Organizations including financial institutions, payment processors, and ecommerce are regularly introducing new products and services to mitigate unpredicted fraud risk factors. Considering these new fraud threats, there is need for a mitigation method that can overtake traditional payment fraud prevention software. Currently, online payment fraud detection systems having limited flexibility and are not fully compatible with current business infrastructure. With growing adoption of technologies including card-chip, new digital channels are emerging, resulting in fraudsters becoming more adaptive and collaborative with the nature of financial fraud which is rapidly growing. Card payments including credit & debit cards and other payment channels such as mobile payments are facing increased fraud rates. Organizations lack in flexible and cost-effective online payment fraud prevention solutions, resulting in limited competitive advantage and enhanced risk exposure. Next-gen fraud management solutions are equipped to significantly improve detection rates while considerably reducing false positives. Additionally, they can enhance the customer experience and can develop customer interaction and value.
Get a sample copy of the report @ https://www.infoholicresearch.com/request-a-sample-report/?repid=14087
Fraud analytics is the dominating solution in this market as it holds the largest market share owing to merchants and payment service providers who are increasingly relying on analytics to monitor and analyze data from several data sources resulting in enhanced anomalies, suspicious, and unusual behavior detection across the channels. This will provide a control mechanism to stop fraudulent behaviors. Merchants and other organosilicons are willing to gain valuable insights from real-time data, to take informed real-time decisions. Fraud analytics consists of technologies including artificial intelligence (AI), machine learning (ML), and predictive analytics.
Mobile payment is one of the fastest growing segments in this market. The growing e-commerce, mobile technology, and digital payments has witnessed significant developments in mobile payments resulting in growth of m-commerce and mobile payment. Mobile commerce is witnessing significant growth in last couple of years as over 35% of online merchants are earning over 40% of their ecommerce revenue from mobile orders. Mobile shoppers use mobile wallets and payment alternatives like PayPal which makes m-commerce prone to similar types of fraud as e-commerce.
Access Full Report Summary @ https://www.infoholicresearch.com/report/online-payment-fraud-detection-market
The competitive landscape is a mix of established vendors and niche vendors including Ingenico, CyberSource, NuData Security, RSA Security, and Worldpay. Mergers & acquisitions, alliance formations, and strategic partnerships will boost the market growth during the forecast period. Few of the key happenings are detailed below:
- In September 2017, CyberSource collaborated with Xendit to provide a robust payment gateway for next-generation businesses to send and receive payments more conveniently and securely without the risk of storing customer data
- In October 2018, Visa announced expansion of the Visa Token Service for credential-on-file (COF) token requestors to secure consumer payments in the digital channel
- In August 2018, NuData announced its solution to increase transaction approvals through the EMV 3-D Secure authentication protocol (EMV 3DS)
- In March 2019, Worldpay has announced its expansion in Australia and New Zealand. The first is the opening of two sales offices in Australia and the second is the expansion of its global footprint in New Zealand after obtaining a local license for acquiring card payments
- In May 2019, Ingenico has launched LinkPlus, a simple and secure solution for businesses which handles payments over the phone
Conclusively, with growing adoption of technologies including card-chip and new digital channels, fraudsters are becoming more adaptive and collaborative with the nature of financial fraud which is growing rapidly. Considering today’s data-driven industries, data analytics is the most preferred technology enabling them to analyze these datasets and gain actionable insights. Progressively changing fraud landscape and growing need for digital fraud prevention has led institutions to adopt technologies such as AI and ML to meet this consumer demand.
– Rahul K Pandey
ICT – Research Analyst