Fraud detection and prevention market size worldwide 2016-2023
The fraud detection and prevention (FDP) market was estimated to be worth 19.5 billion U.S. dollars in 2017. The projection for the market in 2023 exceeded 63 billion U.S. dollars. Firms offer FDP methods to prevent fraudulent insurance claims, identity theft, and money laundering.
How much fraud exists?
As of October 2018, around 23 percent of internet users have been a victim of online identity theft. These crime activities can be in the form of credit card fraud, tax related issues, or bank fraud, among other issues. While wire transfers still account for the highest value of fraud loss, technology-enabled frauds such as card-not-present (CNP) credit card fraud are increasingly common.
Other forms of fraud
When financial fraud is mentioned, it is sometimes associated with identity theft or Ponzi schemes like that carried out by Bernie Madoff. However, the most common economic crime reported is asset misappropriation, simply stealing something. Bribery, accounting fraud, and insider trading are also possible infringements. FDP vendors such as IBM, Oracle, SAP, and FICO watch against these, trying to stay one step ahead of the criminals.
How much fraud exists?
As of October 2018, around 23 percent of internet users have been a victim of online identity theft. These crime activities can be in the form of credit card fraud, tax related issues, or bank fraud, among other issues. While wire transfers still account for the highest value of fraud loss, technology-enabled frauds such as card-not-present (CNP) credit card fraud are increasingly common.
Other forms of fraud
When financial fraud is mentioned, it is sometimes associated with identity theft or Ponzi schemes like that carried out by Bernie Madoff. However, the most common economic crime reported is asset misappropriation, simply stealing something. Bribery, accounting fraud, and insider trading are also possible infringements. FDP vendors such as IBM, Oracle, SAP, and FICO watch against these, trying to stay one step ahead of the criminals.
