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Fraud Detection & Prevention Market to Reach $252.7 Billion, Globally, by 2032 at 24.3% CAGR: Allied Market Research
The introduction of big data analytics, cloud computing services, and an upsurge in mobile payment drive the growth of the market.
PORTLAND, Ore., Sept. 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Fraud Detection & Prevention Market by Component (Solution and Service), Deployment Mode (On-Premises and Cloud), Organization Size (Large Enterprises and Small and Medium-sized Enterprises) and Industry Vertical (BFSI, IT and Telecom, Retail, Healthcare, Government and Defense, Manufacturing, Transportation and Logistics and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “fraud detection & prevention market” was valued at $29.5 billion in 2022, and is projected to reach $252.7 billion by 2032, growing at a CAGR of 24.3% from 2023 to 2032.
The introduction of big data analytics, cloud computing services, and an upsurge in mobile payment drive the growth of the market. In addition, the rise in the adoption of banking & financial sectors across the globe fuels the growth of the market. Moreover, continuous technological advancements are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the high cost of fraud detection and prevention solutions limits the growth of the fraud detection & prevention market.
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The solution segment held the highest market share in 2022.
By component, the solution segment dominated the market in 2022, this dominance is driven by the increasing demand for advanced technological solutions that can effectively detect, monitor, and prevent fraudulent activities across various industries such as banking, e-commerce, and insurance. Solutions like AI-based fraud detection, machine learning algorithms, and behavioral analytics have become critical tools in identifying potential fraud in real time and reducing financial losses. However, the service segment is expected to witness the largest CAGR of 28.0%, this growth is driven by the increasing need for specialized services such as consulting, implementation, and maintenance to help organizations effectively integrate and optimize fraud detection solutions.
The BFSI segment held the highest market share in 2022.
By industry vertical, the BFSI segment accounted for the largest share in 2022. This is primarily due to the high frequency and sophistication of fraud targeting financial institutions, making fraud detection and prevention solutions a critical need in the BFSI sector. Financial transactions, online banking, and digital payments are particularly vulnerable to cyberattacks, phishing schemes, and identity theft, driving the sector’s substantial investment in advanced fraud detection technologies. However, the retail segment is expected to witness the largest CAGR of 32.7%. This anticipated growth is driven by several factors. Retailers are increasingly targeted by fraudsters due to the high volume of transactions and the sensitivity of customer data involved. As e-commerce and digital transactions expand, the need for advanced fraud detection and prevention solutions becomes more critical.
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Regional Insights: The North America region held the highest market share in 2022.
By region, the fraud detection & prevention market was dominated by North America in 2022. North America, particularly the U.S., has a highly developed financial and technological infrastructure that supports advanced fraud detection solutions. The region’s significant investments in cybersecurity and fraud prevention technologies, combined with a high incidence of cyber threats, drive continuous innovation and adoption of sophisticated fraud management systems.
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Key Industry Developments
- In February 2024, the U.S. Department of the Treasury announced that it has recovered over $375 million as a result of its implementation of an enhanced fraud detection process that utilizes Artificial Intelligence (AI) at the beginning of Fiscal Year 2023.
- In April 2024, Cognizant collaborated with FICO, to launch a cloud-based real-time payment fraud prevention solution powered by FICO Falcon Fraud Manager. The joint offering would leverage both firms’ artificial intelligence (AI) and machine learning (ML) technology to help banks and other payment service providers in North America protect their customers from fraud in the growing world of instant digital payments.
- In September 2022, Deutsche Bank collaborated with Visa, to help prevent online retail fraud. Merchants who process their e-commerce payments via Deutsche Bank can now use “Decision Manager,” an automated fraud detection system from Visa-owned company Cybersource.
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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
UN International Procurement Seminar Held in Asia for the First Time: A Collaborative Initiative Between the UN and Ningbo
NINGBO, China, Nov. 14, 2024 /PRNewswire/ — On November 13, the 2024 United Nations International Procurement Seminar (IPS) commenced in Ningbo, marking the first time this authoritative, high-profile and professional conference has been held in Asia. The event brought together 50 senior procurement officials and representatives from 16 UN agencies, alongside over 200 supplier representatives from both domestic and international markets.
The selection of Ningbo as the venue prompts the question of why the UN chose Asia, and specifically China, for this significant event. A representative from the UN Development Programme (UNDP) office in China encapsulated the sentiment with the phrase “mutual engagement.”
In recent years, the total value of UN procurement has steadily climbed, reaching as high as $29.6 billion. Traditionally, the IPS has been held primarily in Europe three times a year. As the UN seeks to innovate its procurement methods and achieve sustainable development goals, it has increasingly turned its attention to China.
“China has a diverse industrial landscape, offering high-quality products and services at competitive prices. By increasing its procurement of Chinese goods, the UN can enhance the efficiency of its funding use, allowing more developing countries to benefit from UN development aid projects. This aligns with our mutual interests,” noted an official from the Ministry of Commerce’s Department of International Trade and Economic Relations.
Ningbo has consistently emphasized the importance of UN procurement, organizing various initiatives for local enterprises to engage in UN procurement activities in recent years. In September last year, the city hosted the China (Ningbo) UN Procurement Promotion Conference, helping nearly 110 companies successfully register on the official United Nations Global Marketplace (UNGM) website.
Following this event, the UNDP office in China expressed gratitude, recognizing Ningbo’s thriving manufacturing and foreign trade service sectors as having substantial potential to provide innovative solutions for UN procurement. “Ningbo serves as both a catalyst and a bridge, linking China with the world and the UN,” stated Neris M. Baez, Director of the UN Secretariat Procurement Division.
The UN procurement system offers several advantages, including duty exemptions, low exchange rate risks, market stability, and avoidance of trade barriers. These factors can assist in opening markets in countries and regions involved in the Belt and Road Initiative, generating potential benefits and spillover effects.
“China possesses a comprehensive and robust industrial and supply chain and is a globally influential logistics hub. However, we currently lack the necessary channels to connect with international high standards. The key to expanding institutional openness lies in mastering international high-standard trade regulations,” emphasized a representative from the Ningbo Committee of the China Council for the Promotion of International Trade.
If this seminar enables participants to become familiar with international high-standard trade regulations, it could establish a robust support system for engaging in UN procurement. This would create new opportunities in the international public procurement sector, empowering enterprises to secure more international orders through the UNGM website. From this perspective, the seminar represents an important “icebreaking journey.”
Contact: Sun Jiali
Tel.: 0086-18069269225
E-mail: [email protected]
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Fintech PR
Blockchain for Good Alliance Hosts Web3 Oscar, Celebrating Innovators Advancing UN’s Sustainable Development Goals
DUBAI, UAE, Nov. 14, 2024 /PRNewswire/ — The highly anticipated Web3 Oscar, a prestigious event hosted by the Blockchain for Good Alliance (BGA), celebrating blockchain projects driving real-world impact aligned with the UN’s 17 Sustainable Development Goals (SDGs). Industry leaders gathered in Bangkok to honour innovators shaping a sustainable future.
The event was part of BGA’s November lineup, featuring two major initiatives for global change through blockchain: the Sustainable Innovation Summit and the Web3 Oscar Awards.
Sustainable Innovation Summit: A Hackathon for Social Impact
Held from September 9 to November 11, 2024, the Sustainable Innovation Summit hosted a hackathon with a $100,000 prize pool, inviting participants worldwide to create blockchain solutions addressing key issues such as poverty, clean water access, and gender equality. The summit concluded with a Demo Day at the Grand Hyatt Erawan in Bangkok, where finalists showcased their projects to blockchain pioneers, investors, and industry leaders, with opportunities for incubation support and equity-free funding.
Rising Stars
In a cinematic presentation style, 10 shortlisted projects from across the globe, participating in the Sustainable Innovation Summit’s 17 SDGs Challenge, took the stage. Each team presented their blockchain solutions to address sustainability challenges, telling the story of a “hero” confronting a global crisis (one of the 17 SDGs), with blockchain as the “tool” they wield for change.
Winners for the 17 SDGs Challenge:
- 1st Place: Grand Social Impact Award 🥇 EthicHub
- 2nd Place: Outstanding Social Innovation Award 🥈 Plastic Odyssey
- 3rd Place: Emerging Impact Award 🥉 ResearchHub
Rising Star Awards (top 10 projects, in no specific order):
- Wavy Health
- LAKE (LAK3)
- KulaDAO
- erable°
- arkreen
- UCO Network
- Edu3Labs
Web3 Oscar Awards: Honouring Leaders in Blockchain for Social Good
Coinciding with the hackathon’s Demo Day on November 11, the BGA Web3 Oscar Award recognizes individual contributions to blockchain for social good across three categories, with up to 7 total winners.
Each category highlights individual efforts aligning with BGA’s mission.
The Collaboration Bridge Award honours individuals who have played a vital role in guiding the strategic direction of the Blockchain for Good Alliance (BGA). This year’s recipients are:
- Harn, CEO of Trigger Asset Management
- Mariana de la Roche Wills from INATBA (International Association for Trusted Blockchain Applications) and de la Roche W. Consulting
The Public Welfare Contribution Award celebrates individuals who have harnessed #BlockchainForGood. This award was presented to:
- BreeAnne Yek, Consultant at The Verdant Room
- Milica Dimitrijevic from Positiveblockchain.io
These individuals have demonstrated remarkable dedication, guidance, and pioneering work, significantly advancing the mission of the Blockchain for Good Alliance (BGA) in promoting sustainable development through blockchain technology.
In her closing remarks, Helen Liu, Co-founder and COO of Bybit and founder of BGA, explained how blockchain can bring people together to make a real difference worldwide. Her vision for leveraging blockchain to create worldwide impact was both inspiring and forward-thinking.
About Blockchain for Good Alliance (BGA)
The Blockchain for Good Alliance (BGA) is a long term collaborative non-profit initiative with key partners with the main aim to contribute to societal good by using blockchain technology to solve real world problems. By convening leaders, innovators, and organisations from across the blockchain community, BGA seeks to drive innovation, collaboration, and action towards a more sustainable and equitable world.
For more information
Email: [email protected]
Website: www.blockchainforgood.xyz
Twitter: www.twitter.com/chainforgood
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Fintech PR
Volante Technologies launches real-time payments intelligence solution for financial institutions
Volante Payments Intelligence gives all stakeholders a deep, accurate assessment of business performance, driving increased operational efficiency, time-to-market, internal innovation, and business growth
NEW YORK, Nov. 14, 2024 /PRNewswire/ — Volante Technologies, the global leader in Payments as a Service (PaaS), today announced the launch of Volante Payments Intelligence, a powerful new solution that offers financial institutions unparalleled visibility and operational control over their payments business. A modular component of the Volante Payments Platform, the solution enables banks to better understand their payments operations, simplifying decision-making while improving business performance.
Volante Payments Intelligence addresses the increasing volume and complexity of the payments landscape, driven by the proliferation of real-time payments, the adoption of ISO 20022, and the digitization of payment flows. The new offering harnesses historical and real-time payments data, delivering actionable intelligence that helps banks strategically plan, optimize operational efficiency, and accurately track performance.
As noted in the 2024 Corporate Banking IT Pressures & Priorities report from Celent, 60% of banks plan to increase migration of business-critical applications to the cloud by the end of 2025. Payments modernization now ranks as a top priority for corporate banks globally, signifying the need for solutions that provide intelligence across stakeholder viewpoints, streamline modernization efforts, and simplify operations.
“In a world where the volume and complexity of payments is increasing, operational resilience and efficiency are more important than ever. Managing through this requires banks to have instant insight into payment flows, operational performance, and the ability to quickly address issues,” said Gareth Lodge, Principal Analyst at Celent.
Volante Payments Intelligence reduces the time banks spend on manual reporting and allows them to prioritize operational efforts more effectively, staying ahead of regulatory demands. With enhanced observability, users can achieve more precise performance tracking, improving their ability to mitigate risks and adapt to market changes.
As financial institutions navigate an increasingly regulated environment, Volante Payments Intelligence offers critical tools to support resilience and compliance. The solution’s integration into existing systems and ease of deployment in private or hybrid cloud environments or as part of Volante’s PaaS offering ensures that institutions can start seeing results immediately.
“We developed Volante Payments Intelligence as a transformative solution, crafted in close collaboration with a diverse range of our customers to address a critical gap no other platform could fill: Delivering actionable, measurable, and personalized business intelligence in real-time,” said Deepak Gupta, EVP, Product, Engineering & Services, Volante Technologies.
“Payments Intelligence doesn’t just bridge the shortcomings of existing intelligence solutions; it redefines what business intelligence can achieve, empowering Volante customers, from small enterprises to global institutions, to unlock new heights in their operational efficiency and strategic growth. This continues Volante’s track record of, and our valued commitment to, driving time-to-market speed, innovation, and business growth for our customers,” concluded Gupta.
Volante plans to continue its innovation drive within Payments Intelligence through the addition of advanced dashboards to provide operators, managers, and executives with a more complete view of their payments business. By adding exception management, payment controls, and new AI-driven capabilities, financial institutions will be able to monitor and identify market dynamics more effectively.
For a deeper dive or to schedule a demo, visit volantetech.com/payments-intelligence.
On behalf of Volante Technologies:
Americas
Julian Byrne
anthonyBarnum
Public Relations
Tel. +1 (512) 665-9258
[email protected]
EMEA
Assyria Graves
Hard Numbers
Tel: +447507870214
[email protected]
[email protected]
About Volante Technologies
Volante Technologies is the trusted cloud payments modernization partner to financial businesses worldwide, giving them the freedom to evolve and innovate at record speed. Real-time native, API enabled, and ISO 20022 fluent, Volante’s Payments as a Service and underlying low-code platform process millions of mission-critical transactions and trillions in value daily. Volante’s customers include four of the top five global corporate banks, seven of the top ten U.S. banks, and two of the world’s largest card networks. Learn more at www.volantetech.com and linkedin.com/company/volante-technologies.
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