Market Snapshot:
Fraud detection is a collection of actions performed to stop the acquisition of money or property under false pretenses. Numerous businesses, including banking and insurance, use fraud detection techniques. Forging checks or using credit cards that have been stolen are examples of fraud in banking. Fraud monitoring is the process of continuously scanning all account activity and transactions to identify signs of fraud. Modern, risk-based anti-fraud systems can analyze vast amounts of data to spot anomalies and flag those transactions. Fraud Detection system is a implementation of a strategy to detect fraudulent transactions or banking actions and prevent these actions from causing financial and reputational damage to the customer.
Highlights from Fraud Detection System Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
The key Players profiled in the report are Fraud.net (United States), ClearSale (Brazil), Amazon AWS (United States), Human Security (United States), Riskified (Israel), IBM (United States), Xanalys (United Kingdom), MarkMonitor (United States), Kount (United States) and LexisNexis (United States). Additionally, other players that are part of this comprehensive study are Iovation (United States), Signifyd (United States), Forter (United States), Agnovi (Canada), ScoutCMS (United States), FRISS (Netherlands) and FraudLabs Pro (Malaysia).
Geographic Breakdown and Segment Analysis
The Global Fraud Detection System market presents a comprehensive analysis of the Fraud Detection System market by product type (Statistical Parameter Calculation and AI-Based Techniques), by end-user/application (Banking and Financial Services, Ecommerce and Retail, Enterprises, IT & Telecom and Other), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Fraud Detection System industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Fraud Detection System market
Analyst at AMA have segmented the market study of Global Fraud Detection System market by Type, Application and Region.
Influencing Trend:
Uses of Artificial Intelligence and Advance Machine Learning Algorithms in Fraud Detection and Innovation in IoT and Fifth Generation (5G) Technology
Market Growth Drivers:
Rising Number of Fraudulent Activities in Banking and other Financial Sector, Rising Number of Cyber Attacks in IT and Telecom Service Firms, Demand in Fraud Monitoring in E-Commerce and Retailing and Rising Concern about credit and Debit Card Frauds Among Individuals
Challenges:
Lack Of Skilled Professional for Fraud Detection, Lack of Providing a Good and Relevant Data, Complex and Overwhelming Machine Learning for Fraud Detection System and Lack of Proper Infrastructure to Support AI and ML Technology for Fraud Detection
Restraints:
High Cost Associated with Fraud Detection System and Risk of Data Leak Associated with Fraud Detection Systems
Opportunities:
Growth in Information Technology and Research and Development
Market Developments Activities:
27 July 2022, Human Security, a bot mitigation and fraud detection platform for enterprises, is merging with PerimeterX, a company focused on safeguarding web apps from account takeover and automated fraud. Terms of the deal were not disclosed. The combined entity will comprise nearly 500 employees, and it will eventually fall under the Human Security name once the two respective platforms are integrated — though when that will be isn’t yet clear.
On 11 October 2021, Amazon Fraud Detector is excited to announce the Transaction Fraud Insights model, a low-latency fraud detection machine learning (ML) model specifically designed to detect online card-not-present transaction fraud. Like other Amazon Fraud Detector models, Transaction Fraud Insights leverages more than 20 years of fraud detection expertise from Amazon and AWS. The new Transaction Fraud Insights model type detects up to 30% more fraudulent transactions and maintains its performance up to six times longer than Amazon Fraud Detector’s previous model type, Online Fraud Insights.
Regulatory Insights:
UK legal framework around data sharing is often described as highly complex. New legislation, such as the EU General Data Protection Regulation (GDPR) and Data Protection Act 2018 can create a nebulous system for public-sector organizations to navigate.
The market for Fraud Detection System is highly competitive with several global as well as local players in the market. The global players are trying various strategies such as Service innovation and using various marketing strategies to gain a higher market share.
Key Target Audience
Fraud Detection System Provider, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others