The global fraud detection and prevention market is expected to grow from US$ 26,511.84 million in 2021 to US$ 75,139.66 million by 2028; it is estimated to grow at a CAGR of 16.0% from 2021 to 2028.

The banking and financial services industries are early users of risk-prevention technology. Financial organizations are extremely vulnerable because of huge internet data exchanges. According to Facebook and BCG, India's online banking adoption rate is predicted to reach 150 million by 2022, thereby increasing the risk of fraudulent activity. As the use of digital banking grows, it is becoming increasingly vital for financial institutions to safeguard transactions against fraud. Financial institutions are now concentrating not just on financial risk mitigation but also on real-time fraud detection. With the emergence of pattern recognition, fraud detection systems are evolving. Machine learning technologies have given artificial intelligence a big boost in its ability to defend any system since ML can safeguard firms from insider fraud and spot any irregularities in persons who may leak data.

During the COVID-19 pandemic in 2020, fraudulent operations skyrocketed. According to the 2020 phishing report from F5, Inc., a US-based security solution provider, phishing occurrences have increased by 15%. Furthermore, the survey noted a huge increase in phishing attacks, which increased by 220% on a year-over-year basis. Hence, the fraud detection and prevention market is anticipated to propel during the forecast period.

In this COVID-19 environment, nation-wide lockdowns have widened the market for digital technologies. For several reasons, such as WFH, online transactions utilizing digital applications from their banks, or mobile/digital wallets, more than 60-70% of consumers now use one or more digital platforms. It has also provided an easy entry point for fraudsters and money launderers, as they can now hack into digital channels and obtain sensitive information. This has boosted the demand for fraud detection and prevention technologies.

A few key companies operating in the fraud detection and prevention market are Fiserv, Inc., Paypal, F5, SAP SE, SAS Institute Inc. The report also comprises secondary research work on other companies that hold a significant share in global fraud detection and prevention market.

The overall size of the fraud detection and prevention market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the fraud detection and prevention market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the fraud detection and prevention market.