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AI in Financial Fraud Detection: Key Trends, Competitor Leaderboard & Market Forecasts 2022-2027

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AI in Financial Fraud Detection

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Report Overview

Juniper Research’s new AI in Financial Fraud Detection research report provides a highly detailed analysis of this rapidly growing market. The report assesses key trends driving the need for AI implementation within financial fraud detection and prevention, the key segments where AI is being used, and challenges for future use of AI. It also analyses 17 leading AI in financial fraud detection and prevention vendors via the Juniper Research Competitor Leaderboard.

The research also provides industry benchmark forecasts for the market; covering spend on AI-enabled financial fraud detection and prevention platforms, as well as the number of digital commerce transactions screened by AI versus rules-based systems, and the time and cost savings from the use of AI in financial fraud transaction monitoring. This data is split by our 8 key regions and 60 countries.

This research suite comprises:
  • Strategy & Forecasts (PDF)
  • 5-year Market Sizing & Forecast Spreadsheet (Excel)
  • 12 months’ access to harvest Online Data Platform
Key Market Statistics
Market Size in 2022: $6.5bn
Market Size in 2027: $10bn
2022 to 2027 Market Growth: 57%
Buy Full Research Suite - Immediate access to all the above only £2990.

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Key Features

  • Market Dynamics: Detailed assessment of how different trends are leading to greater adoption of AI and machine learning within the financial fraud detection and prevention space, such as the need for greater scalability, increases in digital transactions, and ongoing fraudster innovation.
  • Key Takeaways and Strategic Recommendations: This provides actionable recommendations and vital key takeaways, allowing vendors in this market to refine their strategies.
  • Juniper Research Competitor Leaderboard: Key player capability and capacity assessment for 17 AI in financial fraud detection and prevention vendors:
    • ACI Worldwide
    • Cybersource
    • Experian
    • Featurespace
    • Feedzai
    • FICO
    • GBG
    • Kount, an Equifax Company
    • LexisNexis Risk Solutions
    • Microsoft
    • NICE Actimize
    • NuData Security
    • Pelican
    • Riskified
    • SymphonyAI Sensa
    • Temenos
    • Vesta
  • Benchmark Industry Forecasts: 5-year forecasts for the spend on AI-enabled financial fraud detection and prevention platforms, as well as the number of digital commerce transactions screened by AI versus rules-based systems, and the time and cost savings from the use of AI in financial fraud transaction monitoring. Data is also split by our 8 key regions and the 60 countries listed below:
    • North America:
      • Canada, US
    • Latin America:
      • Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay
    • West Europe:
      • Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK
    • Central & East Europe:
      • Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine
    • Far East & China:
      • China, Hong Kong, Japan, South Korea
    • Indian Subcontinent:
      • Bangladesh, India, Nepal, Pakistan
    • Rest of Asia Pacific:
      • Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam
    • Africa & Middle East
      • Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates

Key Questions Answered

  1. What will the total value of the AI financial fraud detection and prevention market be in 2027?
  2. How important is explainability where AI is used to prevent financial fraud, and how can this be facilitated?
  3. How will greater AI use impact financial fraud?
  4. Where are the biggest opportunities for vendors in the AI financial fraud detection market?
  5. Who are the leading vendors of AI financial fraud detection platforms?

Companies Referenced

Included in the Juniper Research Competitor Leaderboard: ACI Worldwide, Cybersource, Experian, Featurespace, Feedzai, FICO, GBG, Kount, an Equifax Company, LexisNexis Risk Solutions, Microsoft, NICE Actimize, NuData Security, Pelican, Riskified, SymphonyAI Sensa, Temenos, Vesta.
 
Mentioned: Accertify, Accuity, Acuris, Adidas, Air Europa, Aldo, Alipay, Amadeus, AT&T, Auchan, Azul Systems, Banca Sella, Barclaycard, Betfair , BioCatch, BlueSnap, BNP Paribas, BNY Mellon, Braintree, Bukalapak, Bvaccel, Canada Goose, Capgemini, CARDNET, Cayan, CellPoint Digital, Chargebacks911, Checkout.com, Citrus Pay, Cloudera, Coneta, Coop, Credorax, CSI, Data Robot, Datastax, Deloitte, Diebold Nixdorf, Discover, eBay, EgyptAir, Elevon, Emailage, Entersekt, Equifax, Ethoca, Etisalat, Eversheds, Evo Payments, Eway, Experian, FedNow, Finxact, First Data, Fiserv, FreedomPay, Gemalto/Thales, General Insurance , GPG (Global Payroll Gateway), Hay, HP, HSBC, IBM, ID R&D, IDology, ING, Innovalor, Invation, iovation, Jack Henry & Associates, JPMorgan Chase, Karlsgate, Last Minute, Lego, Linktera, Magneto, Mastercard, Mattel, Moku, NASDAQ, NetSuite, NorthRow, OpenWrks, Oracle, Oracle Commerce, PassFort, PayPal, Pilot Flying J, Plaid, PLDT, Prada, Protiviti, Red Hat, RELX, Revelock, Ring, RSA, Sage, Salesforce, Santander Bank, SAP, Sayari Labs, Sekura, SEON, Shopify, Singapore Airlines, Sionic, Socure, Solarisbank, Sparkling Logic, SPhonic, State Bank of India, Stripe, Stuzo, Swedbank, TCH, TCS (Tata Consultancy Services), Telcel, ThreatMetrix, T‑Mobile, TransUnion, UBS, UnionPay, United Colours of Benneton, Venmo, VeriFone, Visa, Visualsoft, Wells Fargo, Wendy’s, Westpac, Whitepages Pro, Wish , Zelle, Zilch, Zooz.
 

Data & Interactive Forecast

Key Market Forecast Splits

The AI in Financial Fraud Detection forecast suite provides data splits for the following metrics:
  • Spend on AI-enabled financial fraud detection and prevention platforms
  • The number of digital commerce transactions screened by AI-enabled systems
  • The number of digital commerce transactions screened by purely rules-based systems
  • Time savings from the use of AI in financial fraud transaction monitoring
  • Cost savings from the use of AI in financial fraud transaction monitoring
Geographical splits: 60 countries
Number of tables: 23 tables
Number of datapoints: Over 10,400 datapoints

harvest: Our online data platform, harvest, contains the very latest market data and is updated throughout the year. This is a fully featured platform; enabling clients to better understand key data trends and manipulate charts and tables, overlaying different forecasts within the one chart - using the comparison tool. Empower your business with our market intelligence centre, and get alerted whenever your data is updated.

Interactive Excels (IFxl): Our IFxl tool enables clients to manipulate both forecast data and charts, within an Excel environment, to test their own assumptions using the interactive scenario tool and compare selected markets side by side in customised charts and tables. IFxls greatly increase a clients’ ability to both understand a particular market and to integrate their own views into the model.
 

Forecast Summary

The global business spend on AI-enabled financial fraud detection and prevention platforms will exceed $10 billion globally in 2027; rising from just over $6.5 billion in 2022.
  • Growing at 57% over the period, we predict that as fraudsters become more sophisticated in their attacks, merchants and issuers will become more adept at utilising highly advanced AI-enabled fraud detection methods to combat crime. The ability of AI to recognise fraudulent payment trends at scale is critical to provide improved fraud prevention.
  • Cost savings from AI deployment will be critical to taking system use beyond regulatory compliance and providing a genuine return on investment on fraud prevention services, with improving models and greater data access creating a virtuous circle of improvement.
  • We forecast growth of 285%, with cost savings reaching $10.4 billion globally in 2027, from $2.7 billion in 2022.
  • By leveraging AI, businesses can shift their fraud management resource to where it matters, investigating the key issues, rather than dealing with endless false positives, boosting efficiency.
  • Additionally, AI is increasingly standard within financial fraud prevention services; making differentiation a challenge. Therefore, vendors should focus on access to transaction and trends data, as gaining the best level of network intelligence will allow businesses to benefit from fraud information from beyond just their own transactions, significantly improving fraud prevention. Vendors should make partnerships with third parties, such as credit bureaus and payment networks, to improve their data coverage.

AI in Financial Fraud Detection Reports

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Price

Full Research Suite

  • Market trends, strategies and forecasts report (pdf)
  • Market data & forecasts - All topic data and interactivity (xls)
  • harvest market data platform (12 months’ online access) - find out more

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Nov 2022

$3454

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Research FAQs

How big is the fraud detection and prevention market??
In 2022, global business spend on AI-enabled financial fraud detection and prevention strategy platforms is estimated at just over $6.5 billion in 2022.
 
What are the upcoming trends of fraud detection & prevention market in the world??
Juniper Research predicts that as fraudsters become more sophisticated in their attacks, merchants and issuers will become more adept at utilising highly advanced AI-enabled fraud detection methods to combat crime.
 
What are the strategies opted by the leading players in the market??
The report identified the ability of AI to recognise fraudulent payment trends at scale as being critical to provide improved fraud prevention.
 
What is the fraud detection and prevention market growth??
Juniper Research predicts that the global business spend on AI-enabled financial fraud detection and prevention strategy platforms will exceed $10 billion globally in 2027; growing at 57% over the period.
 

Research Details

Publisher:
Juniper Research
Published:
21/11/2022
Author(s):
Nick Maynard
Category:
Fintech & Payments
Regions:
8 Key Regions - includes North America, Latin America, West Europe, Central & East Europe, Far East & China, Indian Subcontinent, Rest of Asia Pacific and Africa & Middle East
Countries:
Algeria, Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Kenya, South Korea, Kuwait, Malaysia, Mexico, Nepal, Netherlands, New Zealand, Nigeria, Norway, Pakistan, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russian Federation, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, United Arab Emirates, UK, Uruguay, USA, Vietnam

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Free Whitepaper Report

  • Juniper Research's Top Fintech & Payment Trends 2023
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Related Press Releases

  • AI-enabled Financial Fraud Detection Spend to Exceed $10 Billion by 2027

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