Analysis of Fraud Detection and Prevention Market by 2027

Analysis of Fraud Detection and Prevention Market by 2027 Fraud Detection and Prevention (FDP) Market Growing use of smartphones and digital payment applications to complete daily tasks will boost the market share. The current generation is increasingly embracing the digital era, thereby fueling the threat of cyberattacks.

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Moreover, ransomware attacks cost companies over USD 75 billion every year. This scenario has prompted organizations to use smart software solutions to enhance their firewall capabilities. Global fraud detection and prevention market size will exceed USD 100 billion by 2027.

Internal frauds will hold around 40% of global FDP industry share by 2027. These frauds take place when an employee commits data breach against the company they work for. Such frauds are rising at a worrying rate because employees have a clear idea of the loopholes in the IT infrastructure of their organization and can manipulate the system for their personal gains.

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To browse this report titled, “Analysis of Fraud Detection and Prevention Market by 2027”. https://www.gminsights.com/industry-analysis/fraud-detection-and-preventionmarket The banking sector will employ FDP services on a large scale, as this industry is one of the primary targets for hackers. Fraudulent activities conducted by bank employees or customers not only cause severe financial and data losses but also tarnish the reputation of banking institutions. In 2020, the Federal Trade Commission (FTC) in the U.S. received 1.4 million identity theft complaints. In addition, these complaints formed 29% of all the grievances the FTC received that year.

This is why advanced technologies like machine learning are being introduced in FDP solutions to help the bank management identify a fixed pattern in a series of transactions carried out by an employee or a customer. These patterns will assist them in differentiating between the legitimate and fraudulent clients.

Global FDP market size from identity authentication solutions will showcase a notable growth during the forecast period of 2021-2027. Increasing incidents of identity theft have prompted companies to deploy smart software to authenticate the identity of a person trying to enter a confidential network.

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-beforebuying/1775 A 2020 report published by the Association of Certified Fraud Examiners (ACFE) stated that it analyzed 2,504 internal fraud cases from 125 nations. These cases were responsible for losses worth around USD 3.6 billion. The report further specified that the banking & financial services sector was the prime target of internal frauds as the industry accounted for 15.4% of the total fraud cases.

Key participants contributing towards FDP market growth include ACI Worldwide, Arbutus Software, Avast Software, AVG, DXC Technology, ESET Endpoint Security, Experian, Finserv, First Data

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