The growing popularity of e-commerce transactions, which involve the mutual exchange of vital information, identity data, and personal information by both individuals and businesses, has increased the possibility of online financial fraud risks. Fuelling it further is businesses worldwide adopting remote working. In response, the financial fraud detection market is witnessing a significant expansion and is expected to reach $190.93 billion by 2030, growing at a CAGR of 23.2 percent during the forecast period.
This massive market growth can be mainly attributed to the growing number of internet users and the increasing number of startups adopting digital payment for business transactions. The widespread adoption of IoT and ML among medium and large-sized enterprises for predictive analytics by combining big data sources with real-time monitoring drives the fraud detection market’s impressive growth. The rising case of money laundering, cyber security threats, tax evasion, identity theft, fraudulent insurance claims, fraudulent bank checks, and terrorist financing further propel the market expansion.
Highlighting these latest industry developments, the latest edition of CFO Tech Outlook brings forth the most influential developments in the financial fraud detection space that greatly impact business efficiency. The edition features thought leadership articles from Lora von Ploetz, Head of the Global Financial Crime Unit at Commerzbank AG, who explores investigative approaches with more effective or agile detection scenarios for the timely identification of broad financial crime risks. It also includes an outlook from Kim Siren, Head of Fraud Management at OP Financial Group, who focuses on educating employees and customers about the safe ways of using personal net banking credentials in the financial sector.
In addition to these critical insights from industry experts, the edition also features the most promising financial fraud detection companies, including ACI Worldwide, a global software company that delivers mission-critical real-time payments software solutions that enable corporations to process and manage digital payments. It offers fraud orchestration technology that unites the entire fraud ecosystem into one fraud operations center to deliver a holistic real-time fraud prevention operation.
We hope this edition will help you find the right financial fraud detection company that will enable you to create an ideal financially secure environment to process and manage digital payments in real-time.
