Published on : May 03, 2017
Albany, New York, May 03, 2017: In recent years, with the latest technology at hand, fraud schemes are growing more sophisticated. Today’s financial institutions need a real-time automated system to detect fraudulent activities across multiple channels and millions of transactions a day. Hence, enterprises today invest in financial fraud detection software which integrates statistical and computational methods and big data analytics. A new study, focusing on the market size and future prominence of this rapidly growing market, titled “Global Financial Fraud Detection Software Market Size, Status and Forecast 2022” has been recently broadcasted to the online repository of Market Research Hub (MRH). The research study provides a clear understanding of the financial fraud detection software market by presenting historical data and estimated figures concerning the United States, Japan, China, EU, India and Southeast Asia.
This research report has provided an in-depth analysis of the market on the basis of its performance in the above major regions. For each regional segment, the market size for coming years has been analyzed which is based on revenue and growth for the forecast period of 2017 to 2022. The current trends in the overall market have also been analyzed and highlighted with the help of numerous analytical tools that have been used in the research.
In the first section, the research presents a precise industry overview of this software. It is well identified that financial fraud is now an issue with widespread consequences in the financial service industry, government, and corporate sectors. Financial fraud detection software supports in minimizing damages by reducing detection time, manage huge data sets and use correlation to identify fraud patterns or unusual behaviors. Fraud prevention and detection software must analyze each transaction in real time, searching for unusual patterns that may suggest fraudulent behavior and stopping transactions before fraud can occur.
Financial fraud happens in a multiplicity of ways and the intensity of loss occurred also ranges accordingly. In the next section, the market has been segregated by type and applications. Major types of detection software include identity theft, money laundering, wire transfer, credit/debit card fraud detection software and others. As per the findings, Emergence of e-banking and e-commerce, high adoption of IP-based services, and increasing revenue losses due to the fraudulent are some of the factors augmenting the demand for fraud detection software’s across the globe.
Based on application, the market of financial fraud detection software splits into educational institutions, financial enterprises, government and manufacturing sectors. Rise in online transactions frauds, cards related frauds and insurance claim frauds are the prime factors which are driving growth rates in banking and financial services, insurance and retail sectors. Moreover, the grow rates of each segment have also been included in the scope of the research report.
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Key players available in the market are Gemalto NV, CipherCloud, ACI Worldwide, SEKUR.me, Cellent Finance Solutions, SIGNIFYD Inc, Banker's Toolbox, Riskified Ltd., Safe Banking Systems, EastNets, VerafinTruth Technologies
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