Security News > 2021 > October > Fraud detection and prevention market size to reach $62.7 billion by 2028

The global fraud detection and prevention market size is expected to reach $62.7 billion by 2028, registering a CAGR of 15.4%, according to ResearchAndMarkets.

Thus, to mitigate these frauds, while securing customer as well as business data, the demand for fraud detection and prevention solutions is anticipated to witness an upsurge over the forecast period.

Several government agencies, such as the Federal Financial Institutions Examination Council of the U.S. and the Serious Fraud Investigation Office of India, provided guidelines, programs, and standards to promote fraud defense among organizations and consumers.

Thus, the need to curb fraudster activities, secure personal information, and strengthen the security framework is expected to drive the adoption of fraud detection and prevention solutions among enterprises.

Fraud detection and prevention market report highlights An increase in the number of fraudulent activities reported worldwide and increased reliance on online transactions will create opportunities for market growth.

Cyber frauds becoming rampant at an alarming rate has led to the increased demand for fraud detection solutions to curb payment fraud incidences.

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