Fraudulent incidents have been taking place in the healthcare vertical for a long time. In the past, healthcare organizations either did not use anti-fraud measures, or used them on a very small scale. In recent times, as losses, both collateral and monetary, have been increasing, spending in the global healthcare vertical has also been increasing. The most common frauds in this vertical are excessive billing for services and items, fake drugs, and influenced prescription of drugs and other medical amenities. These fraudulent activities result in revenue loss as well as loss of lives in the healthcare vertical.
Frequently Asked Questions
What are the recent developments and innovations done in Fraud Detection market?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.
Where will all these developments take the Fraud Detection industry in the long term?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.
What are the upcoming trends for the Fraud Detection and Prevention Market?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.
Which segment provides the most opportunity for growth in Fraud Detection Market?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.
Who are the leading vendors operating in the Fraud Detection market?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)
What are the opportunities for new market entrants in Fraud Detection industry?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.
Best Fraud Detection Software
This is the ideal platform for prime security and governance. It includes the embedded fraud Detection Software for OEM in addition to providing a developer portal. The Fraud Detection Software utilizes its data sources such as snowflake, redshift, etc. can be identified and used for a holistic understanding of the consumer's project or solution. Concerning the products, various e-books, case studies, and resources are offered to manage your results.
Qlik has been helping industries with a faster, smarter and better data solution platform to manage and analyze data that can transform a business. Qlik has partnered with the world's largest financial institutions for fraud detection and prevention with improved analytics, and real-time records and security. With the fastest platform, enterprises can quickly collect and investigate data from all the channels and create interactive analysis and data visualization.
Teradata Corporation offers its Fraud Detection Software that gives real-time answers and relevant data sources to all its consumers. The Fraud Detection Software revolves around providing three vital services; namely, consulting, cloud products, and business analytics. This includes supplying Teradata Vantage, Cloud Solutions, and Customer Stories. Big Data, Artificial Intelligence, and Cloud are crucial to any consumer's wants and supplies outcomes in terms of Asset Optimization, Operational Excellence, and Product Innovation.
TIBCO Spotfire Analyst is embedded with the accelerator to prevent Financial fraud. The Spotfire Analyst guide the users to develop supervised and unsupervised learning algorithms to detect the possibility of fraud. The system integrates with R programming to build models and provide insight driven actions to detect fraud and prevent it from attacking.