Global Fraud Detection and Prevention Market Analysis/Forecast Report 2021-2028 Featuring Fiserv, Paypal, F5, SAP SE, & SAS Institute - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Fraud Detection and Prevention Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Services), Deployment (On-premises and Cloud), and End-user (BFSI, Healthcare, Manufacturing, Retail, Telecommunication, and Others)" report has been added to ResearchAndMarkets.com's offering.

The global fraud detection and prevention market is expected to grow from US$ 26,511.84 million in 2021 to US$ 75,139.66 million by 2028; it is estimated to grow at a CAGR of 16.0% from 2021 to 2028.

The banking and financial services industries are early users of risk-prevention technology. Financial organizations are extremely vulnerable because of huge internet data exchanges.

According to Facebook and BCG, India's online banking adoption rate is predicted to reach 150 million by 2022, thereby increasing the risk of fraudulent activity. As the use of digital banking grows, it is becoming increasingly vital for financial institutions to safeguard transactions against fraud. Financial institutions are now concentrating not just on financial risk mitigation but also on real-time fraud detection.

With the emergence of pattern recognition, fraud detection systems are evolving. Machine learning technologies have given artificial intelligence a big boost in its ability to defend any system since ML can safeguard firms from insider fraud and spot any irregularities in persons who may leak data.

During the COVID-19 pandemic in 2020, fraudulent operations skyrocketed. According to the 2020 phishing report from F5, Inc., a US-based security solution provider, phishing occurrences have increased by 15%. Furthermore, the survey noted a huge increase in phishing attacks, which increased by 220% on a year-over-year basis. Hence, the fraud detection and prevention market is anticipated to propel during the forecast period.

In this COVID-19 environment, nation-wide lockdowns have widened the market for digital technologies. For several reasons, such as WFH, online transactions utilizing digital applications from their banks, or mobile/digital wallets, more than 60-70% of consumers now use one or more digital platforms. It has also provided an easy entry point for fraudsters and money launderers, as they can now hack into digital channels and obtain sensitive information. This has boosted the demand for fraud detection and prevention technologies.

A few key companies operating in the fraud detection and prevention market are Fiserv, Inc., Paypal, F5, SAP SE, SAS Institute Inc.

Key Market Dynamics

Market Drivers

• Digital Transformation Across Major Sectors
• Growing Adoption of Online Banking Applications and Mobile Banking Services

Market Restraints

• Increasing complexities of Frauds

Market Opportunities

• Incorporation of AI

Future Trends

• Innovation in Customer-Centric Techniques

Company Profiles

• Accertify, Inc.
• BAE Systems
• F5
• FICO
• Fiserv, Inc.
• IBM corporation
• Paypal
• SAP SE
• SAS Institute Inc.
• Securonix

For more information about this report visit https://www.researchandmarkets.com/r/g2d5hu