Analysis of Fraud Detection and Prevention Market by 2027

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Analysis of Fraud Detection and Prevention Market
by 2027

• Fraud Detection and Prevention (FDP) Market
  Growing use of smartphones and digital payment
  applications to complete daily tasks will boost
  the market share. The current generation is
  increasingly embracing the digital era, thereby
  fueling the threat of cyberattacks.
• Moreover, ransomware attacks cost companies over
  USD 75 billion every year. This scenario has
  prompted organizations to use smart software
  solutions to enhance their firewall capabilities.
  Global fraud detection and prevention market size
  will exceed USD 100 billion by 2027.
• Internal frauds will hold around 40 of global
  FDP industry share by 2027. These frauds take
  place when an employee commits data breach
  against the company they work for. Such frauds
  are rising at a worrying rate because employees
  have a clear idea of the loopholes in the IT
  infrastructure of their organization and can
  manipulate the system for their personal gains.

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• A 2020 report published by the Association of
  Certified Fraud Examiners (ACFE) stated that it
  analyzed 2,504 internal fraud cases from 125
  nations. These cases were responsible for losses
  worth around USD 3.6 billion. The report further
  specified that the banking financial services
  sector was the prime target of internal frauds as
  the industry accounted for 15.4 of the total
  fraud cases.

• The banking sector will employ FDP services on a
  large scale, as this industry is one of the
  primary targets for hackers. Fraudulent
  activities conducted by bank employees or
  customers not only cause severe financial and
  data losses but also tarnish the reputation of
  banking institutions.

• In 2020, the Federal Trade Commission (FTC) in
  the U.S. received 1.4 million identity theft
  complaints. In addition, these complaints formed
  29 of all the grievances the FTC received that
  year.

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• This advanced technologies like machine learning
  are being introduced in FDP solutions to help the
  bank management identify a fixed pattern in a
  series of transactions carried out by an employee
  or a customer. These patterns will assist them in
  differentiating between the legitimate and
  fraudulent clients.
• Global FDP market size from identity
  authentication solutions will showcase a notable
  growth during the forecast period of 2021-2027.
  Increasing incidents of identity theft have
  prompted companies to deploy smart software to
  authenticate the identity of a person trying to
  enter a confidential network.

• Competitive Analysis

• ACI Worldwide Inc., Avast Software s.r.o, Arbutus
  Software Inc., DXC Technology Company, Experian
  PLC, Fiserv, Inc., and SAP SE

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