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The global fraud detection & prevention market size is projected to reach USD 141.75 billion by 2028 owing to the increasing e-commerce and online banking users, observes Fortune Business Insights™ in its report, titled “Fraud Detection and Prevention Market Size, Share & COVID-19 Impact Analysis, By Component (Solutions and Services), By Application Area (Insurance Claims, Money Laundering, Electronic Payment, and others), By Deployment (Cloud and On-Premise), By Enterprise Size (Large Enterprises and Small & Medium Enterprises (SMEs)), By Vertical (BFSI, IT and Telecom, Retail and Consumer Packaged Goods, Government, Construction and Real Estate, Energy and Utilities, Travel and Transportation, Manufacturing, Healthcare and Life Sciences, Media and Entertainment and Other), and Regional Forecast, 2021-2028.” As per the report, the value of the market was USD 23.05 billion in 2020, and the market is anticipated to register a CAGR of 26.7% from 2021 to 2028.
Experian Announces Acquisition of Arvato Financial Solutions Risk Management Division to Provide Users Risk-free Digital Experience
Experian, a leading global information services company, acquired a majority stake in the Arvato Financial Solutions Risk Management division. This acquisition combines Arvato Financial Solutions Risk Management Division’s and Experian's innovative, analytical, decision-making platforms, digital technologies, and industry expertise to accelerate their digital transformation projects and help consumers in the market. Therefore, this investment will enable Experian to expand its fraud and identity management services in Germany, Austria, and Switzerland. Such initiatives by the companies are expected to favor the global market during the forecast period.
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Increasing Mobile Banking Services to Drive the Growth
Rising users of online applications and mobile banking services led to an abrupt increase in fake websites and mobile applications. There is an increase in counterfeit websites in retail & e-commerce and healthcare insurance platforms. These websites and their services resemble the exact websites, which trap customers to complete fake online transactions. Moreover, users are more inclined towards mobile applications in the banking sector for various purposes, such as online payment, statement review, registering complaints, and feedback. Thus, using any transaction application with insufficient code protection leaves banks and their clients vulnerable to source code analysis. Hackers use an application to decompile to extract informative user data. This is expected to boost the global fraud detection and prevention market growth during the forecast period.
Key Players Focus on Collaboration & Offering Advanced Cloud-Native Business Support Systems (BSS)
Major companies such IBM Corporation, BAE System, Kaspersky Lab, Tata Communication LtdAccenture PLC, and Experian focus on developing innovative and practical applications to protect their user’s privacy by online attackers. These key players are strengthening their presence in developing countries and collaborating and acquiring local organizations to mark their presence in the market for fraud detection & prevention. For example, In November 2020, Amdocs partnered with Amazon Web Services to offer their users cloud-native Business Support Systems (BSS), which uses encrypted connections such as SSL, HTTPS, and TLS. This aids in protecting user privacy and will further accelerate IT & telecom telecommunications to shift and adopt cloud platforms.
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation
Value (USD Billion)
Component; Application Area; Deployment; Enterprise Size; Vertical; and Geography
By Application Area
By Enterprise Size