A One Stop Guide to the Fraud Analytics Market

Fraud is an intentional action of corruption, omission and misappropriation to create loss or deceive a party. Fraud, today, is fast becoming an emerging threat to organizations, both small and big, due to technological developments and the vast consumer base operating online. Fraud Detection and Prevention (FDP) has thus become more important in the current scenario than it has ever been. Primitive methods of fraud detection have been replaced by sophisticated techniques involving statistical modelling and simulation, Machine Learning, Data Mining, supervised and unsupervised techniques; just as primitive hacking techniques have been replaced by sophisticated viruses, Trojans, spywares and other malwares. The purpose of FDP is increasing security, improving operational effectiveness and reducing monetary losses.

The industry is rapidly growing at a CAGP of 15.6% till 2018. Although North America occupies the largest market share in FDP, Asia-Pacific and Latin America have been seen to have the largest growth rate in the sector.

The application of FDP encompasses multiple sectors, such as BFSI, Insurance, Retail, telecommunication, Healthcare, Government etc. The BFSI, however, occupies the largest share of the FDP technology market. Addressing FDP encompasses a set of activities including creation of a controlled environment, Fraud Risk Assessment, Monitoring customer transaction and activities, detection of fraud and inconsistencies, sharing of information, communication and strategic consulting, in order to address the specific loopholes.

The company profiles of leading market players in the FDP domain. The profiles, overview, strategies, products and services, innovations, collaborations and other aspects that assess the competitive intelligence of SAS, IBM, FICO, Fiserv, Experian, EMC and CSC have been discussed extensively in the report.

Fraud is an intentional action of corruption, omission and misappropriation to create loss or deceive a party. Fraud, today, is fast becoming an emerging threat to organizations, both small and big, due to technological developments and the vast consumer base operating online. Fraud Detection and Prevention (FDP) has thus become more important in the current scenario than it has ever been. Primitive methods of fraud detection have been replaced by sophisticated techniques involving statistical modelling and simulation, Machine Learning, Data Mining, supervised and unsupervised techniques; just as primitive hacking techniques have been replaced by sophisticated viruses, Trojans, spywares and other malwares. The purpose of FDP is increasing security, improving operational effectiveness and reducing monetary losses.

The industry is rapidly growing at a CAGP of 15.6% till 2018. Although North America occupies the largest market share in FDP, Asia-Pacific and Latin America have been seen to have the largest growth rate in the sector.

The application of FDP encompasses multiple sectors, such as BFSI, Insurance, Retail, telecommunication, Healthcare, Government etc. The BFSI, however, occupies the largest share of the FDP technology market. Addressing FDP encompasses a set of activities including creation of a controlled environment, Fraud Risk Assessment, Monitoring customer transaction and activities, detection of fraud and inconsistencies, sharing of information, communication and strategic consulting, in order to address the specific loopholes.

The company profiles of leading market players in the FDP domain. The profiles, overview, strategies, products and services, innovations, collaborations and other aspects that assess the competitive intelligence of SAS, IBM, FICO, Fiserv, Experian, EMC and CSC have been discussed extensively in the report.

SaiKiran Kadam is an Analyst working with Mordor Intelligence, a market research consulting firm which specializes in Market Research Consulting, Market Research Reports, Market Sizing Reports, Industry Research Reports.