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Fraud Detection Prevention Market Share

ID: MRFR//2199-CR | 212 Pages | Author: Shubham Munde| April 2023

Introduction: Navigating the Competitive Landscape of Fraud Detection and Prevention

In an era of rapid technological change and heightened regulatory scrutiny, the fraud detection and prevention market is gaining momentum. The industry is now characterised by a mix of established IT service and solution suppliers, new artificial intelligence (AI) companies and traditional IT suppliers. All are competing to be the leaders in this market, which is dominated by AI-driven analytics, automation and biometrics. These differentiators not only improve detection capabilities but also enhance operational efficiency, enabling the suppliers to respond quickly to changing customer expectations and regulatory demands. As organisations adopt more Internet of Things (IoT) solutions and green IT, the market is seeing a shift towards more sustainable and integrated fraud prevention strategies. The industry is also set to benefit from the growing importance of the Asia-Pacific and North American regions. Strategic deployments are expected to change the competitive landscape by 2024–25. C-level executives need to be aware of these developments to successfully navigate the complexities of this rapidly evolving market.

Competitive Positioning

Full-Suite Integrators

These vendors offer comprehensive solutions that combine a number of fraud prevention and fraud detection tools.

VendorCompetitive EdgeSolution FocusRegional Focus
PayPal Holdings Inc. Established payment platform with fraud tools Payment processing and fraud prevention Global
IBM Corporation Advanced AI-driven analytics capabilities Enterprise fraud management solutions Global
Oracle Corporation Robust database and analytics integration Fraud detection and risk management Global

Specialized Technology Vendors

These vendors offer niche products, which are focused on specific aspects of fraud detection and prevention.

VendorCompetitive EdgeSolution FocusRegional Focus
F5 Networks Inc. Application delivery and security expertise Web application security Global
Experian PLC Data-driven insights for risk assessment Identity verification and fraud detection Global
iovation Inc. Device-based fraud prevention technology Device identification and risk assessment North America, Europe
CardinalCommerce Corporation Strong focus on authentication solutions Payment authentication and fraud prevention Global
Distil Networks Inc. Bot detection and mitigation expertise Bot detection and web security Global
LexisNexis Risk Solutions Company Extensive data network for risk insights Fraud detection and identity verification Global
Accertify Inc. Comprehensive fraud management platform E-commerce fraud prevention North America, Europe

Emerging Players & Regional Champions

  • Provides a comprehensive digital trust and security platform, which uses machine learning to detect and prevent fraud in real time. Recently teamed up with a major e-commerce platform to help it fight fraud. Unlike the likes of Riskified, its solutions are more agile and flexible.
  • Forter, Inc., a fraud-prevention service for e-merchants. It uses a unique ID verification system. It has just signed a contract with a major travel-booking site and is now a strong competitor to traditional payment-processing companies.
  • Fraud.net (USA): Provides an artificial intelligence-driven fraud detection platform for enterprises. Recently launched their technology in a large financial institution, integrating it into legacy systems and thus challenging the likes of FICO.
  • Signifyd (US): This company focuses on e-commerce fraud protection with a strong emphasis on chargeback guarantee. It recently added a subscription-based business model, which could be disruptive to the traditional business models of established companies.
  • Kount (USA): Provides an artificial intelligence-based fraud prevention solution that emphasizes the customer experience. Kount recently forged a partnership with a large retailer to enhance its fraud detection. Kount positions itself as a challenger to legacy systems by focusing on the customer experience.

Regional Trends: In 2023, there is a considerable increase in the use of artificial intelligence and machine learning in North America and Europe, as a result of the search for more sophisticated methods to counter the evolving fraud. In the Asia-Pacific region, mobile payment fraud detection solutions are booming, in line with the rapid growth of e-commerce and digital transactions. There is also a growing trend towards integrating fraud detection and customer experience enhancement, so as to maintain customer confidence while reducing fraud losses.

Collaborations & M&A Movements

  • Experian and LexisNexis have joined forces to improve the fraud-detection capability of financial institutions and thus to enhance their competitive position in the market.
  • FICO has acquired the Fraud Detection Company Adeptra, which will strengthen its machine learning capacity. It is expected that this will increase its market share in the fraud prevention sector.
  • In order to improve the fraud detection process, SAS and Mastercard are developing advanced analytical solutions, which will enhance their position in the payment industry in the face of increased regulatory pressure.

Competitive Summary Table

CapabilityLeading PlayersRemarks
Biometric Self-Boarding NEC Corporation, Gemalto Using biometrics, NEC has installed automatic boarding gates at major airports, reducing waiting times and increasing passenger throughput. Its technology has proved its reliability and ease of use.
AI-Powered Ops Mgmt IBM, SAS In several fraud detection systems, IBM’s Watson has been integrated, enabling real-time analysis and prediction. In the case of SAS, machine learning has been proven to be very effective in detecting fraudulent patterns across different industries.
Border Control Thales Group, Vision-Box The Thales group’s border control solutions are based on the latest biometric verifications, enhancing security. In several countries, the automatic border control systems from Vision-Box have been successfully installed, enhancing both efficiency and the traveller’s experience.
Sustainability FICO, Palantir Technologies FICO’s fraud detection solutions are designed with a focus on resource conservation. Palantir’s data integration capabilities allow organizations to monitor and optimize their conservation efforts while fighting fraud.
Passenger Experience Airbus, Amadeus IT Group Airbus has developed solutions that simplify the traveller’s journey, while at the same time integrating fraud detection into the traveller’s experience. Amadeus is developing a new generation of products and services that improve the traveller’s experience through a personalised experience and at the same time prevent fraud.

Conclusion: Navigating the Fraud Detection Landscape

The Fraud Detection and Prevention Market in 2023 is characterized by high competition and significant fragmentation, with both the incumbent and newcomers vying for market share. The regional trends are characterized by a growing focus on localized solutions, as vendors adapt to the regulatory environment and the habits of local consumers. The incumbents are relying on their long-standing reputation and their data troves, while the newcomers are focusing on new technologies, such as artificial intelligence and automation, to distinguish themselves. Strategic implications for vendors include a need to invest in sustainable and flexible capabilities, as these will be critical to establishing a position of leadership in a rapidly evolving landscape. The vendors must focus on developing strategic alliances and acquiring technology to stay ahead of the competition.

Covered Aspects:
Report Attribute/Metric Details
Base Year For Estimation 2022
Historical Data 2019- 2021
Forecast Period 2023-2032
Growth Rate 22.71% (2023-2032)
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