Fraud is one of the major threats in today’s world. Many attempts have been placed to prevent fraud in every field across the world. Keeping the urgent need in mind, the fraud detection and prevention solution has been built. The constant growing the criminal activities, as well as the complexities of terrorism, can be destroyed by using this technology. There is a huge advantage in the usage of this technology in this critical landscape. The fraud detection and prevention solution is used in different areas of business and government activities. Let’s have a look at its usage in the different sectors.
It is used in banking, insurance, legal matters, and so on. The banking sectors have observed in recent times the card stolen cases as well as stolen the number of credit cards.
There are different analytics and techniques have been performed in the fraud detection and prevention solution. For instance, predictive analytics and big data analytics are one of the most used techniques to identify the fraud and culprit associated with these accomplishments. The enterprises are generally assisted by predictive analytics. The predictive analytics enables the organization to identify the ongoing threat as well as the possibilities of the threat of fraud in the organization. It also gives the organization signal about the possibilities of fraud in the bank debit/credit card, insurance, and other forms of organization.
On the other hand, the big data analytics helps the organization from being affected by the fraud. The big data is advanced level of analytics. The solution also helps the organization to identify the problem as fast as possible. Overall, the managers of the organization need to aware all the time for preventing fraud by using this technology.
The market is classified into product and application. As the demand for such technology is in huge demand, so every country has adopted and inducted it in their systems. It can be split into fraud analytics, GRC solution, Authentication. On the other hand, the solution can be split into healthcare, manufacturing, energy and power, government sector, and telecommunication.
Geographical market classification
As mentioned earlier that almost all the major countries have already adopted this technology and placed it in their system. Let’s have a view on the list of countries which have adopted this system already. It is seen that those countries where fraud takes place have adopted this technology to save the people from being robbed.
India, China, Japan, USA, UK, most of the European countries, and South Asian countries.
Many prominent players are already in generating such technology. Many of the companies are known to you, whereas many companies recently set their foot in the industry. Let’s have a look at the major players.
IBM, SAS Institute, Fiserv, Oracle, FICO, LexisNexis, BAE Systems, and many more.
As per the report published in 2019, the companies such as FICO, IBM, Oracle, SAS Institute are dominating the market with this technology.
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