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Fraud Management in Banking Market to Reach $ 48.4 billion, Globally, by 2032 at 22.6% CAGR: Allied Market Research
Rise in the adoption of online banking applications and & mobile banking services and an increase in incidences of financial fraud boost the growth of the global fraud management in the banking market. In addition, the increase in the use of digital transformation technology positively impacts the growth of fraud management in the banking market.
PORTLAND, Ore., Nov. 21, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Fraud Management in Banking Market by Component (Solution, and Service), Fraud Type ((Payment Fraud, Loan Fraud, Identity Theft, Money Laundering, and Others), and Application (Fraud Detection and Prevention Systems, Identity and Access Management (IAM), Customer Authentication, Transaction Monitoring, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global fraud management in banking market was valued at $6.5 billion in 2022, and is projected to reach $48.4 billion by 2032, growing at a CAGR of 22.6% from 2023 to 2032.
(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)
- 130 – Tables
- 69 – Charts
- 269 – Pages
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Prime determinants of growth
Rise in the adoption of online banking applications and & mobile banking services and an increasing increase in incidences of financial fraud augment the growth of the global fraud management in the banking market. In addition, the increase in the use of digital transformation technology positively impacts the growth of fraud management in the banking market. However, the rise in incidents of false positive rates and growing fraud complexity are hampering fraud management in the banking market growth. On the contrary, the rise in innovations in the Fintech Industry is expected to offer remunerative opportunities for the expansion of fraud management in the banking market during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$ 6.5 billion |
|
Market Size in 2032 |
$ 48.4 billion |
|
CAGR |
22.6 % |
|
No. of Pages in Report |
269 |
|
Segments covered |
Component, Fraud Type, Application, and Region. |
|
Drivers |
The rise in adoption of online banking applications and mobile banking services. Increasing incidences of financial fraud Increase in use of digital transformation technology |
|
Opportunities |
Rise in Innovations in the Fintech Industry |
|
Restraints |
Growing incidents of false positive rates Rise in fraud complexity |
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COVID-19 Scenario
- Fraud management in the banking market has witnessed significant growth in the past few years, and even in the wake of the pandemic, the demand for fraud management in banking increased dramatically. This is attributed to the growing need for fraud management in banking among enterprises to enhance their employees’ internet needs.
- In addition, an increase in work-from-home offered by numerous organizations to protect their employees during the COVID-19 pandemic, led to the requirement of high-speed internet connectivity among individuals. This, in turn, is expected to drive market growth during the forecast period.
The service segment to maintain its leadership status throughout the forecast period.
By component, the solution segment held the highest market share in 2022, accounting for more than two-third of the global fraud management in banking market revenue, as it provides personalized services, accelerates throughput, and reduces operational costs. However, the wireless segment is projected to manifest the highest CAGR of 9.8% from 2023 to 2032, These services reduce management concerns efficiently with personalized assistance and optimized performance development.
The payment fraud segment to maintain its leadership status throughout the forecast period
By fraud type, the payment fraud segment held the highest market share in 2022, accounting for more than one-third of the global fraud management in banking market revenue, owing to the increasing incidence of fraud payments. Many key players are coming up with new technologies including Artificial Intelligence and Machine learning. However, the money laundering segment is projected to manifest the highest CAGR of 25.9% from 2023 to 2032, owing to the surging usage of virtual currencies and growing penetration of the internet, which foster the adoption of fraud management in the banking market in the healthcare segment.
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Asia-Pacific maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global fraud management in banking market revenue, owing to rise in adoption of fraud management in banking in small & medium enterprises to ensure effective flow of financial activities. However, the Asia-Pacific region is expected to witness the fastest CAGR of 25.3% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to the growing adoption of web-based and mobile-based business applications in the sector of banking.
Leading Market Players: –
- IBM Corporation,
- SAS Institute Inc,
- SAP SE,
- NICE Actimize,
- ACI Worldwide Inc,
- Experian PLC,
- BAE Systems,
- FIS global,
- LexisNexis Risk Solutions,
- BioCatch Ltd,
The report provides a detailed analysis of these key players of the global fraud management in banking market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Fintech PR
Markel appoints April Tam as Senior Underwriter, PFR & Cyber and Head of Financial Institutions, Asia
SINGAPORE, Sept. 19, 2024 /PRNewswire/ — Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), is pleased to announce the appointment of April Tam as Senior Underwriter, Professional Financial Risk (PFR) & Cyber and Head of Financial Institutions in Asia. This strategic hire is integral to advancing Markel’s profile and reinforcing its leadership position in the PFR sector.
In her new role, Tam will be instrumental in strengthening Markel’s Financial Institutions proposition in Asia. Working in collaboration with the regional underwriting team across Asia, Tam will focus on driving continued profitable growth of the company’s PFR book and ensuring its scalability and diversification. She will also be responsible for forging strong relationships with insurance brokers, clients and partners in the region.
Tam joins Markel from Allianz Commercial, where she was most recently employed as Financial Institutions Practice Leader, Asia. Prior to joining Allianz Commercial in 2018, Tam gained expertise at Zurich Insurance Group. With more than 12 years’ experience in Financial Lines underwriting, Tam brings a wealth of expertise, broker relationships and a proven track record to Markel.
Based in Hong Kong, Tam will report to Kevin Leung, Chief Underwriting Officer, Asia Pacific.
Leung commented: “I’m excited to welcome April to our team in Hong Kong. Her extensive experience and deep understanding of Financial Lines underwriting will be of huge importance as we continue to expand and enhance our PFR offerings. I’m confident that April’s expertise and strong networks will significantly help to contribute to our strategic objectives and strengthen our position in the Asia market.”
About Markel
We are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within Markel Group Inc. (NYSE: MKL), we operate the Markel Specialty, Markel International, and Markel Global Reinsurance divisions, as well as State National, our portfolio protection and program services operations, and Nephila, our insurance-linked securities operations. Our broad array of capabilities and expertise allow us to create intelligent solutions for the most complex risk management needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.
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Australian property developer and operator to utilise innovative cloud platform for construction and investment accounting
SYDNEY, Sept. 18, 2024 /PRNewswire/ — Apt.Residential, an owner, developer and operator of residential properties in Australia, has chosen Yardi’s single connected platform to support growth, connect teams and manage capex projects and build.
With Yardi®, Apt.Residential can manage its funds and simplify complex financial processes, mitigate risk and deliver real-time insights into projects. The platform provides more visibility from investor to asset and delivers enhanced and accurate reporting. The company can access live data for costing, expenses, and revenue on all projects, from ground-up development to single-unit improvements and will allow Apt.Residential to grow the volume of units within BTR once they have operational units.
“We wanted to find the best platform for BTR that would support growth, streamline management of capex projects and handle our complex accounting,” said Michael Hogg, co-founder & head of operations for Apt.Residential. “Yardi’s single integrated platform was the best solution as it ensures our team can connect on one system and not worry about integrations or using multiple platforms.”
“We’re excited to work with Apt.Residential and support its growth as the company expands its BTR projects,” said Neal Gemassmer, vice president and general manager for Yardi. “Our connected platform will help Apt.Residential enhance communication and set them up so they’re ready to operate once development has completed.”
See how Yardi’s end-to-end technology can help drive your digitalisation strategies.
About Apt.Residential
Apt.Residential is a leading vertically integrated owner, developer, and operator of residential properties in Australia backed by global institutional capital. The company develops residential communities where wellbeing and connectedness come first. Its human-centric approach allows Apt.Residential to shape places for people who crave comfort, community, and elevated living. For more information, please visit aptresidential.au.
About Yardi
Celebrating its 40-year anniversary in 2024, Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,500 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energised for Tomorrow, visit yardi.com.au.
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Fintech PR
NewCo Capital Group Continues Global Expansion as 2024 Milestones Set The Stage for an Ambitious Q4
NEW YORK, Sept. 18, 2024 /PRNewswire/ — As Q4 fast approaches, NewCo Capital Group (“NewCo”) and Australia-based Bizcap are finalizing year-end initiatives to strategically position both companies for an ambitious expansion in 2025.
Both companies have celebrated a highly successful 2024, marked by remarkable and accelerated growth. This momentum has been driven by Bizcap’s unique Line of Credit product, NewCo’s introduction of their “Line of Capital” product and the launch of NewCo’s new mobile app. CEO Albert Gahfi emphasized the importance of closing 2024 on a high note to set the stage for future growth. “We’ve had an exceptional year so far, but our focus is on what comes next. We’re building the foundation for 2025 and beyond, ensuring that NewCo and Bizcap are positioned for continued global expansion.”
The plan for Q4 includes deepening their presence in existing markets while making calculated moves into new territories, including Singapore, Germany, and Luxembourg. “There are new opportunities in emerging markets that are currently underserved, where we believe we can make a significant impact. As a result, 2025 promises to be an exciting year for SMB financing globally.”
By reinforcing their operational and technological infrastructure, the companies are preparing to meet the demands of a rapidly evolving global financing landscape. “2024 has been a year of strong growth, but we’re not stopping here,” Gahfi said. “We are focused on delivering innovative financing solutions that not only meet the needs of today but also anticipate the demands of tomorrow. As we head into 2025, we’re ready to expand our reach and provide even more businesses with the capital they need.”
Part of a multinational collaboration, NewCo and Bizcap have successfully deployed over $1.5 billion to over 35,000 businesses worldwide. Gahfi commented, “We’re moving capital faster and more effectively than any other sector and our clients are benefiting from that growth.”
NewCo’s strength lies in its ability to adapt quickly, using a unique mix of proprietary technology, nuanced underwriting, and an experienced risk management team. The companies’ hybrid approach is challenging outdated financing models, making NewCo a preferred partner for SMBs looking for custom capital solutions that truly fit their needs.
“We’re not just growing; we’re leading,” Gahfi added. “As we expand globally, our goal remains the same—helping small businesses scale, create jobs, and thrive.”
With a clear strategy and a relentless focus on delivering value, NewCo Capital Group is primed to deepen its market influence and capitalize on emerging opportunities. As the company prepares for its next wave of market entries, Q4 will serve as a pivotal launchpad for an even more ambitious 2025, setting the stage for continued growth and global leadership.
For more information, visit www.NewCoCapitalGroup.com.
Contact:
NewCo Capital Group
Email: [email protected]
Website: www.NewCoCapitalGroup.com
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