The global Fraud Hunters market is estimated to surpass $20 billion by 2028, growing at an estimated rate of more than 16% during 2018 to 2028, majorly driven by the growing occurrences of frauds. Further, the growing emphasis on Fraud Hunting in the banking sector is also set to propel the market growth in the future.
What are Fraud Hunters?
Fraud Hunters or hunting is a concept of tracking down the various possible scandals, scams, thefts or breaches that have occurred or will occur in an environment of sensitive data. In the digital age, financial crime against banks and other institutions is accelerating rapidly. Fraud prevention and hunting now represents one of the biggest areas of concerns for the financial services industry, as there are an increasing number of financial frauds each year.
Increasing focus on the reduction of losses to banks, and loss of sensitive military data, is boosting the growth of the market, as the involved institutions upgrade disparate transaction systems and piecemeal fraud detection solutions. The increasing sophistication of the perpetrators of frauds is forcing organizations to carefully identify frauds using various techniques.
This report incorporates an in-depth assessment of the Fraud Hunters market by type, application and geography. The major fraud types encompassed in the Fraud Hunters market scope includes Financial Statement Fraud, Healthcare, Insurance & Banking Fraud, Consumer Fraud, Intellectual Property Fraud and others.
What are the major applications for Fraud Hunters?
The various applications assessed include Defense, Government, Banks & Financial Institutions and others. The defense sector in the fraud hunters market has been witnessing a trend of increasing demand for fraud detection and hunting to prevent data breaches and for surveillance of enemy activities. Also, growing number of fraudulent activities and scandals in various governmental institutions are driving the market for fraud hunters. Furthermore, the banking and financial sector is striving to constantly upgrade fraud management systems with new rules, statistical models and acquired knowledge. This is another reason that provides impetus for the growth of the fraud hunters market
Market Research and Market Trends of Fraud Hunters Ecosystem
- The Fraud Hunting software is able to enhance information credibility by integrating disparate data sources, thereby fueling market growth.
- The banking sector in the fraud hunters market is being driven by improvements in behavior monitoring of individuals to detect fraud and reduce false positives.
- Faster fraud detection with real time integration to authorization systems.
- Linkage analysis is another growing trend in the fraud hunters market for identifying entities associated with all the known types of frauds.
- For financial firms, comparison of current and past customer activities along with peer group behavior is a growing trend.
- The fastest growing trend in the current market is the application of machine learning to fraud detection and hunting.
Who are the Major Players in the Fraud Hunters market?
The companies referred to in the market research report include Experian, SAS Institute Inc., Oracle Corporation, and IBM Corporation.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this, the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present, and its impact during the forecast period 2018-2024.
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