Major players in the fraud hunters market are Experian Information Solutions Inc. , Oracle Corporation, IBM Corporation, FICO, Fiserv Inc. , FIS Inc, NCR Corporation, Fraud Hunter, Zoi, Equifax Inc. , Riskified, Sift, Signifyd, and Forter.
New York, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fraud Hunters Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06368527/?utm_source=GNW
The global fraud hunting market is expected to grow from $5.45 billion in 2021 to $6.40 billion in 2022 at a compound annual growth rate (CAGR) of 17.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The fraud hunting market is expected to grow to $12.19 billion in 2026 at a CAGR of 17.5%.
The fraud hunters market consists of sales of fraud hunters’ services by entities (organizations, sole traders, and partnerships) used to prevent, identify, and stop fraudsters and provide uninterrupted service to the customers through accurate application fraud prevention. The term "fraud hunters" refers to the process of screening and distinguishing authenticated data, such as customer application data, from fraudulent data, which can lead to various types of fraud.
The main types of fraud hunters are financial statement fraud, healthcare, insurance, banking fraud, consumer fraud, intellectual property fraud, and other types.Financial statement fraud refers to the intentional manipulation of a company’s financial statements, whether by exclusion or exaggeration, to give a false picture of the company’s financial situation, performance, or cash flow.
The various organisation sizes are SMEs and large organizations. These are used in defense, government, banks and financial institutions, and a variety of other settings.
North America was the largest region in the fraud hunt market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this fraud hunters market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The rise in intellectual and financial theft is expected to propel the growth of the fraud hunter market going forward.Intellectual theft refers to the moment of stealing creative expressions, inventions, symbols, or logos in the form of trade secrets, trademarks, copyrights, or patents that belong to a particular person or company.
Fraud hunters help web and mobile service owners monitor users’ usage and investigate potential misuses to reduce intellectual and financial theft. For instance, according to the Federal Trade Commission, a US-based independent agency of the United States government, consumers reported losing more than $5.8 billion to fraud in 2021, an increase of more than 70% over 2020. It received fraud reports from more than 2.8 million consumers in 2020, with the category of imposter scams accounting for more than $2.3 billion, followed by $392 million in reported losses from online shopping scams in 2020. Therefore, the rise in intellectual and financial theft is driving the growth of the fraud hunting market.
The rising use of artificial intelligence and machine learning is the key trend gaining popularity in the fraud hunting market.Major companies operating in the fraud hunter market are focused on the use of artificial intelligence and machine learning to sustain their position in the fraud hunter market.
For instance, in April 2019, NICE Actimize, a US-based software development company, launched CDD-X, Customer Due Diligence Solution, with AI power and machine learning intervention, which enables CDD-x to deliver more precise detection and risk assessment solutions for customers, lowering compliance risk. This solution is incorporated with advanced analytics, modernising KYC and CDD programs.
In July 2021, Broadcom, the US-based manufacturer of a wide range of semiconductor and infrastructure software products, acquired SAS Institute Inc. for a deal amount between $15 billion and $20 billion. With this acquisition, Broadcom would wholly acquire SAS Institute Inc. Also, this acquisition enables Broadcom to strengthen its infrastructure software solution business. SAS Institute Inc. is a US-based company engaged in the development of a SAS platform for fraud detection and prevention solutions.
The countries covered in the fraud hunters market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The fraud hunters market research report is one of a series of new reports that provides fraud hunters market statistics, including fraud hunters industry global market size, regional shares, competitors with a fraud hunters market share, detailed fraud hunters market segments, market trends and opportunities, and any further data you may need to thrive in the fraud hunters industry. This fraud hunter’s market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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