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Frauds are quite common in the retail vertical, resulting in rising revenue losses. With the growth in eCommerce, retailers are facing several issues, including fraudulent transactions, which is one of the major issues. Retailers are losing goods from their supply chain and money from their bank accounts as fraudsters and criminals access eCommerce websites using false identities and information. Sometimes fraudsters gain unauthorized access to goods passing through the supply chain. Fraud can also significantly impact eCommerce customers. In order to avoid such incidents, retailers now rely heavily on FDP solutions which identify fraud patterns and trends in customer behavior, and alert them when deviations or irregularities are observed.

Frequently Asked Questions


  • Q: What are the recent developments and innovations done in Fraud Detection market?
    A:

    Recent Developments are: In October 2019, Kount launched a new fraud prevention solution to differentiate between criminal fraud, friendly fraud, and legitimate disputes to improve business outputs and increase revenue. In August 2019, NICE partnered with Jumio, a global leader in AI-powered identity verification. Jumio joined NICE’s X-Sight Marketplace ecosystem, to assist financial services organizations in evaluating new point solutions and move to stay on top of a challenging regulatory and criminal environment. In June 2019, BAE Systems partnered with Arachnys, a leading provider of in CRI solutions, to address AML and compliance obligations and to deliver accurate and efficient fraud detection and prevention solution. In January 2019, NICE unveiled the IFM-X Integrated Fraud Management (IFM) platform that leverages automation and ML technologies to minimize fraud and money-laundering attacks and to reduce the total cost of system implementation. In October 2018, BAE Systems and Mphasis formed a partnership to protect organizations from evolving fraudulent activities by providing solutions with capabilities for fraud and money laundering detection to the financial institutions. In September 2018, The company unveiled its identity authentication and verification solutions, InstantID, that helps verify a customer’s personal information. In July 2018, FRISS partnered with Rabobank to provide solutions to P&C insurance industry to minimize fraudulent activities. In April 2018, FICO upgraded its antifraud solution to help banks, lenders, FinTechs, and other institutions fight financial crime.

  • Q: Where will all these developments take the Fraud Detection industry in the long term?
    A:

    All the developments will drive the market towards positive growth. Fraud Detection and Prevention (FDP) market size to grow from USD 3.4 billion in 2018 to USD 63.5 billion million by 2023, at a Compound Annual Growth Rate (CAGR) of 26.7% during 2018–2023. Cloud based solutions are expected to gain traction during the forecast period.

  • Q: What are the upcoming trends for the Fraud Detection and Prevention Market?
    A:

    The major factors that are expected to be driving the FDP market are increasing revenue losses for organizations due to the rising fraudulent attacks, increasing use of electronic transactions across all the verticals and increasing sophistication level of cyber-attacks across all regions will contribute to the growth of the overall FDP market. The rise of digital technologies for payments and the growth of digital banking offer several untapped and unexplored growth opportunities for the FDP market. Online businesses rely mainly on electronic transactions for their products and services offered. Along with the increase in the number of customers shopping online, fraudulent activities have also been on the rise. Frauds such as identity theft, merchant and triangulation frauds, affiliate and clean frauds, phishing, pagejacking, and counterattacks occur during online transactions. FDP is an important issue for eCommerce businesses; customers need assurance that their sensitive data is safe and that their debit or credit card details cannot be stolen. As a result, organizations are adopting FDP solutions to meet their need for security, which is expected to be a key growth driver of the Fraud Detection and Prevention Market.

  • Q: Which segment provides the most opportunity for growth in Fraud Detection Market?
    A:

    By solution, the fraud analytics segment is expected to grow at the highest CAGR during the forecast period. The fraud analytics segment is expected to grow at the highest CAGR in the Fraud Detection and Prevention Market during the forecast period. Fraud analytics is a critical discipline which involves set of analytical techniques to analyze enterprises’ systems and database to identify the vulnerabilities where fraud can happen. They help in monitoring and analyzing data from several data sources; detect anomalies, and suspicious and unusual behavior across all channels. They also proactively detect frauds and enable robust information security to improve compliance. The growing adoption of technologies such as AI and machine learning for fraud detection could spur the demand for fraud analytics solutions on a large scale. By vertical type, the banking to account for the largest market size in the Fraud Detection and Prevention Market during the forecast period. The BFSI vertical is also a major target for cyber criminals who wants to commit frauds as it holds sensitive information of employees, customers, assets, offices, branches, and operations. Moreover, due to its amount of transactions (both monetary and data centric), number of transactions, technological advancements, and digitalization of financial sector, the possibility of frauds in this vertical is increasing significantly. Hence, organizations in this vertical are increasing the adoption of FDP solutions on a large scale to avert any kind of fraudulent attacks.

  • Q: Who are the leading vendors operating in the Fraud Detection market?
    A:

    The key players in FDP market are: IBM (US), FICO (US), SAS Institute (US), BAE Systems (UK), DXC Technology (US), SAP (Germany), ACI Worldwide (US), Fiserv (US), NICE Systems (Israel), Experian (US), LexisNexis Risk solutions (US), iovation (US), Friss (Netherlands), Dell technologies (US), First Data (US), Wirecard (Germany), Software AG (Germany), Easy Solutions (US), Distil Networks (US), Guardian Analytics (US), Securonix (US), MaxMind (US), Kount(US), and Simility (US)

  • Q: What are the opportunities for new market entrants in Fraud Detection industry?
    A:

    Applying AI and ML for FDP can be said to be the biggest opportunity for new market entrants. AI and ML are revolutionizing various businesses and industries. The ability of AI and ML will drastically reduce workforce costs, help in discovering new patterns, and create predictive models from raw data. The technologies enable real-time automated decisions for detecting fraudulent activities. AI and ML help data scientists to determine the transactions, which are most likely to be fraudulent. These technologies automatically discover the patterns across large volumes of streaming transactions.

Filters

Fraud Detection and Prevention Solutions in Retail and Consumer Goods

  • 360 Score: 4.17

    The company provides the IBM Security Trusteer Fraud Protection Software Suite, which includes IBM Trusteer Pinpoint Detect, IBM Security Access Manager, IBM Counter Fraud Management, and IBM Trusteer Rapport. The IBM Security Trusteer Fraud Protection Suite helps organizations and businesses to detect and safeguard themselves from fraudulent activities.

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    • Enterprise
    • New York, USA
    • Founded: 1911
    • $50BN to $100BN
    • 1,00,001 to 5,00,000
  • 360 Score: 3.96

    SAS offers fraud and security intelligence solutions to mitigate risks and fraud practices with the help of anomaly detection techniques. SAS provides fraud and security softwares that implement fraud detection techniques to gain a consolidated view of the fraud risks. SAS Fraud Detection Software provides solutions such as fraud data management, alert management, detection, alert generation, and case management to the government, enterprise, and BFSI sectors.

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    • Enterprise
    • North Carolina, USA
    • Founded: 1976
    • $1BN to $5BN
    • 10,001 to 15,000
  • FICO offers various solutions, such as FICO Enterprise Fraud and Security, FICO Retail Fraud Manager, FICO Application Fraud Manager, and FICO Falcon Fraud Manager, in the FDP market. FICO Falcon Platform for fraud management provides real-time protection to enterprises from frauds occurring through multiple payment channels.

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    • Enterprise
    • California, USA
    • Founded: 1956
    • $500MN to $1BN
    • 1,001 to 5,000
  • 360 Score: 3.71

    BAE Systems provides AML compliance solutions to protect financial institutions from financial and reputational harm. These solutions are used by banks, insurance companies, and law and enforcement agencies. The company also offers a solution for insurance fraud prevention named NetReveal P&C Claims Fraud solution.

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    • Enterprise
    • London, UK
    • Founded: 1999
    • $10BN to $50BN
    • 75,001 to 1,00,000
  • 360 Score: 3.47

    ACI Analytics has developed practical solutions to implement customer-centric financial crime management. Most financial institutions have to face considerable risks in technical malware, vishing, whaling, and hacking, etc. The company helps prevent this by keeping track of all activities within the institution. The company works for fraud detection and prevention on online and offline level enterprises and also provides compliance solutions.

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    • Enterprise
    • Florida, USA
    • Founded: 1975
    • $1BN to $5BN
    • 1,001 to 5,000
  • 360 Score: 3.0

    The SAP Fraud Detection Software provides users with real-time information to help organizations prevent revenue losses. The company uses predictive analytics technology in its solutions to offer better fraud management for its customers and proactively minimize fraud risks.

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    • Enterprise
    • Weinheim, Germany
    • Founded: 1972
    • $10BN to $50BN
    • 75,001 to 1,00,000
  • Oracle provides effective solutions such as Oracle Communications Fraud Monitor, Oracle Financial Services Anti Money Laundering, Oracle Database, Oracle Partitioning, Oracle Advanced Analytics, Oracle Active Data Guard, Oracle Fusion GRC, GRC Intelligence, Oracle Enterprise GRC Manager, and GRC Application Controls.

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    • Enterprise
    • California, USA
    • Founded: 1977
    • $10BN to $50BN
    • 1,00,001 to 5,00,000
  • 360 Score: 2.91

    Experian provides an extensive product portfolio in the FDP market. The company provides fraud detection and identity management solutions and services to protect its users from fraudulent activities. The company also provides solutions across account opening fraud, application fraud, compliance, identity screening, and online fraud detection.

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    • Enterprise
    • California, USA
    • Founded: 1996
    • $1BN to $5BN
    • 15,001 to 20,000
  • 360 Score: 2.91

    NICE Actimize provides authentication in fraud protection. The company has come up with real-time voice authentication that uses biometrics to identify users. The AML solutions offered by NICE Actimize are smart and cost-effective, and minimize the risks occurring due to fraudulent activities.

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    • Enterprise
    • Central District, Israel
    • Founded: 1986
    • $1BN to $5BN
    • 1,001 to 5,000
  • 360 Score: 2.69

    Fraud detection software by DXC technology combines predictive data modeling technology, identity search technology, fraud indicator business rules, company claims information, and industry data sources, to minimize losses associated with fraudulent attacks.

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    • Enterprise
    • Virginia, USA
    • Founded: 2017
    • $5BN to $10BN
    • 1,00,001 to 5,00,000
  • 360 Score: 2.67

    LexisNexis offers Fraud Focus in the FDP market. LexisNexis also provides AML solutions that offer extensive screening and monitoring of the entire lifecycle of a customer.

    • Enterprise
    • New York, USA
    • Founded: 1970
    • $1BN to $5BN
    • 10,001 to 15,000
  • 360 Score: 2.63

    Fiserv is a prominent player offering financial services to SMEs and large enterprises across the globe. The company delivers risk and compliance solutions and services. Fiserv offers solutions such as Payment Fraud Manager, Fraud Risk Manager, Fraud Risk and AML Compliance Management, and Check Fraud Manager in the FDP market.

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    • Enterprise
    • Wisconsin, USA
    • Founded: 1984
    • $10BN to $50BN
    • 20,001 to 25,000
  • 360 Score: 2.39

    Easy Solutions has become Cyxtera which has acquired significant experience to become an established company when it comes to adequate protection against all kinds of frauds. It has specialized in various components including digital threat protection, multi-factor authentication and mobile fraud protection along with giving you safe browsing for any environment. It has also made provisions for uninterrupted monitoring for transactions and logins to point at any threat entering the system.

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    • SME
    • Florida, USA
    • Founded: 2007
    • Below $10 MN
    • 101 to 500
  • 360 Score: 2.392 Reviews

    Guardian Analytics provides products for fraud Detection, fraud Analytics and AML. It studies the fraudsters’ techniques and remain a step ahead of them. The only company to protect 100% of users and account holders against all types of threats and frauds and also learns from the attacks to be more advanced. Other solutions include account takeover detection, reconnaissance, and fraud set-up activity that indicate possible criminal activity in the early stages of an attack.

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    • SME
    • California, USA
    • Founded: 2005
    • $11MN to $50MN
    • 101 to 500
  • 360 Score: 2.34

    MASTERCARD has invented a fraud detection software to resist the financial loss of their clients. Nowadays, the major part of the monetary exchange is dependent on online fund transfer. There are numerous individuals who havoc other people’s property illegally. Multiple organizations and people in business nowadays face severe problems regarding monetary safety. MACARDSTER has launched an identity recognizing tool, dependent on EMV 3 D specification to resist online financial fraudulent.

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    • Enterprise
    • New York, USA
    • Founded: 1966
    • $10BN to $50BN
    • 10,001 to 15,000
  • Fidelity Information Services on FIS works against fraudulent activities by real-time monitoring, robust and useful intervention tools. It provides account and card monitoring solutions that alert the customers and the teams working at fraud detention so that the company incurs minimum losses by lowering your liability. Thereby all transactions are authenticated, and the environment is secure for smoother business.

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    • Enterprise
    • Florida, USA
    • Founded: 1968
    • $10BN to $50BN
    • 50,001 to 75,000
  • 360 Score: 2.24

    VISA has launched plentiful materials to help people to secure their debit and credit cards from frauds. Recently, VISA has brought a new tool to block the treats by scams. It will help to transact money securely and will add reliability to the ecosystem of the method of payment. This technological software named eCommerce threat disruption scans the front part of online commercial websites and detects malware promptly.

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    • Enterprise
    • California, USA
    • Founded: 1958
    • $10BN to $50BN
    • 15,001 to 20,000
  • 360 Score: 2.21

    Kount has become a professional leader by providing some of the most advanced fraud detection software. They have sustained robust policies, smart business intelligence tools and machine learning in supervised as well as unsupervised forms. They have an effective case-management and investigation system. Kount has made special units for Fraud Prevention in Payments, New Accounts and Account Takeovers.

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    • SME
    • Idaho, USA
    • Founded: 2007
    • $11MN to $50MN
    • 101 to 500
  • 360 Score: 2.092 Reviews

    Imperva Bot Management's holistic approach provides the most visibility and control over human, good bot, and bad bot traffic. The company’s vigilant service, superior technology, and industry expertise provides customers with unprecedented protection from automated threats—without affecting the flow of  essential business traffic.

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    • Startup
    • California, USA
    • Founded: 2011
    • $11MN to $50MN
    • 101 to 500
  • Software AG's Event Analytics for Adabas is one of the trusted names for IoT, analytics, independent integrating and process software solutions for enterprises. Fraud detection software by Software AG helps enterprises with real-time metrics and big data records to combat fraud and reduce time-to-detection. Built on Complex Event Processing; the fastest CEP engine, the software allows companies to decrease the missed transactions up to 0.005%, and fight against scams of millions of dollars every year.

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    • Enterprise
    • Hessen, Germany
    • Founded: 1969
    • $500MN to $1BN
    • 1,001 to 5,000
  • 360 Score: 1.91

    Featurespace has worked on machine learning technologies to help detect frauds in banks among various countries and has stood out as a prominent leader in the field. Machine learning as a tool is employed to monitor all the profiles made by customers in real-time and detect any anomalies possible over different transactions. Any financial risks are significantly reduced, and transaction frauds are also limited.

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    • SME
    • Cambridgeshire, UK
    • Founded: 2008
    • $51MN to $100MN
    • 101 to 500
  • 360 Score: 1.72

    FRISS entirely concentrates on automated risk and fraud detection software for all the insurance organizations of the world. The artificial intelligence of FRISS resolves the underwriting issues and alleges. SIU of FRISS supports the organization to develop the business. It alleviates financial threats. The transformations which are based on digital methods are assisted by FRISS worldwide. FRISS offers the subscribers robust security, excellent consumer experience, business growth, and financial profit altogether.

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    • SME
    • Utretch, Netherlands
    • Founded: 2006
    • Below $10 MN
    • 101 to 500
  • 360 Score: 1.69

    Iovation has produced various methods to stop crimes the moment a new device attempts a connecting to your site. Real-time tracking helps to prevent fraud as soon as possible. An active community of analysts keeps a tab on all activities which are tracked through various devices and thereby, provides a full-proof mechanism against crimes and frauds to happen. There are a variety of tools and resources offered, which can increase the level of security and reduce the chances of losses in your company.

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    • SME
    • Oregon, USA
    • Founded: 2004
    • $51MN to $100MN
    • 101 to 500

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