The fraud detection and prevention market will reach US$7.6 billion in less than four years with a 37 percent compound annual growth rate, up from US$1.5 billion by 2022. Like two sides of every coin, digital frauds are on the rise as digitization and online are being used to make things easier. Businesses in India are set to grow by 400 percent between now and 2027 to curb digital fraud and invest in modern fraud detection and prevention methods.
CAGR to reach US$ 7.6 billion in four years
The online fraud detection and prevention market is expected to reach US$7.6 billion in four years, with a 37 percent CAGR, up from US$1.5 billion in 2022.
Maximum fraud from UPI
As per the reported cases of digital payment fraud in the country, 55 percent of the fraud cases are related to UPI. These attacks are of small size (less than Rs 10,000). While account related fraud attacks – such as account takeover (ATO) and fake account registration – are the most popular types of overall fraudulent activity in India.
Fraudsters well organized: study
Businesses face challenges in detecting account-related fraud, such as customer journey validation and CX balance, due to the well-organized fraudster community.
The dark web and Telegram forums provide marketplaces for fraud techniques, tutorials, and information on which companies to target. This is done to facilitate the spread of fraud.
step of the government
According to the study report, the Government of India has brought strict KYC procedures in the digital segment, and new rules for the real-money gaming sector by being strict in the matter of these frauds. At the same time, the government is making sure businesses protect themselves and their consumers.
A survey conducted in collaboration with Praxis
According to the statement, the bureau has engaged research and consulting firms to study the impact of digital fraud globally, especially in India and South East Asia (SEA), in view of the growing importance of fraud detection and prevention (FDP). , Survey conducted in collaboration with Praxis.
