Fraud Detection and Prevention: A Market Driven by AI and Analytics

Jakson25825 Nov, 2024Technology

Fraud detection refers to the strategies, tactics, tools, and procedures used to detect and prevent unlawful financial activity that might cause losses for the financial institution and its clients. Identifying and preventing fraudulent actions involves tracking transactions, analyzing patterns, and using modern technology to discover abnormalities that might suggest fraud. The global market for fraud detection and avoidance is estimated to reach $63.2 billion by 2029, up from $28.8 billion in 2024.