The role of machine learning in fraud detection is gaining in importance

DublinAnd the 11 July 2022 /PRNewswire/ – “Fraud Detection and Prevention – Global Market Path and Analytics” report added to ResearchAndMarkets.com Show.

The global market for fraud detection and prevention is estimated at 19.5 billion US dollars In 2020, it is expected to reach a revised size of 46.4 billion US dollars By 2026, it is growing at a rate compound annual growth rate 14.8% during the analysis period.

Access to the global market for fraud detection and prevention $46.4 billion by 2026
The global fraud detection and prevention market is heading for impressive gains due to the increase in incidents and the development of frauds along with the continuous focus on using the latest technologies to detect fraud activity in a timely manner. Fraud is an illegal act aimed at obtaining consumer data or credentials for specific gain, especially financial.

Fraud detection and prevention solutions are software applications that provide advanced analytics tools to detect and prevent fraud in real time. These tools analyze data from various sources to identify anomalies by revealing questionable trends, transactions, and situations. Fraud detection and prevention tools verify user identity, maintain data integrity and prevent unauthorized access to data.

These platforms have received a lot of attention in recent years due to the increase in digitization, the popularity of online or internet banking, the emergence of cloud services, and the rise of scams. Growing concerns regarding the rise in fraud incidents and the associated significant loss of revenue for organizations is leading to new fraud detection and prevention methods. Market growth is favored due to financial crimes, cyber attacks, and digital scams that make it very difficult for businesses to grow while maintaining consumer confidence.

Main topics covered:

I. METHODOLOGY

II. Executive Summary

1. Market Overview

2. Focus on identifying players

3. Market trends and drivers

• Digital transformation of enterprises and the need to ensure the security of sensitive data to stimulate market demand

• Global digital data generated (in zettabytes) for 2015, 2020, 2025, and 2030

• Digital Transformation Accelerates Demand for Tools to Protect Enterprise Data: Global Digital Transformation Spending (US$1 billion) 2017-2023

• The rise in money laundering cases pushes the adoption of fraud detection and prevention solutions

• Increasing cases of ATOs and phishing emails increase the demand for fraud detection

• The booming e-commerce industry is exacerbating the risks of fraud

• Global E-Commerce Opportunity (in billions of US dollars) for 2018, 2020, 2022 and 2024

• Types of E-Commerce Fraud

• COVID-19 pandemic raises opportunities

• Global B2C E-Commerce Sales in Trillion USD for 2017, 2019, 2021 and 2023

• Global e-commerce market as a percentage of retail sales for 2017, 2019, 2021 and 2023

• The rise of digital banking has made Bahrain Financial Security Bank (BFSI) the largest spender on fraud prevention

• A global digital banking opportunity (in billions of US dollars) for 2018, 2020, 2022 and 2024

• Global digital transaction value (in billions of US dollars) for 2018, 2020, 2022 and 2024

• Global Internet users in billions from 2014 to 2020

• Real-time risk analysis to thwart fraud in the banking sector

• Increased use of artificial intelligence and machine learning in the banking sector to enhance the fraud detection and prevention market

• Anomaly detection: an overview

• Cumulative global online fraud (in billions of US dollars) between 2020 and 2024 by region

• The growing global IoT ecosystem increases the risk of fraud

• Global number of devices connected to the Internet of Things (in billion) for the years 2016, 2018, 2020, 2022 and 2025

• Opportunity Index: Global spending (in billions of US dollars) on the Internet of Things for 2019, 2020, 2021, 2022 and 2024

• IoT enabled fraud, one of the main concerns of merchants in the current scenario

• Data analytics and AI help suppress fraud detection

• Blockchain fraud prevention: a powerful new weapon in the making

• Powerful Blockchain Fraud Prevention Features

• AI is set to raise the bar in fraud detection

• Companies are increasingly relying on customer-focused fraud prevention techniques

• Increasing cashless payment/transaction volume is spreading fraud detection and prevention market

• Does the COVID-19 scenario provide space for payment to bid for cash payments?

• More payment options

• The rise in the application of hybrid analytical methods

• Healthcare networks face the growing threat of cyberattacks

• Fraud Protection Program for E-Commerce and Travel Industry

• The role of machine learning in fraud detection is gaining in importance

The story continues

4. Global market perspective

mentioned companies

For more information on this report, visit https://www.researchandmarkets.com/r/q93z2m

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SOURCE Research & Markets