The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Introduction to Fraud Detection and Prevention Market

• The exponential growth: from $42.42 billion in 2023 to $53.28 billion in 2024
• Key drivers of growth: Increased digitization, rise in online banking, regulatory compliance, and expanding online payment systems

Forecasted Growth and Major Trends

• Projected growth to $133.66 billion in 2028 with a CAGR of 25.9%
• Trends: Integration of AI, blockchain technology, collaboration among stakeholders, evolving fraud techniques

Increase in Cyberattacks and Frauds Drives Growth

• Impact of COVID-19 on cybercrime
• Shift in target from individuals to major corporations
• Statistics: 125% increase in cyberattacks worldwide

Key Players in the Market

• IBM Corporation, Fair Isaac Corporation, Oracle Corporation, and more
• Diverse offerings in fraud detection and prevention solutions

Technological Advancement Driving Market Growth

• Collaboration and innovation: DG Financial Technology Inc. and Scudetto Corporation partnership
• Launch of Sift Digital Trust & Safety Suite
• AI-powered solutions for fraud detection

Read The Full Fraud Detection And Prevention Market Report Here:
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TransUnion Acquires Neustar to Expand Digital Identity Capabilities

• Strategic acquisition for advancing credit solutions
• Neustar’s expertise in real-time information and analytics
• Focus on enhancing fraud mitigation capabilities

Segmentation of the Market

1. By Fraud Type
   • Check Fraud, Identity Fraud, Internet/Online Fraud, Investment Fraud, Payment Frauds, Insurance Fraud, Other Fraud Types
2. By Deployment Mode
   • Cloud, On-premises
3. By Solution
   • Fraud Analytics, Authentication, Reporting, Visualization, Other Solutions
4. By Application
   • Insurance claims, Money laundering, Electronic Payment
5. By End User
   • Small and Medium Enterprises (SMEs), Large Enterprises

Regional Insights

• North America: The largest region in 2023
• Asia-Pacific: Expected to be the fastest-growing region

Conclusion: Embracing Innovation and Collaboration

The fraud detection and prevention market is witnessing remarkable growth propelled by technological advancements, increasing cyber threats, and regulatory demands. As businesses and individuals face evolving risks, the integration of advanced technologies such as AI and blockchain becomes imperative. Moreover, strategic partnerships and acquisitions, like TransUnion’s acquisition of Neustar, are reshaping the landscape, emphasizing the importance of digital identity capabilities in combating fraud. As the market continues to expand, organizations must prioritize proactive measures to safeguard their assets and foster trust in digital transactions. By staying abreast of emerging trends and leveraging innovative solutions, businesses can effectively mitigate risks and ensure a secure digital environment for all stakeholders.

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The Fraud Detection And Prevention Global Market Report 2024  provides an overview of the fraud detection and prevention market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The fraud detection and prevention market forecast analyzes fraud detection and prevention market size, fraud detection and prevention market share, leading competitor and their market positions.

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