HiTech IT and Tech
Fraud Detection and Prevention Report
02 Jun 2023
Praxis Global Alliance recently launched a report titled ‘Anatomy of Fraud Report 2023' in collaboration with Bureau that provides a comprehensive analysis of the FDP market in the Indian and Southeast Asian regions, incorporating insights from India, Singapore, Malaysia, Indonesia, Vietnam, Thailand, and the Philippines.
The global FDP market stood at US$ 31B+ in 2022 and is expected to reach ~US$ 86B in 2027; APAC is the fastest-growing region.
Key statistics from the Anatomy of Fraud Report 2023:
- There are a variety of frauds like bot attacks, website cloning, and mule accounts, among others that are present across sectors
- 60% of companies to increase fraud detection and prevention spends worldwide
- The global FDP market stood at US$ 31B+ in 2022 and is expected to reach ~US$ 86B in 2027
- Globally, in 2022, FDP players raised US$ 0.7B in funding while 70%+ companies have raised funding in the growth stage
- The total addressable FDP market in India was valued at US$ 1.5B+ in 2022 and is projected to reach US$ 7.6B+ by 2027, growing at a CAGR of 37%.
With advancements in technology, fraud has become more sophisticated nowadays; authentication processes are also evolving to detect and prevent fraud.
Digital fraud happens when an individual with malicious intent takes advantage of the various points of vulnerabilities across a digital transaction journey of a user.
FDP solutions benefit all the participating stakeholders in an ecosystem of digital transaction.
With real-time monitoring and ML techniques, FDP SaaS players prevent fraudulent activities before they occur.
Real-time monitoring, behavioral biometrics, predictive analytics, and white-box ML are key techniques used to achieve frictionless experience & robust detection.
FDP buyers need solutions that can balance user experience with the robustness of fraud prevention.
Budget, poor data quality and staffing limitations are the main challenges faced by FDP players; growing digitalization, high in-house FDP costs are the key drivers.
Total FDP SAM stood at US$ 570M+ in 2022 and is projected to be ~US$ 3,152M by 2027, growing at a CAGR of 41%.
FDP players need to focus on 6 key areas to expand operations, gain product maturity and increase market share.
Technological advancements, automated stacks, uptick in Frankenstein fraud, and organized activity are further increasing the risk of fraud.