|
Fraud detection can be broadly segmented as Fraud Analytics and
Authentication. Fraud analytics encompasses analytical tools and techniques with
human manipulation and operations to help distinguish between original and
pseudo transactions. These transactions are mostly encountered by the occurrence
of fraud during, before or after the completion of the transaction. Fraud
analytics is a complex process that should preferably be executed in a dynamic
and real-time framework. The procedure involves retrieval and storage of data
and analysing the data for patterns, trends, anomalies and values which are
deviating from the normal. The discoveries are then deciphered into meaningful
business insights that can then aid the organization or enterprise to foresee
potential dangers and build a proactive fraud prevention environment to
effectively counter these dangers. The general purpose of the threat and FA is
the service offered to monitor transactions in the environment, detect
suspicious and anomalous behaviour, and control outcomes by delivering the most
recommended and effective response. Organizations can effectively use the
technique to their benefit since they possess an active inflow of business,
consumer sales and purchase data from Combustible
Gas Detector For Home Manufacturers both internal and external sources
alike.The Fraud Analytics Market is segmented on the basis of deployment as
Cloud fraud analytics and On-Premise fraud analytics and is significant since
these procedures identify potential risks areas, detect fraud and also
subsequently provides information that helps them make more informed management
as well as strategic decisions. The overall visibility of operational accuracy
and performance and its impact on business has been seen in Small and Middle
Enterprises (SME) as well as Large Enterprises. The primary factors driving the
market are the urgency to tackle the large scale occurrences of frauds and the
need among organizations for operational and decisional transparency. Such a
drastic step will also contribute in reducing risks at the cost of high
implementation costs.The market size for the technology is computed by
considering the revenues generated through software subscriptions and licenses,
costs of implementation and maintenance, fee on professional services and
technical support etc. The GFA market accounts for a rising majority of the
Fraud Detection and Prevention market. In the segment, North America accounts
for the major market share of the GFA market share in 2014, followed by Europe
and Asia Pacific (in that order). Of the following regions, APAC is showing a
commendably high growth rate over the forecast period due to the fast adoption
of GFA for fraud prevention and improving operational performance. Globally, the
countries of Latin America are performing exceptionally well in adopting the
technology as part of their mainstream decision-making in a variety of
industries.A cyber hacker/fraudster is constantly trying to discover gaps in the
safety system, and use the loopholes to switch off the services and steal the
data with the view of defrauding an individual or an organization.A GFA platform
or suit consists of a series of steps that provides a flexible approach for an
enterprise-wide detection, prevention and management of related activities. Such
a package also involves the generation of insights with the help of libraries
containing business-specific rules, regulations and algorithms that are derived
from internal and external data sources and are scaled for a bigger data
set.
|