Fraud Detection and Prevention Market To Witness Significant Growth Rate To 2025

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Global Fraud Detection and Prevention Market to
hit 80 Bn by 2025 Global Market Insights Inc.
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Industry Overview

• Fraud Detection and Prevention Market driven by
  Increasing electronic and digital payment methods
  sector demand in the world to surpass USD 80
  billion by 2025 and will witness 23 CAGR during
  the forecast timespan.
• Mounting instances of online or offline frauds
  have been taking a toll on various industries of
  late, thereby fueling fraud detection and
  prevention (FDP) market trends. According to a
  2018 report by Association of Certified Fraud
  Executives (ACFE), various enterprises around the
  globe experience a revenue loss of over 5 per
  cent per annum due to fraud which translates to a
  hefty loss of USD 4 trillion per year.
• Frauds in any domain lead to a misuse of
  humongous amount of tax money, increase in goods
  and services prices, and are a potential threat
  to human life. Electronic mail attacks and
  phishing have led to a drastic effect in the
  banking, educational, retail, and other sectors.
  A recent fraud instance in India drew the
  attention of the masses where an Indian public
  sector banking and financial service company was
  duped of Rs. 11,400 crores, the reports cited.

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• The incessant occurrence of frauds calls for a
  comprehensive approach for fraud detection and
  prevention as compared to the former fragmented
  approaches. With increasing frequency of such
  threats, demand for fraud detection and
  prevention solutions is anticipated to surge
  immeasurably over the forecast period, thereby
  augmenting the industry outlook.
• The onset of enhanced FDP solutions can help
  various companies operate competently while
  saving costs, eventually leading to a robust rise
  in fraud detection and prevention market share.
  As per reports by Global Market Insights Inc.,
  the FDP market share is anticipated to surpass a
  considerable USD 80 billion mark by the end of
  2025.
• The most common industry verticals that witness
  high fraud alerts and cases on a consistent basis
  include the banking, insurance, healthcare,
  government, education, and e-commerce sectors.
  The paragraphs below elaborate on 3 pivotal
  end-use oriented trends defining FDP industry
  outlook of late.
• Robust fraud increase in the banking, insurance,
  and finance (BFSI) sector

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• Of late, banks and financial institutions detect
  duplicitous transactions through complex
  algorithms while data analysts in the insurance
  sector are vigorously looking forward to the
  depletion of fraud by bringing into action
  numerous FDP algorithms and techniques to detect
  threat patterns and anomalies.
• The robust proliferation of FDP solutions in the
  BFSI industry is also evident from the fact that
  numerous finance companies are striving to adopt
  these systems in their operational processes. As
  per trusted reports, Visa, an American
  multinational financial service company recently
  announced the deployment of a new fraud threat
  detection and restricting technology developed to
  bolster the transaction security and the
  authenticity of its payment network.
• FDP market share from banking sector will also
  depict a rise on account of rising product
  deployment in credit debit card applications.
  Estimates claim that credit debit card fraud
  application segment accounted for 30 of fraud
  detection and prevention industry share in 2018
  and is expected to register a substantial revenue
  by the end of the projected timeline. This can be
  attributed to the increase in digital payment
  usage, trend of cashless transactions, and rising
  deployment of chips in credit debit cards that
  banks provide on a consistent basis.

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• Growing number of frauds in educational
  institutions
• The global FDP market size from education sector
  is speculated to encounter a significant growth
  rate between the forecast years, owing to the
  dearth of the internal controls, uncertain
  reporting channels, and insufficient management
  reviews and fraud monitoring.
• According to authentic reports, In May 2011,
  Stanford Universitys reputation registered a
  setback when 5 of its medical school professors
  were rebuked for breaking the schools policy.
  The members were paid to offer promotional
  speeches on the account of drug makers.
• To obstruct the prevalence of frauds, the
  educational institutions have been instructed to
  take preventive measures by employing a hotline
  with a motive to address the suspicious behavior.
  It provides the students and the management a way
  to anonymously report a suspected fraud. As a
  leading model, the Texas AM University System
  promotes the use of its risk, fraud, and
  misconduct hotline. It has been claimed that the
  reporting program is available 24x7.

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• It has been claimed that integrating a software
  technology to restrict the occurrence of fraud
  would prove to be of a great help to the
  merchants and the issuers. As the expanse of
  e-commerce industry widens, especially across the
  emerging economies of the APAC, fraud detection
  and prevention market size will exhibit a massive
  surge.
• The major players operating in the FDP market
  include ACI Worldwide, Avast Software, SAP, SAS
  Institute, and many others. Aided by a vast
  end-use landscape, FDP industry trends are likely
  to undergo a massive transformation in the years
  ahead.

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