industry Developments:

January:

• IBM Security launches new AI-powered fraud detection solution. The new solution uses artificial intelligence (AI) to analyze data and identify patterns that may indicate fraud.
• FICO launches new fraud detection solution for the healthcare industry. The new solution is designed to help healthcare organizations detect and prevent fraud in areas such as claims processing and patient identity theft.

February:

• Visa launches new fraud detection solution for online payments. The new solution uses machine learning to identify and prevent fraudulent transactions.
• Mastercard launches new fraud detection solution for mobile payments. The new solution uses data from mobile devices to identify and prevent fraudulent transactions.

March:

• Amazon Web Services (AWS) launches new fraud detection service. The new service uses machine learning to identify and prevent fraudulent transactions on AWS platforms.
• Google Cloud Platform (GCP) launches new fraud detection service. The new service uses machine learning to identify and prevent fraudulent transactions on GCP platforms.

April:

• The Federal Trade Commission (FTC) releases new guidance on fraud prevention. The guidance provides tips for businesses on how to prevent fraud, such as using strong passwords and being careful about what information they share online.
• The National Retail Federation (NRF) releases new data on retail fraud. The data shows that retail fraud losses in the United States reached $62.8 billion in 2022.

May:

• The World Economic Forum releases a report on the future of fraud. The report predicts that fraud losses will reach $2.7 trillion by 2025.
• The European Union (EU) adopts new regulations on fraud prevention. The regulations require companies to take steps to prevent fraud, such as verifying the identity of their customers.

June:

• The United States Department of Justice (DOJ) announces a new initiative to combat fraud. The initiative will focus on prosecuting fraudsters and providing resources to victims of fraud.
• The Financial Industry Regulatory Authority (FINRA) releases new rules on fraud prevention. The rules require financial firms to take steps to prevent fraud, such as verifying the identity of their customers and monitoring for suspicious activity.

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