Increased Phone Scamming Calling for Fraud Detection and Prevention

The fraud detection and prevention market will develop significantly in the years to come. The main factors responsible for the growth of the industry include the increasing use of machine learning and AI for reducing deceitful activities, the increasing frequency of phone scamming against the elderly population, and the soaring necessity to guard online banking and the insurance industry. 

North America had the largest demand for fraud detection and prevention solutions in the past because of due to the growing acceptance of cloud technology by companies for quite a few operations. This is ensuing an increase in the count of fraudulent activities. Furthermore, the robust R&D for the integration of IoT technology in fraud detection and prevention systems will boost the demand for the same. 

APAC will exhibit the fastest growth in the years to come in the demand for fraud detection and prevention solutions because of the increasing incidence of large enterprises, improving financial conditions of major nations, and expanding IT industry. India, Singapore, China, and South Korea are observing an increase in the count of large enterprises as they are the favored destinations for IT subcontracting. This has made APAC a potential target for impostors aiming at stealing sensitive info. 

The use of the hybrid analytical approach is the key trend. This approach integrates more than a few aspects of fraud detection into one technical solution. The integrated applications quickly connect each feature of a fraud incident and assess each strand separately as a possibly larger threat.  Notable players like SAS Institute Inc., and TransUnion LLC offer the hybrid analytical method to assist customers in countering frauds. This kind of solution offers a wholesome view of fraudulent behavior and helps in payment fraud discovery and prevention. 

The prompting concern about mobile fraud plays a significant role in facilitating the growth of the fraud detection and prevention market. The total count of online transactions through mobile devices is much more than that of transactions that are done via desktop devices, consequently resulting in snowballing cases of fraudulent actions. Cybercriminals are extensively using mobile imitators, operating on desktops, and mimicking numerous iOS and Android devices. 

Software generated higher revenue in the past, and it will continue its dominance in the years to come as well. This can be because of the mounting need for cutting-edge solutions to disregard fraudulent activities. 

The internal category had the larger share in the past, and it will experience the fastest growth in the future. This has a lot to do with the increasing frequency of internal frauds in companies, particularly in larger corporations where the business intricacies are huge and the possibility for cybercriminals hit them is high. 

With the number of frauds increasing with the prevalent use of mobiles and other smart devices, the demand for fraud detection and prevention solutions is also on the rise. 

SOURCE: P&S Intelligence