About this Accelerator
The Fraud Detection and Transaction Monitoring Accelerator identifies the risk of fraud or fraud associated activities including phone calls, credit card transactions, money laundering and online purchases with real-time analysis and streaming data.
Challenges
- Fraud is resulting in significant costs to business and it is growing.
- Fraud claim rates from customers are high.
- Actions taken to combat fraud are reactive versus preventive.
- Fraud detection accuracy rates are low.
The global fraud detection and prevention market was valued at USD 18.24 billion in 2020 and expected to reach USD 40.8 billion by 2026 and grow at a CAGR of 18.17% over the forecast period (2021-2026).
Benefits
- Ensure client and company security by continuously reviewing transactions for fraudulent activities and high-risk areas.
- Improve customer satisfaction by proactively identifying and stopping fraudulent transactions with greater accuracy.
- Avoid costly claim scenarios by improving detection rates and delivering better insights to case workers.
- Save time and costs by reducing the amount of time to discover and stop fraud.