Fraud analytics software, is a hybrid approach to fraud detection and prevention, uses numerous techniques such as advanced analytics with embedded machine learning, artificial intelligence (AI) and combined with traditional detection method to identify more suspicious activity and unknown patterns. Moreover, it analyse each transaction in real time, and searching for unusual patterns that may suggest fraudulent behavior and stopping transactions before fraud can occur, as well as evolve and adapt over time.This growth is primarily driven by Increasing Use of Electronic Transactions, Rising Revenue Losses Due to Frauds and Increase in the Frequency and Sophistication of Cyber Frauds and Attacks.
Globally, a noticeable market trend is evident Increasing Use of Big Data Analytics and Artificial Intelligence in Fraud Detection
. Major Players, such as IBM (United States), FICO (United States), Oracle (United States), SAS Institute (United States), BAE Systems (United Kingdom), DXC Technology (United States), SAP (Germany), ACI Worldwide (United States), Fiserv (United States) and ThreatMetrix (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In August 2018, Fiserv added 2 new solutions to its FDP portfolio: step-up authentication and identity verification to minimize fraudulent activities in call centers.
California Consumer Privacy Act (CCPA) is passing a law for protection of data in United States which will be effective by January, 2020. It is expected to be country’s highest commendable security and privacy law.
- Increasing Use of Electronic Transactions
- Rising Revenue Losses Due to Frauds
- Increase in the Frequency and Sophistication of Cyber Frauds and Attacks
- Increasing Use of Big Data Analytics and Artificial Intelligence in Fraud Detection
- Introduction of Hybrid Analytical Techniques
- Lack of Skilled Security Professionals to Deal With Fraudulent Activities
- Dearth of Integration Capabilities in Developing Economies
Several Government Initiatives in the Use of Digital Technologies and Digital Banking for Payments
Increasing Difficulty in Detecting Fraudulent Activities at an Early Stage and High Cost Associated With Deploying Fraud Analytics Software
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