Fraud Detection and Prevention and Anti Money Laundering Market by Vertical, Type, Geography - Global Trends & Forecasts to 2019

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Sep 01, 2015, 11:49 ET

NEW YORK, Sept. 1, 2015 /PRNewswire/ -- The banking, financial services & insurance vertical is one of the worst fraud-hit verticals. The primary reason behind this is the amount of transactions (both monetary and data centric), number of transactions, and technological advancements. As the volume of online and card-related transactions is increasing, the possibility of frauds has increased significantly. The vertical is faced with both internal and external fraud threats and the loss could lead to adverse effects on the economy. The vertical has implemented several technology-based solutions and is one of the early adopters of FDP solutions.

Fraudsters and hackers try newer and advanced technology-based solutions to hack into or access network and systems, which has led to the increase in banking and financial services providers, who invest heavily to keep their systems up-to-date and secure. In the insurance sector, most of the fraud cases are related to forged insurance claims, which amount to loss of billions of dollars. Thus, the adoption of FDP solutions is high in this segment. These claims are made on the basis of fake identities and fake incidents. Most common type of fraud incidents in this industry are related to healthcare insurance, property insurance, automobile insurance, and life insurance.

Small, medium and large enterprises have different effects on the FDP & AML market; and the main factors impacting the market are profiles of fraudsters, money or data associated with possible fraud incidents, IT spending budgets, and ability to manage massive data. Large enterprises are capable of handling massive database and can invest huge sums of money over IT solution deployments, whereas SMEs are restricted in terms of data management and spending capabilities. The losses are much larger in nature in the large enterprises segment and the fraudsters are generally associated with the same enterprises for a long time. In such cases, large enterprises are required to take effective and efficient anti-fraud measures. However, SMEs have a more relaxed approach as they consider themselves as a less possible target for the fraudsters; this mainly arises from the lack of awareness regarding frauds.

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