Fraud Detection and Prevention Market

Fraud Detection and Prevention Market was valued at USD 25.2 billion in 2023 and is expected to reach USD 112.8 billion by 2032, growing at a CAGR of 18.1% from 2024-2032. The global Fraud Detection and Prevention (FDP) market is experiencing significant growth, driven by the rapid increase in digital transactions, the rising sophistication of cyber threats, and a growing focus on regulatory compliance. As businesses and consumers worldwide increasingly rely on digital channels for commerce and banking, the need for robust FDP solutions has never been more critical.

Market Overview

The FDP market encompasses a wide range of solutions and services designed to identify, mitigate, and prevent fraudulent activities. These solutions are employed across various industries, including banking, financial services, and insurance (BFSI), retail and e-commerce, healthcare, and government. The market is segmented by component (solutions and services), deployment mode (cloud and on-premise), organization size (SMEs and large enterprises), and fraud type (payment fraud, identity theft, and more).

Key Players

• IBM – (IBM Watson for Cyber Security, IBM Security QRadar XDR)
• Microsoft – (Microsoft Defender for Cloud, Microsoft Sentinel)
• Oracle – (Oracle Financial Services Analytical Application, Oracle Cloud Infrastructure)
• Fujitsu – (Fujitsu Security Operation Center (SOC) services, Fujitsu Fraud Prevention Solutions)
• NEC Corporation – (NEC Biometrics Authentication, NEC Cyber Security Solutions)
• SAS Institute - SAS Fraud Management, SAS Viya)
• FICO – (FICO Falcon Fraud Manager, FICO Decision Management Suite)
• ACI Worldwide – (ACI Fraud Management, ACI Universal Payments)
• LexisNexis Risk Solutions – (LexisNexis Fraud & Risk Management Solutions, RiskNarrative Analytics)
• Experian – (Experian Fraud Detection and Prevention, Experian Identity Verification)
• TransUnion – (TransUnion IDVision, TransUnion Fraud Detection Services)
• RSA Security – (RSA Fraud & Risk Intelligence, RSA SecurID Access)
• PayPal – (PayPal Advanced Fraud Management, PayPal Commerce Platform)
• Forter – (Forter’s Real-Time Fraud Prevention, Forter’s Chargeback Protection)
• Riskified – (Riskified Chargeback Guarantee, Riskified Account Protection)
• Signifyd – (Signifyd Commerce Protection, Signifyd Fraud Prevention)
• Iovation – (iovation Device Recognition, iovation Fraud Prevention Solutions)
• Sift Science – (Sift Digital Trust & Safety Platform, Sift’s Fraud Risk Management)
• Kount – (Kount Complete, Kount’s Fraud Detection API)
• CyberSource – (CyberSource Fraud Management, CyberSource Payment Gateway)

**** 

Get a Sample Copy of Fraud Detection and Prevention Market

https://www.snsinsider.com/sample-request/1994

Growth Drivers

• Increasing Digital Transactions: The global shift toward digital payments, e-commerce, and mobile banking has created a larger and more complex attack surface for fraudsters.
• Advanced Cybercrime: Fraudsters are leveraging advanced technologies like AI, deepfakes, and synthetic identities to execute more sophisticated and hard-to-detect attacks. This is driving a need for equally advanced, AI-powered defensive solutions.
• Stringent Regulatory Compliance: Governments and regulatory bodies worldwide are implementing stricter regulations, such as the Philippines' Anti-Financial Account Scamming Act, which mandate the use of automated, real-time fraud monitoring. This places pressure on organizations to invest in robust FDP systems to avoid hefty fines and reputational damage.
• Rising Consumer Expectations: Businesses are increasingly focused on balancing strong security with a seamless user experience. This has led to the adoption of low-friction authentication methods like behavioral biometrics that can assess user behavior in real time without creating unnecessary hurdles for legitimate customers.

Conclusion

The fraud detection and prevention market is on a robust growth trajectory, driven by the pervasive threat of financial crime in an increasingly digital world. The integration of advanced technologies like AI, machine learning, and biometrics is not only enhancing the accuracy of fraud detection but also enabling a more proactive and adaptive defense against evolving threats.

About Us: SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

Contact Us: Jagney Dave - Vice President of Client Engagement Phone: +1-315 636 4242 (US) | +44- 20 3290 5010 (UK)