Fraud,Detection,and,Prevention marketing Fraud Detection and Prevention Market By Technology
Automation technologies represent a fundamental aspect of any modern industry. The major types of industrial automation solutions, such as DCS, PLC, SCADA, and MES, are used on a large-scale in process and discrete industries.DCS technologie Awhile ago, I got an email from one of the "gurus" I follow and it shocked me. The gist of it was this person wanted to trade services for a household item.To say it floored me would be an understatement.What was worse was a few days later t
Organizations and enterprises face threat from fraud-related activities and violations due to the massive amount of data they store and use. The complexity in tracking and monitoring transactions increases as the size of the organization increases. Meanwhile, Fraudsters try and penetrate through the framework of organization for their own benefit. Counter measures to control such illegal activities are called Fraud Detection and Prevention.The market, growing at a CAGR of 15.6% over the period of 2015-2020, is now taken over by innovations and new automated software in place of the traditional manual methods of tracking and monitoring trends in the data. These technological trends have given rise to a new breed of solutions including Big Data techniques of predictive analytics, customer analytics, and modern visualization tools. Additionally the authentication technology has also come a long way since the times of the SFA to the much stronger authentication of MFA.Today, though the technology to track and monitor online activities has come to a stage of maturity, algorithms using Artificial Intelligence (AI) have to be designed and implemented for a complete and exhaustive monitoring to not only record these anomalous activities, but also identify the “false positives” and bring it down to an acceptable limit. Behavioural analytics is employed to understand customer behaviour and pick out the ones that show a deviation from the normal behaviour.Substantial loopholes in the system can be attributed to the quality and the security of the Internal Controls. Most internal systems have control weaknesses, which if not addressed regularly, can lead to illegal entrants. This is where Big Data, Data Analytics and Predictive Analytics and Forecasting come into play.The use of these Advanced analytics techniques is essential to test and validate and in turn strengthen these control systems since most primitive methods of committing frauds has been replaced by sophisticated techniques such as statistical modeling, simulation, Machine Learning techniques like Artificial Intelligence (AI) methods (Supervised and Unsupervised learning), Discovery in Databases (KDD), data mining etc. Most methods of data analysis are specific to a certain problem type or data type. The challenge in such cases is the selection of the appropriate sampling to choose the population and most fitting data analytics technique to solve the problem. Several sophisticated software applications are being used to find the possibilities and the occurrences of these frauds with a function to create a robust and a dynamic mechanism to assess and detect frauds. Solutions in the sector provide a strong and a reliable defence to incidents violating the security of a framework. Tools and Techniques adopted range from Fraud Authentication, Fraud Analytics to GRC (Governance, Risk and Compliance), Reporting and Visualization to tackle both Internal and External Frauds.Research suggests that ‘Authentication’ of profiles, transactions and users are the most popular sector in the domain and this trend will only continue in the next few years. The versatility of the services offered by FDP makes the technology applicable in domains even beyond the current scope of the application, such as Banking and Financial Services (BFSI), Healthcare, Retail and Consumer Purchases, Insurance, Logistics, Manufacturing and Production etc. Market Leaders in the Fraud Detection and Prevention are CSC, SAS, IBM, SAS, SAP, FICO etc. Other prominent vendors in the segment are ACI Worldwide, Fiserv, ThreatMetrix, Experian and Alaric Systems, who have showed exceptional growth and innovation in the domain.
Fraud,Detection,and,Prevention