Market Report World, a research service specializing in creating reports that give companies data to inform their corporate planning, released a new report detailing the fraud detection and prevention market in 2020. The report shares new data about the global eCommerce fraud landscape. It includes information about companies, product types, and more.
“As a Detailed Analysis report, it covers all key attributes analysis and opinion for Fraud Detection and Prevention industry. The research provides strategically important competitor insights to formulate effective RandD strategies,” the company said in a press release. “Likewise, the report reviews key companies involved in Fraud Detection and Prevention and enlists all their major and minor projects.”
The press release states the global fraud prevention market is expected to reach over $31 billion by 2023, up from $12.37 billion in 2019. Increased adoption in traditional sectors like retail, as well as relatively new industries such as healthcare, and manufacturing, accounts for the increase.
In addition, a sharp rise in adoption within the banking sector is also driving growth. This is largely due to the steep increase in the number of worldwide eCommerce transactions. Detecting and preventing fraud is becoming increasingly difficult as the lucrative opportunities draw increasingly sophisticated fraudsters to share strategies and tactics in places like the dark web.
“The rise of online transactions is also helping SME owners to avoid huge costs of establishing centers in big cities,” the statement said. “Personalized banking services for customers, such as ATM kiosks, mobile banking, internet banking, and social media, are the driving forces for digital transactions.
The report also discusses eCommerce fraud prevention solutions. The statement highlights its research into the use of multi-factor authentication (2FA) — an increasingly essential technique used by organizations of all kinds to prevent fraud.
“Authenticating identities and privacy are becoming crucial tasks, which is why there is a growing adoption of multi-factor authentication services, as essential requirements in many organizations,” the statement said. “There are more than 10 million Google authenticator downloads from the Play Store.”
Finally, the report discusses fraud prevention solutions being rolled out by individual companies and organizations.