Fraud detection and prevention market expected to grow by 25 per cent
Thursday, April 09, 2020
According to a new report by Proficient Market the global fraud detection and prevention market was valued at $20.6 billion last year and is expected to reach $139.8 billion by 2027 growing at a CAGR of 25.2 per cent from 2020 to 2027.
Fraud detection and prevention helps organisations analyse suspicious behaviour and identify criminal activity, such as internal employee fraud including embezzling and customer fraud such as identify theft leading to the fraudulent obtainment of credit, products and services. It is also used to prevent cybercrimes including account stealing, ransomware, email hacking, DDoS attacks, phishing and credit card theft which result in significant losses.
It is unsurprising that the market is growing rapidly given the latest statistics around identity theft, which show that it is the one of the fastest growing crimes across the globe. In the US the FBI says that every three seconds, an identity is stolen. That’s 35,000 every day and more than 15 million every year. In the UK CIFAS (the Credit Industry Fraud Avoidance Scheme) reports that there were almost 190,000 incidents of identity theft last year. Eight out of ten of these cases occurred online. This is a one per cent rise on the previous year and a massive 125 per cent rise over the course of the last decade and a new report out this week shows that four in ten people in India have fallen victim to identity theft – although this number is expected to be much higher as this figure only includes reported and identified cases.
The Proficient Market Report cites the rise of global ID theft as well as the demand for electronic and digital payment methods, increasing frequency of cyber-attacks, surge in deployment of AI and big data analytics and mobile banking as being the key drivers of growth for the industry.
North America currently has the largest market share, followed by Europe (particularly the UK) and China.
Halo is a specialist UK fraud prevention product that has been developed specifically to help organisations identify deceased individuals following the rise in deceased identity fraud, which occurs when someone steals the identity of someone that has passed away and uses it themselves fraudulently. For instance to apply for mortgages, purchase mobile phones, take out credit cards, continue to collect pension payments etc. For further information on how to identity deceased identity fraud please don’t hesitate to contact us.
For further information on the proficient market report, a copy of the full research can be accessed here: https://proficientmarket.com/report/1162/global-fraud-detection-and-prevention-market