Online payment fraud detection Market By Solution (Fraud Detection, Authentication, Data Synthesis), Service (Professional Service, Managed Service), Application (Insurance Claims, Money Laundering, Electronic Payment), Organization Size (SME, Large Enterprises) and Region Global Forecast 2020 to 2030

Online payment scam is an illegal operation, which occurs via the internet. The cyber-criminals have created several methods to misuse and steal important information. Online spoofing and phishing are some of the common payment fraud types. These frauds are susceptible to the growing number of deceitful activities due to greater depth and breadth of data gathered from all e-banking, e-tailing, and e-commerce websites, around the world. These frauds are increasing on the back of the growing amount of e-commerce users and transactions, coupled with increasing online banking use. The detection systems for online banking require a compulsory protocol to prevent and detect fraud, as well as mitigate threats concerning unusual payment transaction patterns.

The global online payment fraud detection market is projected to reach $104.86 Billion by 2030, growing at a CAGR of 22.71%

Fraudulent activities and data breaches are growing revenue losses through millions of monetary transactions per day through several channels, owing to the rise in digitalization and internet penetration. On the other hand, growth in the adoption of Artificial Intelligence (AI) and Machine Learning (ML) to handle payment gateway is expected to fuel the rise of the online payment fraud detection market over the forecast period.

Governance, risk, & compliance is expected to drive the online payment detection Market 

Cognitive systems enable data analysis and deliver actionable insights in order to meet customer demands. Online businesses mainly depend on electronic transactions for their services and products delivered. Frauds that include merchant & triangulation frauds, identity theft, counterattacks, pagejacking, clean and affiliate frauds, etc. occur during transactions.

The biggest challenge faced by organizations is the lack of skilled resources to tackle fraudulent activities, which is hindering their capability to achieve advancing IT security requirements. Many businesses hire security experts who lack the appropriate skill to identify and analyze advanced threats while undergoing a cyber-attack.

Fraud analytics is one of the emerging solutions for online payment fraud detectiona

The fraud analytics solution is anticipated to grow at a considerable growth rate over the forecast period. Fraud analytics is an acute discipline that includes a set of analytical methods to analyze an enterprise’s database and systems to detect the susceptibilities where scams can occur. They facilitate in analyzing and monitoring information from various data sources, detect unusual and suspicious behavior through all channels. Fraud detection also proactively identifies frauds and provide robust data security to enhance compliance.

Asia-Pacific will lead the growth in this market

North America is anticipated to possess the largest market share within the online payment fraud detection market. This can be attributed to several factors such as the early adoption of technologies such as IoT, machine learning, and AI, for fraud detection, and the advent of multiple solution providers within the region. With massive penetration of mobile devices and smartphones coupled with rising demand for e-commerce transactions, businesses are implementing fraud detection solutions to safeguard their organizational information against any threats within the region. Solid vendor presence via alliances, technological acquisitions, and partnerships with distributors, system integrators, and resellers shall further contribute to the total market evolution in North America

The demand for online payment fraud detection solutions is rising in Europe, owing to the rise in frauds and crimes, as well as advanced bot and cyber -attacks. The European market is experiencing substantial growth opportunities owing to the major industry players focusing on increasing their market presence in several verticals that include telecommunications, BFSI, public/government sector, retail, and manufacturing. With the growing demand for innovative solutions, more and more start-ups are arising in the space, thus, leading to the excessive rise for the market in 2019 to 2025.

Key Market Players

•    IBM
•    FICO
•    SAS Institute
•    BAE Systems
•    DXC Technology
•    SAP
•    ACI Worldwide
•    Fiserv
•    NICE Systems
•    Experian
•    LexisNexis Risk solutions
•    Iovation
•    Others

online payment fraud  Market Scope

Key Segment Of The online payment fraud detection market

By Solution (USD Billion)            
    •    Fraud Detection
    •    Authentication
    •    Data Synthesis
By Service, (USD Billion) 
    •    Professional Service
    •    Managed Service
By Application, (USD Billion) 
    •    Insurance Claims
    •    Money Laundering
    •    Electronic Payment
By Organization Size, (USD Billion) 
    •    Sm Es
    •    Large Enterprises
Regional Overview, (USD Billion) 
    North America
      •    US
      •    Canada
    Europe
      •    Germany
      •    France
      •    UK
      •    Rest of Europe
    Asia Pacific
      •    China
      •    India
      •    Japan
      •    Rest of Asia Pacific
    South America
      •    Mexico
      •    Brazil
      •    Rest of South America
    Middle East and South Africa