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The fraud detection and prevention (FDP) market size is projected to grow from USD 28.8 billion in 2024 to USD 63.2 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period. The growth of the fraud detection and prevention market is fueled by the adoption of digital technologies such as cloud computing, IoT, AI, ML, and big data analytics by enterprises in their complex and interconnected business processes.

Fraud Detection and Prevention Market Definition:

The process of finding fraudulent activity in a system and utilizing the resources to mitigate those risks is termed fraud detection. Utilizing automated tools and predictive analytics methods to discover the vulnerability is termed fraud prevention.

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Major Fraud Detection and Prevention Companies Include

• Equifax (US)
• XTN Cognitive Security (Italy)
• TransUnion (US)
• Experian (Ireland)
• NICE Actimize (US)
• ACI Worldwide (US)

Equifax (US) is a global leader in data, analytics, and technology, providing information solutions to businesses, governments, and consumers. The company specializes in human resources business process automation and outsourcing services for employers. Its diverse clientele includes financial institutions, corporations, government agencies, and individuals. It reports its business results in three operating segments, such as: Workforce Solutions, U.S. Information Solutions (“USIS”), and International. Equifax is a leading provider of payroll-related and human resource management business process services in the United States, and it offers e-commerce fraud and chargeback protection services in North America. For consumers, it provides products and services to help them understand, manage, and protect their personal information, aiding them in making more informed financial decisions. Additionally, the company supports debt collections and recovery management with its information, technology, and services. In February 2021, Equifax acquired Kount, a provider of Artificial Intelligence (AI)-driven fraud prevention and digital identity solutions, to expand the its worldwide footprint in digital identity and fraud prevention solutions.

XTN Cognitive Security (Italy) is a global leader in protecting digital businesses against fraud and threats. The XTN Cognitive Security Platform (CSP) is a leading fraud protection solution that employs advanced behavioral biometrics and proprietary AI algorithms to ensure highest security and simplified fraud management. Its platform offers comprehensive protection across all channels, allowing clients to implement the anti-fraud strategies. It leverages cutting-edge technology and an omnichannel approach, to manage fraud across multiple channels from a single console, removing the need for separate vertical management systems. The CSP platform offers functionality such as  Smart Fraud Protection (SMASH), Smart App Protection (SEAP), and Smart Authentication (SA). It offers solutions to the banks, eCommerce, and financial institutions. It is trusted by customers including HALKBANK, BPER: BANCA, Sisal, FINECO BANK, and BANCO BPM. It has its international presence in Italy and US.

TransUnion (US): TransUnion, headquartered in Chicago, Illinois, is a global information and insights company established in 1968. It provides credit reporting, fraud protection, credit monitoring, and risk management services to businesses and consumers in over 30 countries. TransUnion is publicly traded on the NYSE under the ticker symbol TRU.

Experian (Ireland): Experian, with its global headquarters in Dublin, Ireland, was founded in 1996. It offers consumer and business credit reporting, data analytics, decision analytics, and marketing services. Operating in 37 countries, Experian helps clients manage credit risk, prevent fraud, and automate decision-making. It is publicly traded on the LSE under the ticker symbol EXPN and is a FTSE 100 Index constituent.

NICE Actimize (US): NICE Actimize, based in Hoboken, New Jersey, is a leading provider of financial crime, risk, and compliance solutions, founded in 1999. As part of NICE Systems Ltd., it uses AI and advanced analytics to help financial institutions detect financial crime, mitigate risks, and ensure regulatory compliance. NICE Actimize serves clients in over 70 countries.

ACI Worldwide (US): ACI Worldwide, headquartered in Miami, Florida, is a key provider of real-time electronic payment and banking solutions, founded in 1975. It offers payment processing, digital payments, fraud management, and banking solutions to financial institutions, merchants, and corporates in more than 80 countries. ACI Worldwide is publicly traded on the NASDAQ under the ticker symbol ACIW.

According to MnM's market evaluation, most businesses employ inorganic growth tactics, such as alliances, acquisitions, collaborations, and partnerships, to maintain their market share. Government regulations can abruptly impact product launches and corporate growth activities. Conversely, organizations are expected to adopt organic growth strategies to offer end consumers fraud detection and prevention solutions and professional services, thereby helping businesses increase market revenue.

Related Reports:

Fraud Detection and Prevention Market Size, Share, Growth Analysis by Offering (Solutions (Fraud Analytics, Authentication, and GRC) and Services (Professional and Managed)), Fraud Type, Deployment Mode, Vertical and Region - Global Forecast to 2029

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