Fraud Prevention Market Is Big and Growing

According to a research report the global fraud detection and prevention market was valued at $17.33 billion in 2018 and will grow at a compound annual growth rate of 18.9% to 2025. Use of smart devices was anticipated to create new opportunities and make some other business processes obsolete, a prediction that was made before the pandemic accelerated the remote workplace trend. New technologies like AI, the Internet of Things (IoT), Artificial Intelligence, cloud computing, augmented reality and e-transactions have enhanced virtual platforms for the consumer, but cyberattacks, data breaches and identity thefts are cutting into the growth curve of organizations. Digital fraud is a major concern in e-commerce and health care, for example. When the report was issued, losses stemming from frauds accounted for 5 percent of the overall revenue of an organization. As digital fraud evolves and becomes more sophisticated, vital institutions and businesses are forced into adopting the latest strategies to make digital payments more secure. The adoption of customer-centric fraud prevention techniques has become one of the top priorities in business strategy. Investments in digital security will become a market differentiator in several enterprise areas.