Fraud Hunters Global Market Report 2024

Fraud hunters refers to the process of screening and distinguishing authenticated data, such as customer application data, from fraudulent data, which can lead to various types of fraud. Fraud hunters are used to prevent, identify, and stop fraudsters and provide uninterrupted service to the customers through accurate application fraud prevention.

The main types of fraud hunters are financial statement fraud, healthcare, insurance, banking fraud, consumer fraud, intellectual property fraud, and other types. Financial statement fraud refers to the intentional manipulation of a company's financial statements, whether by exclusion or exaggeration, to give a false picture of the company's financial situation, performance, or cash flow. The various organization sizes are SMEs and large organizations. These are used in defense, government, banks and financial institutions, and a variety of other settings.

The fraud hunters market research report is one of a series of new reports that provides fraud hunters market statistics, including fraud hunters industry global market size, regional shares, competitors with a fraud hunters market share, detailed fraud hunters market segments, market trends and opportunities, and any further data you may need to thrive in the fraud hunters industry. This fraud hunter's market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The fraud hunters market size has grown rapidly in recent years. It will grow from $7.2 billion in 2023 to $8.32 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to rise in cybercrime, increased digital transactions, regulatory compliance, globalization and increased connectivity.

The fraud hunters market size is expected to see rapid growth in the next few years. It will grow to $14.67 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to machine learning and ai evolution, big data analytics, behavioral analytics, collaboration and information sharing, integration with cybersecurity frameworks. Major trends in the forecast period include digital transformation and online transactions, big data and advanced analytics, machine learning and artificial intelligence, collaborative and information sharing networks, technological advancements.

The rise in intellectual and financial theft is expected to propel the growth of the fraud hunter market going forward. Intellectual theft refers to the moment of stealing creative expressions, inventions, symbols, or logos in the form of trade secrets, trademarks, copyrights, or patents that belong to a particular person or company. Fraud hunters help web and mobile service owners monitor users’ usage and investigate potential misuses to reduce intellectual and financial theft. For instance, according to the Federal Trade Commission, a US-based independent agency of the United States government, consumers reported losing more than $5.8 billion to fraud in 2021, an increase of more than 70%. Therefore, the rise in intellectual and financial theft is driving the fraud hunting market growth.

The growing popularity of e-commerce is expected to propel the growth of the fraud hunters market going forward. E-commerce refers to the buying and selling of goods and services over the internet or through electronic channels. Fraud hunters are essential in e-commerce to safeguard businesses, protect customers, and maintain a healthy and trustworthy online marketplace. For instance, in August 2023, according to the United States Census Bureau, a US-based government agency, when compared to the second quarter of 2022, the estimate for e-commerce in the second quarter of 2023 increased by 7.5% (or 1.4%), while overall retail sales increased by 0.6% (or 0.4%). 15.4% of all sales in the second quarter of 2023 were made through online stores. Therefore, the growing popularity of e-commerce is driving the growth of the fraud hunters market .

The rising use of artificial intelligence and machine learning is the key trend gaining popularity in the fraud hunting market. Major companies operating in the fraud hunter market are focused on the use of artificial intelligence and machine learning to sustain their position in the fraud hunter market. For instance, July 2021, Microsoft Corporation, a US-based technology corporation launched MLSEC. IO, an educational Machine Learning Security Evasion Competition (MLSEC) to give the AI and security communities a chance to practice actual AI system attacks. The competition, which Microsoft is hosting and sponsoring along with NVIDIA, CUJO AI, VM-Ray, and MRG Effitas, awards competitors who successfully avoid AI-based malware detectors and AI-based phishing detectors.

Major companies operating in the fraud hunting market are focusing on innovative products such as hunter automotive fraud alliance to drive revenues in their market. The hunter automotive fraud alliance is a cooperative data network that helps auto lenders throughout the country exchange real-time fraud intelligence in order to reduce fraud risk and maintain a satisfying customer experience. For instance, in October 2023, Experian plc, an Ireland-based information services company launched hunter automotive fraud alliance. Participating lenders are encouraged by the hunter automotive fraud alliance to submit historical data, such as prior cases of suspected and verified fraudulent applications. Afterwards, member companies receive insightful information about possible fraud threats. In order to help lenders make better loan decisions, Hunter generates a fraud score for every application. With the help of this data-driven strategy, lenders can keep one step ahead of fraudsters who are developing more sophisticated schemes .

In July 2021, Broadcom, a US-based manufacturer of a wide range of semiconductor and infrastructure software products, acquired SAS Institute Inc., for a deal amount between $15 billion and $20 billion. With this acquisition, Broadcom would wholly acquire SAS Institute Inc., Also, this acquisition enables Broadcom to strengthen its infrastructure software solution business. SAS Institute Inc., is a US-based company engaged in the development of a SAS platform for fraud detection and prevention solutions.

Major companies operating in the in the fraud hunters market report are Experian Information Solutions Inc., Oracle Corporation, International Business Machines Corporation (IBM), Fair Isaac Corporation (FICO), Fiserv Inc, Fidelity National Information Services Inc (FIS), SAP SE, National Cash Register Corporation (NCR), Fraud Hunter, Zoi, Equifax Inc, Riskified, Sift Science Inc., Signifyd, Forter, ACI Worldwide Inc., BAE Systems, NICE Actimize, LexisNexis Risk Solutions Inc., Feedzai Inc., Featurespace, Kount Inc., Simility Inc., RSA Security LLC, ThreatMetrix, White Ops, Shape Security, BioCatch Ltd., NuData Security Inc., Guardian Analytics Inc., Securonix Inc., Splunk Inc., LogRhythm Inc., McAfee LLC, Symantec Corporation, Carbon Black Inc., CrowdStrike Inc., FireEye Inc., Palo Alto Networks Inc., Check Point Software Technologies Ltd., Broadcom Inc., Comodo Security Solutions Inc.

North America was the largest region in the fraud hunt market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fraud hunters market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the fraud hunters market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The fraud hunters market consists of revenues earned by entities by providing fraud hunters that are used to detect potentially fraudulent applications. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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