About Credit Card Fraud Detection Platform-
Credit card fraud detection platforms are crucial tools for financial institutions and payment processors in the fight against unauthorized transactions. These platforms employ sophisticated technologies to analyze vast amounts of data and identify suspicious activity in real-time, helping to protect both consumers and businesses from financial losses. These are dependent upon various factors, including the size and type of your business, transaction volume, and specific risk profile. The Credit Card Fraud Detection Platform market is booming with significant opportunities for growth and innovation. As fraud tactics evolve, platforms will need to adapt and adopt cutting-edge technologies to stay ahead of the curve and protect financial transactions.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Accertify, Inc. (United States), Experian plc (Ireland), Forter Ltd. (Israel), ACI Worldwide (United Kingdom), Verifi (Melbourne, Australia), Nium (Singapore), Pine Labs (India), GoPay (Indonesia), Nuvei (Canada) and Stone Pagamentos (Brazil) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are ThreatMetrix (United Kingdom), Neuedata (France), Fraugster (Germany), Shieldpay (Netherlands) and Socure (United States).
Segmentation Overview
AMA Research has segmented the market of Global Credit Card Fraud Detection Platform- market by Type (Skimming, Dumpster Diving, Phishing, Hacking and SIM Swap), Application (Financial Institutions, E-commerce and Payments) and Region.
On the basis of geography, the market of Credit Card Fraud Detection Platform- has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Users, the sub-segment i.e. Travel and Hospitality will boost the Credit Card Fraud Detection Platform- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Model, the sub-segment i.e. On-premises will boost the Credit Card Fraud Detection Platform- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Fraud Type, the sub-segment i.e. Skimming will boost the Credit Card Fraud Detection Platform- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing data breaches expose consumer information.
Market Growth Drivers:
Increasing Prevalence of Cybercrime and Rapid Shifting towards Online Transactions
Challenges:
Lack of trained Professionals to analyze fraud attacks
Restraints:
Evolving fraud techniques
Opportunities:
Developing new and sophisticated techniques to bypass fraud detection methods. and Implementing biometric verification like fingerprint or facial recognition for online transactions
Market Leaders and their expansionary development strategies
In November 2023, Nuvei and Socure started partnership to combines Nuvei's payment processing expertise with Socure's digital identity verification solutions to offer enhanced fraud protection for merchants. The approach of the partnership is gaining traction in the fight against fraud. By merging expertise and technologies, these companies aim to provide more robust and comprehensive solutions for merchants of all sizes and across various industries.
In October 2023, Accertify launched Accertify's Frictionless 3DS 2.0 this solution simplifies Strong Customer Authentication (SCA) compliance for online merchants, reducing friction and improving conversion rates. Its significant innovation in the field of credit card fraud detection. It has the potential to dramatically improve the online shopping experience for both merchants and consumers while maintaining robust security measures.
Key Target Audience
Financial Institutes, Potential Investors, E-commerce businesses, Government agencies, Cybersecurity companies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.