To combat the various types of threats effectively, market players like TransUnion LLC and SAS Institute Inc. are offering a hybrid analytical approach. This approach integrates various aspects of fraud detection into one technological solution. Such integrated applications swiftly connect each and every aspect of the fraudulent activity and analyze each strand individually as a potentially greater threat.
Thus, These solutions provide a holistic view of fraudulent behavior and support prepayment detection and prevention. Geographically, the North American fraud detection and prevention market generated the highest revenue in 2018. This was due to the wide-scale adoption of cloud-based technologies in small and large businesses, which has resulted in a significant number of fraudulent activities.
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Enterprises are rapidly adopting voice recognition, facial recognition, and innovative AI solutions to secure consumer data. Moreover, the increasing investments in modern technologies like biometrics, robotics, AI, and ML in India and China will facilitate the utilization of fraud detection and prevention systems in the future.
Thus, the growing prevalence of online transactions via mobile devices will escalate the need for fraud detection and prevention systems in the coming years.
