Fraud is an illegal act which involves unjustifiably claiming something valuable. Financial Fraud is an issue with widespread consequences in the financial service industry, government, and corporate sectors. Hence financial institutions need a real- time automated system to detect fraud across multiple channels and transactions every day.
With the rise of big data analytics, traditional methods of fraud detection such as manual detection appear inaccurate and more importantly time consuming. Hence, enterprises today invest in financial fraud detection software which integrate statistical and computational methods and big data analytics. Fraud detection software is a solution which consists of a model built by machine learning methods and stream computing.
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Financial Fraud Detection Software Market: Drivers and Restraints
In recent years the development of new technologies has also provided numerous ways for criminals to commit fraud. Solutions such as cloud services, increased in preference of digital data make enterprises significantly vulnerable to fraud. This turns out to be a big driver for fraud detection software market.
Frauds are majorly committed for monetary benefits, resulting in considerable depreciation in the revenue of the organization. This has magnified the demand of financial fraud detection software in the enterprises being one important driver for this market growth.
The high cost of various machine learning and statistical analytics solutions is a challenge for this market causing hindrance to the growth of market.
Financial Fraud Detection Software Market: Regional Overview
North America emerges as the leader in the financial fraud detection software due to presence of large financial and healthcare enterprises in the countries such as USA and Canada. Companies such as Gemalto NV, SEKUR.me, CipherCloud, SIGNIFYD Inc., Riskified Ltd. are some of the majority software providers for financial fraud detection in USA.
European countries such as France, Greece and UK are also expanding their market and will see a good rate of growth in future in financial fraud detection software due to increase in crimes such as card fraud and identity fraud. Experian Information Solutions, Inc., AimBrain, ValidSoft, and Easy Solutions,Inc. are some key players in Europe’s fraud and authentication market.
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Regional analysis for Financial Fraud Detection Software Market includes development of the market in the following regions
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Nordic
- BENELUX
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- India
- ASEAN
- Rest of Asia Pacific
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