Fraud Detection and Prevention Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Market Report Covers Global Fraud Detection and Prevention Market Analytics. The Market is Segmented by Solution (Fraud Analytics, Authentication, Reporting, Visualization, Governance, Risk, and Compliance (GRC)Solutions), By Scale of End-User (Small, Medium, Large), by Fraud Type (Internal, External), By End User (BFSI, Retail, IT and Telecom, Healthcare, Energy and Power, Manufacturing), and by Geography. The market size and forecasts are provided in terms of value (USD million) for all the above segments.

Fraud Detection & Prevention Market Size

Fraud Detection and Prevention Market Summary
share button
Study Period 2019-2027
Market Size (2023) USD 27.70 Billion
Market Size (2028) USD 66.38 Billion
CAGR (2023 - 2028) 19.10 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Fraud Detection and Prevention Market Major Players

*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and its growth?

Fraud Detection & Prevention Market Analysis

The Fraud Detection and Prevention Market size is expected to grow from USD 27.70 billion in 2023 to USD 66.38 billion by 2028, at a CAGR of 19.10% during the forecast period (2023-2028).

Companies across various industries are experiencing increased operational and financial pressure due to the COVID-19 pandemic, creating heightened economic risks, such as a reduction in revenue and profits and a loss of market demand. These financial risks may lead to increased motivation toward fraud through manipulation of financial results, misrepresentation of facts, and misappropriation of assets, among other fraud schemes.

  • The fundamental shift from physical cards, checks, and currency toward digital payments continues to transform how consumers and businesses transfer value. Identity, security, and trust are fundamental requirements for payments, commerce, and finance, especially in a digitized economy.
  • Introducing new regulations, such as the US mandate of Europay, has encouraged financial service companies (including MasterCard and Visa) to implement chip and PIN technologies and advanced authentication solutions, to decrease the risk of counterfeit transactions. Such instances have been observed across various end-user verticals for the prevention of fraud.
  • Concurrently, a significant rise in the retail IT infrastructure includes POS checkout terminals, self-checkout units, information/web kiosks, PCs, and back-office servers. Thus, the increasing dependency on IT, ranging from wholesalers and distributors to manufacturers and suppliers, demands greater security for consumer data.
  • Moreover, solution providers are focused on innovation and research to offer the most robust security measures against these frauds, including the use of predictive analytics, advanced analytics, and a combination of the human element with machine learning and AI capabilities to scale up their fraud protection systems and evolve to suit the changing threats.
  • During the unforeseen and uncertain circumstances brought on by COVID-19, millions of people choose to work from home and make purchases of goods and services online. The effects of quarantine have been felt worldwide, with people purchasing furniture and electronics for use in their homes, offices, classrooms, and recreational activities. However, since the start of 2020, several frauds have proliferated. Therefore, the demand for FDP solutions and services is anticipated to account for the greatest market size for internet sales frauds due to an increase in unauthorized online product sales, particularly in light of the COVID-19 pandemic crisis.

Fraud Detection & Prevention Market Trends

This section covers the major market trends shaping the Fraud Detection & Prevention Market according to our research experts:

BFSI Sector is Expected to Hold Significant Market Share

  • Fraudulent activities in the industry have evolved over the decades. While they were previously limited to cheque and wire frauds, with the growth of the cybersphere and the accompanying expansion of the cybercriminal realm, they have taken on more virtualized forms.
  • The increasing technological penetration and digital channels, such as internet banking and mobile banking, are becoming prominent customer choices for banking services, making it crucial for banks to leverage fraud prevention solutions.
  • Fraud prevention and detection are the biggest areas of concern for financial institutions, and they are likely to become one of the prominent drivers of IT spending. Online transaction fraud, insurance claim fraud, and card-related fraud have been increasing the usage of these solutions in the insurance, banking, and financial services sectors.
  • The potential risk of fraud has been the highest in online payments, which is anticipated to grow in tandem with the availability of digital customer relationships as more companies are now offering online payments.
  • Out of all the industries, BFSI has been most prone to insiders/employees in terms of the types of fraudulent activities. There have been multiple instances where employees have been accused of fraud (for instance, PNB fraud in India). The industry needs robust fraud detection and prevention solutions to prevent these fraudulent activities.
Fraud Detection and Prevention Market : Global ldentity Theft and Fraud Reports, In % (2020-2021)

Asia-Pacific is Expected to Witness the Fastest Growth During the Forecast Period

  • As emerging Asian-Pacific economies adopt digitalization, the risk of breach of customer data and data channels is increasing. Thus, the utilization of fraud detection and prevention solutions is growing significantly.
  • Bank debit and credit cards accounted for the most substantial fraudulent activities, mainly due to the rapid increase in e-commerce transactions. However, organizations are aware that they may face a similar threat in the future. Thus, they are upgrading their systems to the latest available technology.
  • According to Experian, a credit information company, India has the second-highest risk of fraud in digital transactions in the Asia-Pacific region. The company also stated that approximately 48% of consumers in the country experienced retail fraud directly or indirectly. As a result, retail companies such as Amazon, Flipkart, and Limeroad, are expected to adopt the latest fraud detection and prevention systems.
  • Singapore imposed strict regulations against data breaches. The country has levied one of the highest penalties in the Asia-Pacific region, worth about USD 1 million, in case of a data breach per the country’s data protection provision. This regulation may ensure that companies operating in the country have adequate fraud detection and prevention provisions, leading to the market’s growth in the region.
  • In Vietnam, many frauds are witnessed in the retail and telecommunication industries due to the increasing penetration of digitization and the Internet of Things (IoT). This increase is expected to propel companies to incorporate fraud detection and prevention systems. Thus, such factors are expected to boost the Asia-Pacific market during the forecast period.
Fraud Detection and Prevention Market : Number of cyber fraud cases reported across India in 2021, by leading state

Fraud Detection & Prevention Industry Overview

The Global Fraud Detection and Prevention Market is very competitive. The market is mildly concentrated due to various small and large players. The major players in the market are SAP SE, IBM Corporation, SAS Institute Inc., ACI Worldwide Inc., Fiserv Inc., Experian PLC, DXC Technology Company, and many more. However, owing to significant innovations in product lines, only some new entrants are attracting major investments into the market.

  • June 2022: Advanced Fraud Solutions (AFS), which has expertise in payments fraud detection, announced the collaboration with Fiserv, a provider of payments and financial services technology. The collaboration will allow Fiserv and financial institution clients to check fraud detection, risk-based funds availability, and decision processes, helping to prevent losses and identify fraudulent deposits before they are accepted.

Fraud Detection & Prevention Market Leaders

  1. SAP SE


  3. Sas Institute Inc.

  4. ACI Worldwide Inc.

  5. Fiserv Inc.

*Disclaimer: Major Players sorted in no particular order

Fraud Detection and Prevention Market  Concentration

Fraud Detection & Prevention Market News

  • March 2022 - Fiserv, with expertise in financial services technology solutions and payments, has developed a new fraud mitigation service that has reduced fraud losses, which were already low by industry standards, by 10 to 15% for its small to mid-size credit union and bank clients. False declines (legitimate transactions wrongly flagged as fraudulent) decreased by an average of 20%. The solution combines the enhanced artificial intelligence capabilities of Fico Fraud Predictor, Adaptive Analytics, and Global Intelligent Profiles, providing a cohesive, complementary, and holistic approach.
  • September 2022 - Experian announced the release of Experian Fraud Score, a cutting-edge fraud protection tool that will assist companies of all sizes in identifying fraud at the application, transaction, and customer lifecycle stages.

Fraud Detection & Prevention Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Assessment of COVID-19 Impact on the Market

    5. 4.5 Market Drivers

      1. 4.5.1 Increasing Volume of Non-cash Payment/Transaction Volumes

      2. 4.5.2 Increasing Frauds in BFSI Sector

    6. 4.6 Market Restraints

      1. 4.6.1 Lack of Integration Capability with All Verticals


    1. 5.1 By Solution

      1. 5.1.1 Fraud Analytics

      2. 5.1.2 Authentication

      3. 5.1.3 Reporting

      4. 5.1.4 Visualization

      5. 5.1.5 Governance, Risk, and Compliance (GRC) Solutions

    2. 5.2 By Scale of End User

      1. 5.2.1 Small-scale

      2. 5.2.2 Medium-scale

      3. 5.2.3 Large-scale

    3. 5.3 By Type of Fraud

      1. 5.3.1 Internal

      2. 5.3.2 External

    4. 5.4 By End-user Industry

      1. 5.4.1 BFSI

      2. 5.4.2 Retail

      3. 5.4.3 IT and Telecom

      4. 5.4.4 Healthcare

      5. 5.4.5 Energy and Power

      6. 5.4.6 Manufacturing

      7. 5.4.7 Other End-user Industries

    5. 5.5 By Geography

      1. 5.5.1 North America

      2. 5.5.2 Europe

      3. 5.5.3 Asia-Pacific

      4. 5.5.4 Latin America

      5. 5.5.5 Middle East and Africa


    1. 6.1 Company Profiles

      1. 6.1.1 SAP SE

      2. 6.1.2 IBM Corporation

      3. 6.1.3 SAS Institute Inc.

      4. 6.1.4 ACI Worldwide Inc.

      5. 6.1.5 Fiserv Inc.

      6. 6.1.6 Experian PLC

      7. 6.1.7 DXC Technology Company

      8. 6.1.8 BAE Systems PLC

      9. 6.1.9 RSA Security LLC (Dell Technologies Inc.)

      10. 6.1.10 Oracle Corporation

      11. 6.1.11 NICE Ltd

      12. 6.1.12 Equifax Inc.

      13. 6.1.13 Lexisnexis Group

      14. 6.1.14 Fair Isaac Corporation

      15. 6.1.15 Cybersource Corporation

      16. 6.1.16 Global Payments Inc.

      17. 6.1.17 Feedzai Inc.

    2. *List Not Exhaustive


**Subject to Availability

Fraud Detection & Prevention Industry Segmentation

Fraud detection and prevention are the strategies used to identify and stop attempts to obtain money or property through deception.

The global fraud detection and prevention market is segmented by solution (fraud analytics, authentication, reporting, visualization, governance, risk, and compliance (GRC) solutions), by the scale of end-user (small, medium, large), by fraud type (internal, external), by end user (BFSI, retail, IT and telecom, healthcare, energy and power, manufacturing), and by geography.

The market size and forecasts are provided in USD million for all the above segments.

By Solution
Fraud Analytics
Governance, Risk, and Compliance (GRC) Solutions
By Scale of End User
By Type of Fraud
By End-user Industry
IT and Telecom
Energy and Power
Other End-user Industries
By Geography
North America
Latin America
Middle East and Africa

Report scope can be customized per your requirements. Click here.

You can also purchase parts of this report. Do you want to check out a section wise price list?

Fraud Detection & Prevention Market Research FAQs

The Fraud Detection and Prevention Market size is expected to reach USD 27.70 billion in 2023 and grow at a CAGR of 19.10% to reach USD 66.38 billion by 2028.

In 2023, the Fraud Detection and Prevention Market size is expected to reach USD 27.70 billion.

SAP SE, IBM CORPORATION, Sas Institute Inc., ACI Worldwide Inc. and Fiserv Inc. are the major companies operating in the Fraud Detection and Prevention Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).

In 2023, the North America accounts for the largest market share in the Fraud Detection and Prevention Market.

Fraud Detection and Prevention Industry Report

Statistics for the 2023 Fraud Detection and Prevention market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Fraud Detection and Prevention analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!