The new AI in Financial Fraud Detection research report provides a highly detailed analysis of this rapidly growing market. The report assesses key trends driving the need for AI implementation within financial fraud detection and prevention, the key segments where AI is being used, and challenges for future use of AI. It also analyses 17 leading AI in financial fraud detection and prevention vendors via the Competitor Leaderboard.
The research also provides industry benchmark forecasts for the market; covering spend on AI-enabled financial fraud detection and prevention platforms, as well as the number of digital commerce transactions screened by AI versus rules-based systems, and the time and cost savings from the use of AI in financial fraud transaction monitoring. This data is split by our 8 key regions and 60 countries.
Key Takeaways and Strategic Recommendations: This provides actionable recommendations and vital key takeaways, allowing vendors in this market to refine their strategies.
North America:
The research also provides industry benchmark forecasts for the market; covering spend on AI-enabled financial fraud detection and prevention platforms, as well as the number of digital commerce transactions screened by AI versus rules-based systems, and the time and cost savings from the use of AI in financial fraud transaction monitoring. This data is split by our 8 key regions and 60 countries.
Key Statistics
- $6.5bn - Market size in 2022
- $10bn - Market size in 2027
- 57% - 2022 to 2027 market growth
- 2022-2027 - Forecast period
Key Features
Market Dynamics: Detailed assessment of how different trends are leading to greater adoption of AI and machine learning within the financial fraud detection and prevention space, such as the need for greater scalability, increases in digital transactions, and ongoing fraudster innovation.Key Takeaways and Strategic Recommendations: This provides actionable recommendations and vital key takeaways, allowing vendors in this market to refine their strategies.
Competitor Leaderboard: Key player capability and capacity assessment for 17 AI in financial fraud detection and prevention vendors:
- ACI Worldwide
- Cybersource
- Experian
- Featurespace
- Feedzai
- FICO
- GBG
- Kount, an Equifax Company
- LexisNexis Risk Solutions
- Microsoft
- NICE Actimize
- NuData Security
- Pelican
- Riskified
- SymphonyAI Sensa
- Temenos
- Vesta
North America:
- Canada, US
- Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay
- Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK
- Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine
- China, Hong Kong, Japan, South Korea
- Bangladesh, India, Nepal, Pakistan
- Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam
- Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates
Research Deliverables
- Market Trends & Forecasts PDF Report - A comprehensive analysis of the current market landscape, alongside strategic recommendations and a walk-through of the forecasts.
- Interactive Forecast Excel - Full 5-year forecasts for every available market metric provided in Excel format, with interactive 'What If' and scenario tools.
- harvest Online Data Platform - Access the very latest data in our exclusive online data platform, harvest. All the data from Excel, with frequent updates and a more user-friendly interface.
Executive Summary
The global business spend on AI-enabled financial fraud detection and prevention platforms will exceed $10 billion globally in 2027; rising from just over $6.5 billion in 2022.Growing at 57% over the period, we predict that as fraudsters become more sophisticated in their attacks, merchants and issuers will become more adept at utilising highly advanced AI-enabled fraud detection methods to combat crime. The ability of AI to recognise fraudulent payment trends at scale is critical to provide improved fraud prevention.
Cost savings from AI deployment will be critical to taking system use beyond regulatory compliance and providing a genuine return on investment on fraud prevention services, with improving models and greater data access creating a virtuous circle of improvement.
We forecast growth of 285%, with cost savings reaching $10.4 billion globally in 2027, from $2.7 billion in 2022.
By leveraging AI, businesses can shift their fraud management resource to where it matters, investigating the key issues, rather than dealing with endless false positives, boosting efficiency.
Additionally, AI is increasingly standard within financial fraud prevention services; making differentiation a challenge. Therefore, vendors should focus on access to transaction and trends data, as gaining the best level of network intelligence will allow businesses to benefit from fraud information from beyond just their own transactions, significantly improving fraud prevention. Vendors should make partnerships with third parties, such as credit bureaus and payment networks, to improve their data coverage.
Companies Mentioned
- ACI Worldwide
- Cybersource
- Experian
- Featurespace
- Feedzai
- FICO
- GBG
- Kount, an Equifax Company
- LexisNexis Risk Solutions
- Microsoft
- NICE Actimize
- NuData Security
- Pelican
- Riskified
- SymphonyAI Sensa
- Temenos
- Vesta
