#Fraud #Detection #Prevention #Market #Booming
New Delhi, Oct. 14, 2022 (GLOBE NEWSWIRE) — Global fraud detection and prevention market is expanding due to the increasing use of fraud detection and prevention to meet security needs and an increase in the use of artificial intelligence (AI) and machine learning (ML).
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the size of global fraud detection and prevention market at USD 28.36 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects the size of global fraud detection and prevention market to grow at a CAGR of 22%, reaching a value of USD 110.17 billion by 2028. Money laundering, cybersecurity issues, tax evasion, false insurance claims, identity theft, and terrorist financing are all examples of fraudulent behaviors in financial institutions which occur in government, healthcare, public, and insurance sectors. To combat the growing number of fraudulent transactions, organizations are implementing modern fraud detection and prevention technologies as well as risk management strategies. However, organizations struggle with lack of qualified personnel who can prevent fraudulent activities, this, in turn, could challenge the market growth.
Global Fraud Detection and Prevention Market – Overview
Organizations can predict common fraud tactics, automate data cross-referencing, manually and continuously monitor transactions and crimes in real-time, and identify novel and sophisticated fraud schemes by using data analytics, fraud detection software and tools, and a fraud detection and prevention program. Several businesses have implemented modern fraud detection and prevention technologies, as well as risk management strategies, to combat the growing number of opportunities for fraud. These strategies employ adaptive and predictive analytics techniques, such as ML and AI, as well as big data sources and real-time monitoring.
The world is currently experiencing a…