According to the latest report by IMARC Group “Financial Fraud Detection Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global financial fraud detection software market is expected to exhibit a growth rate (CAGR) of 14.7% during 2023-2028.
What is Financial Fraud Detection Software?
Financial fraud detection software (FFDS) refers to an advanced tool that monitors and evaluates risk levels associated with monetary transactions, including electronic payments made online. It comprises fraud and consumer analytics, multi-factor authentication, reporting, and visualization. It detects and prevents fraudulent activities to minimize losses. Since it provides a range of features, such as correlation analysis and threat detection, that reduces the time taken to identify and manage potential risks, FFDS is gaining immense traction across the globe.
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What are the growth prospects and trends in the financial fraud detection software industry?
The global financial fraud detection software market is primarily driven by a rising number of cyberattacks and fraudulent activities. Moreover, the increasing use of FFDS by organizations across the banking, financial services, and insurance (BFSI) sector to combat a broad range of fraudulent activities and safeguard sensitive customer data due to the shifting trend toward online banking services is positively influencing the market growth. Additionally, the surging adoption of FFDS to detect and prevent incidents, such as money laundering, bank check forgery, and card-related scams, has catalyzed market growth. Furthermore, the rising integration of FDDS with big data, data analytics, predictive modeling, and deep learning technology to improve access control, caching, bot detection and enforcement, malware detection, threat intelligence, and application program interface (API) is contributing to the market growth. Other factors, including ongoing research and development (R&D) activities, rapid digitization of the banking sector, and technological advancements in IT infrastructure, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Identity Theft
- Wire Transfer Frauds
- Claim Frauds
- Money Laundering
- Subscription Frauds
- Credit and Debit Card Frauds
Breakup by End User:
- BFSI
- Healthcare
- IT and Telecommunication
- Manufacturing
- Educational Institutions
- Government
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- ACI Worldwide Inc.
- BioCatch
- CipherCloud Inc. (Lookout Inc.)
- Experian Information Solutions Inc (Experian plc)
- Kount Inc
- Oracle Corporation
- Riskified Ltd.
- SAS Institute Inc
- Signifyd Inc.
- Thales Group
- ValidSoft.
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