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With the rise of digital payment forms comes an increase in security issues, such as stolen identities, fraudulent payments, cyber threats, and money laundering. A recent report by Global Market Insights, a global market research firm, found that the “Fraud Detection & Prevention [FDP] Market size exceeded USD 20 billion in 2020 and is poised to register gains at nearly 25% from 2021 to 2027. Increasing need for minimizing fraud losses and maintaining revenues from genuine transactions is fueling the industry growth.”

According to the reports press release, “The growing instances of cyberthreats and money laundering across sectors are driving the need for FDP solutions. The rapid digitalization across sectors, such as fintech, healthcare, etc., has increased the frequency of cyberattacks. From the past few years, the fintech sector has been facing instances of cyberattacks, increasing the demand for FDP solutions. The fintech solution providers are integrating their digital payment platform with FDP solutions to provide more secure and reliable services.”

Increased Fraud Rates

In particular, the credit and debit fraud segment of the market is expected to account for 30% of the FDP market share in 2027. These frauds can involve any type of fraud or theft associated with a debit or credit card, using the card for fraudulent transactions.

By 2021, the FDP market is expected to increase to over $100 Billion.