Fraud Detection and Prevention Market to Experience 21.8% CAGR during 2024-2032; Increased Mobile Banking and Online Applications to Bolster Market

The global fraud detection and prevention market size was USD 43.97 billion in 2023. The market is projected to grow from USD 52.82 billion in 2024 to USD 255.39 billion by 2032, exhibiting a CAGR of 21.8% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Fraud Detection and Prevention Market Size, Share & COVID-19 Impact Analysis, By Solution (Fraud Analytics, Authentication and Governance, Risk and Compliance), By Application (Insurance Claims, Money Laundering, Electronic Payment, and Others), By Deployment (On-Premise and Cloud), By Enterprise Type (Large Enterprises and Small & Medium Enterprises (SMEs)), By Industry (BFSI, IT and Telecom, Retail and Consumer Packaged Goods, Government, Construction and Real Estate, Energy and Utilities, Travel and Transportation, Manufacturing, Healthcare and Life Sciences, Media and Entertainment and Others), and Regional Forecast, 2024-2032”.

The market of fraud detection and prevention is expected to rise as a result of significant organizations' growing investments in offering fraud solutions across a variety of industries, including BFSI, healthcare, manufacturing, and others. Governments and end-user businesses invest in using improved fraud prevention technologies, including those in the U.S., India, Brazil, China, Germany, the U.K., and Brazil. Furthermore, the shifting focus of end consumers toward e-commerce platforms stimulates market expansion. The businesses in this sector concentrate on a number of commercial techniques to broaden their product offerings.

Demand for Cloud-based Solutions is Rising Across the Healthcare Sector to Support Growth

Due to growth in cybercrimes, payment fraud, insurance fraud, and other frauds, the adoption of fraud detection and prevention solutions grew in the second half of 2020 and beyond, according to the market size projection. Additionally, as the number of insurance claims submitted electronically has increased, fraudsters have had more opportunities to submit false insurance claims for services rendered by hospitals and governments.

Companies Develop Fraud Identifying Services to Help Customers

In June 2022, Fiserv, a provider of payments and financial services technology, and Advanced Fraud Solutions (AFS) partnered to enable Fiserv and financial institution customers to check risk-based fund availability, fraud detection, and decision procedures. This collaboration helped to prevent losses and identify fraudulent credits before they were approved.

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Expansion of Online Applications and Mobile Banking Services will Drive Market Expansion

The use of mobile banking services and internet applications is expanding quickly, which has resulted in a sudden rise in the quantity of phony websites and mobile applications. These websites and applications trick users into carrying out fraudulent online purchases by closely resembling real retail stores and home delivery services. Customers in the banking industry are increasingly relying on mobile applications for a variety of tasks, including making online payments, reviewing statements, filing complaints, and giving feedback, among others. These factors are expected to increase the global fraud detection and prevention market share.

The absence of specialists and a competent workforce in emerging nations to upgrade FDP solutions is anticipated to hamper the fraud detection and prevention market growth.

Competitive Landscape

Leading Companies' Emphasis on Creative Solutions to Bolster Competition

Experian Information Solutions Inc., BAE Systems, IBM Corporation, Uplexis, Fair Isaac Corporation, and ACI Worldwide are a few of the leading companies. These companies are market leaders who prioritize expanding their geographic reach and building their brands in emerging economies. Furthermore, to increase their market presence, these big businesses typically concentrate on partnering with and acquiring domestic competitors.

Notable Industry Development:

• January 2020 - IBM Corporation partnered with Qatar International Islamic Bank (QIIB). QIIB implemented IBM’s fraud solution based on AI platform to deliver cross-channel fraud prevention across banking and finance institutions

List of Key Players Profiled in the Report:

• IBM Corporation (U.S.)


• Uplexis (Brazil)


• Experian Information Solutions, Inc. (Brazil)


• Gemalto - Thales Group (France)


• ACI Worldwide, Inc. (U.S.)


• BAE Systems (U.K.)


• Fair Isaac Corporation (U.S.)


• Fidelity National Information Services, Inc. (U.S.)


• LexisNexis (U.S.)


• NICE Actimize Ltd. (Israel)

Further Report Findings:

• Apple Inc., Samsung Group, and other well-known mobile payment industry participants in North America are concentrating on introducing cutting-edge technology enabled mobile payment services built on fraud protection solutions.


• Players in the manufacturing industry are increasing their investments to embrace fraud prevention strategies in China, Japan, India, South Korea, Southeast Asian nations, and others. There are many different service providers of fraud protection systems in these nations.


• The Middle East & Africa (MEA) and South America markets are expected to experience strong market expansion.

Table of Segmentation