Trend 2020: Fraud Detection and Prevention Market Reaching Newer Heights with Newer Advances
Pune, Maharashtra,India, November 5 2020 (Wiredrelease) Origius Systems Private Limited –:The fraudulent activities are on the rise with the progressive global outlook and technological advancements. Everything has gone online from banking transactions to data storing and online shopping. The popularity and acceptance of innovative technologies and complex organizational structure has made the global and business corporations susceptible to deceitful activities. According to a 2014 research by Global Nation, organizations loses 5% of its annual revenue due to fraudulent activities, of which 85% of cases committed by internal employees.
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Factors Enhancing the Growth of the Market
The huge number of online and mobile banking services has elevated the ways people take care of their finances. However, it has also given rise to the unethical practices such as data theft or information fraud.
Online shopping is another way of splurging money for urban people in recent time which has made it the great hub for cyber hackers and frauds. Many fraudulent activities are being recorded over the years in the eCommerce field.
These are the reasons, companies are adopting fraud detection & prevention software to meet the security needs and nullify the risk of data breach. Fraud detection & prevention software needs enough time to detect and prevent these fraudulent deeds.
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One of the main benefits of fraud detection & prevention is that while integrated with complex event processing engines, the users can detect the restricted online traffic on their website. However, fraud detection & prevention software also controls and forbids different types of fraudulent activities through a mixture of historical analysis of customer behavior and real-time transaction data. These are, precisely, the major attributing factors behind the growth of the global fraud detection & prevention market in the forecast period.
Recent News and Advances in the Industry
According to a recent report by Research Dive, the leading players of fraud detection and prevention market are IBM Corporation, Oracle Corporation, SAP SE, ACI Worldwide, SAS Institute Inc., Lavastorm, NCR limited, and Fair Issac Corporation and many more.
Unique and smart strategies are being developed by these market players to take the market to another height. The strategies include product innovation and launches, technology and product upgradation, mergers and acquisitions, and partnerships and collaborations.
The acquisition of Lavastorm by the data management provider Infogix has recently been on the news. Lavastorm Server assimilates data with operational ETL. The users are then allowed to scale their applications via extensible nodes.
In July 28, 2020, ACI Worldwide, a leading real-time electronic payment and banking solutions provider has made an announcement about a strategic conglomeration with Arvato Financial Solutions, a recent news states. The main purpose behind this partnership is to identify the rising incidents of eCommerce fraud during the Covid-19 crisis.
Another part of this collaboration is ACI’s Arvato Financial Solutions’ best-in-class Manual Order Review service offering to all its merchant fraud customers globally. By implementing the solution, the merchants across all sectors will be able to optimize their fraud management performance.
FICO, a global analytics leader has partnered with Whistic® with an aim to enhance the vendor risk management. This step is expected to bring together the prognostic power of the FICO® Cyber Risk Score and the hands-on competencies of the Whistic Platform. The integrated vendor risk management product offerings will be designed in a way which will benefits their customers. The partnership was announced on August 11, 2020.
Headquartered in Germany, Software AG is a leading player in fraud detection & prevention software market. The company is a provider of fraud detection and prevention apps. Complex Event Processing (CEP) engine was used to build these apps. This feature helps in increasing speed of fraud detection that can save $10 million of revenue in a large-scale industry.
The demand for fraud detection and prevention software has been increased since the work from home culture became the new normal in view of the COVID-19 outbreak. Since the big IT companies and corporations have changed their working culture, cybercrimes and fraudulent activities are on the rise. To protect the data from the cybercriminals or from their own unethical employees, the companies are adopting fraud detection and prevention software, which has become a major attributor to the growth of the global fraud detection and prevention market.
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