Fraud Detection & Prevention and Anti Money Laundering Solutions and Services are the Offerings from IT Vendors

Date: 2015-08-10

“Fraud detection & prevention and anti money laundering solutions and services are the offerings from IT vendors, which help enterprises to take counter measures to fight fraud & money laundering incidents and occurrences. These solutions detect fraud & money laundering incidents and prevent enterprises from losing revenues and data. Fraud detection & prevention and anti money laundering solutions refer to the IT solutions, systems, and services that are used to analyze the data and find irregularities and patterns and the solutions, which regulate user access by verification and authentication, along with the services helpful in the ecosystem.

With time, the number of fraud cases has been increasing, globally; however, the major concern is the losses caused by these incidents that are increasing at a high rate. Enterprises in such circumstances are being forced to take counter measures. Banking, financial services, insurance, and public sector are among the most targeted industry verticals, and hence the demand for these solutions is significantly high in these industries. Retail, telecommunications, manufacturing, transportation, real estate, healthcare, and education are other industries where penetration is expected to be high in the coming years. 

The rise in online transactions frauds, card-related frauds, and insurance claim frauds are the prime factors, which are driving the growth of the FDP & AML market in the banking and financial services, insurance, and retail sectors. Authentication is expected to remain a major revenue-generating pocket in the market; however, the fraud analytics segment is expected to grow at the fastest rate during the forecast period of 2014 to 2019. The increasing adoption of FDP & AML solutions by SMEs is among the key reasons for the high growth of the concerned market in the regions of Asia-Pacific and Latin America.

Major challenges in this market include low awareness level of fraud possibilities in SMEs, high costs of deployments, and unavailability of pre-deployment measures of performance. Although awareness levels in SMEs are increasing and the impacts of this factor will decrease in due course of time, the cost and pre-deployment measures would remain primary concerns in the market.

For the market sizing and forecasting, several assumptions have been taken into consideration such as economic, regulatory, and technological. For instance, exchange rates, one of the economic factors, are expected to have a moderate rating of impact on this market. Therefore, dollar fluctuations are expected to not seriously affect the forecasts in the emerging regions of the world.

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