The rising concerns about mobile payment frauds have led to the widescale adoption of fraud detection and prevention solutions, worldwide. With online transactions through mobile devices outnumbering the transactions through desktop devices, fraudulent activities have increased significantly. Nowadays, cybercriminals are using desktop-based mobile emulators that enable them to mimic different iOS and Android devices.
The growing incidence of mobile transaction fraud will, therefore, drive the fraud detection and prevention market at a high CAGR of 15.1% during the forecast period (2019–2024). Among these, the digital ad frauds category is set to witness the fastest growth during the forecast period owing to the high penetration of social media platforms, which serve to trap users into fraudulent plans.
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The market value is expected to reach $47,903.1 million by 2024 from $20,614.4 million in 2018. Under the threat type segment, the categories of the fraud detection and prevention market are into account takeover and scanning, content integrity scamming, digital ad frauds, price scraping, wire and automated clearing house (ACH) frauds and card cracking, new account frauds, acquirer and merchant frauds, phone call frauds, and others, including app denial of service and application programming interface (API) abuse.
According to P&S Intelligence, Asia-Pacific (APAC) will exhibit the fastest growth in the adoption of such solutions in the foreseeable future. Businesses in APAC have started accepting biometrics and other advanced analysis methods to reduce the number of fraudulent activities. Enterprises are rapidly adopting voice recognition, facial recognition, and innovative AI solutions to secure consumer data. Moreover, the increasing investments in modern technologies like biometrics, robotics, AI, and ML in India and China will facilitate the utilization of fraud detection and prevention systems in the future.
The growing incidence of mobile transaction fraud will, therefore, drive the fraud detection and prevention market at a high CAGR of 15.1% during the forecast period (2019–2024). Among these, the digital ad frauds category is set to witness the fastest growth during the forecast period owing to the high penetration of social media platforms, which serve to trap users into fraudulent plans.
Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/fraud-detection-and-prevention-market/report-sample
The market value is expected to reach $47,903.1 million by 2024 from $20,614.4 million in 2018. Under the threat type segment, the categories of the fraud detection and prevention market are into account takeover and scanning, content integrity scamming, digital ad frauds, price scraping, wire and automated clearing house (ACH) frauds and card cracking, new account frauds, acquirer and merchant frauds, phone call frauds, and others, including app denial of service and application programming interface (API) abuse.
According to P&S Intelligence, Asia-Pacific (APAC) will exhibit the fastest growth in the adoption of such solutions in the foreseeable future. Businesses in APAC have started accepting biometrics and other advanced analysis methods to reduce the number of fraudulent activities. Enterprises are rapidly adopting voice recognition, facial recognition, and innovative AI solutions to secure consumer data. Moreover, the increasing investments in modern technologies like biometrics, robotics, AI, and ML in India and China will facilitate the utilization of fraud detection and prevention systems in the future.
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